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The Global Main Battle Tank Market Size was valued at USD 6.8 Billion in 2023 and the Worldwide Main Battle Tank Market Size is expected to reach USD 7.3 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies Covered: BAE Systems plc., Krauss-Maffei Wegmann GmbH & Co. KG, Defence Research And Development Organisation, Hyundai Rotem, Israel Military Industries, Rheinmetall AG, Mitsubishi Heavy Industries, Nexter Systems, BMC, General Dynamics Corporation, and Other Key Vendors.
New York, United States , March 06, 2024 (GLOBE NEWSWIRE) — The Global Main Battle Tank Market Size to Grow from USD 6.8 Billion in 2023 to USD 7.3 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 0.71% during the forecast period.
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Since many countries are investing in the expansion and upgrading of their armoured vehicle fleets, the market for main battle tanks is significant. Geopolitical turmoil, military spending, and procurement activities are some of the factors influencing market size. The factors propelling market expansion are the requirement to modernise antiquated platforms, replace ageing tank fleets, and enhance combat capabilities in response to evolving threats. Modern main battle tanks’ modular designs allow for the integration of new weapons systems, subsystems, and technologies in response to changing operating conditions and threats. Upgradeability is a crucial component for military forces seeking to reduce lifecycle costs while extending the service life and operational capabilities of their tank fleets.
Main Battle Tank Market Value Chain Analysis
R&D efforts are focused on improving armour protection, firepower, mobility, survivability, and other performance elements in order to meet evolving military requirements and technological advancements. Component suppliers provide the many subsystems, parts, and materials required for the production of Main Battle Tanks. Armour plate, engines, transmissions, armament systems, sensors, and electronics are a few examples of these. Suppliers may provide OEMs or subcontractors with their specialised parts or subsystems for Main Battle Tank manufacturing. Main Battle Tanks are assembled by OEMs and subcontractors using components and subsystems that they have obtained from vendors. Main Battle Tanks are assembled by integration facilities, which also integrate weapons systems, subsystems, and other components into the completed platform. MRO facilities provide maintenance, repair, and overhaul services for Main Battle Tanks during the course of their service life. As part of supply chain and logistics management, main battle tanks, spare parts, and consumables are purchased, stored, moved, and dispersed.
Main Battle Tank Market Opportunity Analysis
Many countries are modernising their armoured vehicle fleets through programmes, such as purchasing new Main Battle Tanks or outfitting outdated ones with state-of-the-art equipment. These modernization programmes present a fantastic opportunity for Main Battle Tank manufacturers to win contracts for new Main Battle Tank construction, upgrades, or refurbishments. Growing geopolitical tensions and security threats throughout the globe are driving the demand for main battle tanks as nations try to strengthen their defences and fend off potential enemies. Growing military spending and procurement initiatives aimed at enhancing military strength and force projection provide Main Battle Tank producers opportunities to expand their market share and get new contracts.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the “Global Main Battle Tank Market Size By Component (Turret System, Internal Combustion Engine, Wheel & Tracks, Situational Awareness, Weaponry Systems, and Others), By Weight (Light Weight, Medium Weight, and Heavy Weight), By Solution (Line Fit and Retro Fit), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033.”
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Insights by Component
The turret system segment accounted for the largest market share over the forecast period 2023 to 2033. The demand for main battle tanks with greater firepower is what is driving the expansion of turret systems. Main Battle Tanks are equipped with sophisticated gun systems in their turret systems, such as smoothbore cannons or autoloaders, as well as secondary weaponry like machine guns or anti-tank missiles, which enable them to effectively engage a range of targets, including armoured vehicles, fortifications, and infantry positions. The integration of fire control systems, sensors, and electronics in turret systems enhances target engagement, tracking, and acquisition capabilities. Thanks to turret-mounted sensors like thermal imagers, laser rangefinders, and day/night cameras, Main Battle Tanks can detect and engage targets with extreme precision and accuracy, increasing their lethality and operational effectiveness.
Insights by Weight
The heavy weight segment accounted for the largest market share over the forecast period 2023 to 2033. Heavy weight Main Battle Tanks are designed to provide exceptional protection against a range of threats, such as armor-piercing projectiles, improvised explosive devices (IEDs), and guided missiles designed to neutralise tanks. These vehicles include reinforced hulls, thicker armour plating, and advanced composite materials to withstand high-caliber rounds and survive in the modern warfare. Main Battle Tanks, or advanced heavy-weight multirole combat tanks, present export opportunities for military manufacturers and suppliers looking to expand into international markets. Buying high-weight Main Battle Tanks with the newest features and technology can be the aim of countries that need to upgrade their armoured vehicles, have expanding defence resources, and face new security threats.
Insights by Solution
The retro fit segment accounted for the largest market share over the forecast period 2023 to 2033. Buying new cars is often more expensive than modernising an existing fleet of MBTs, particularly for countries with limited defence resources or large stocks of antiquated MBTs. Armed forces can increase combat effectiveness and performance through retrofit initiatives that make use of advanced technologies and features while preserving old platforms and infrastructure. One potential export opportunity for defence contractors and manufacturers is to market the retrofitting of their present Main Battle Tank fleets to foreign military customers as a modernization option. Refit packages can help nations with aged Main Battle Tank fleets or limited funds to upgrade their current armoured vehicle assets, creating new opportunities for export sales.
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Insights by Region
North America is anticipated to dominate the Main Battle Tank Market from 2023 to 2033. The United States, the nation that spends the most on defence globally, is a major factor in the demand for Main Battle Tanks in North America. A significant market driver is the U.S. Army’s Abrams Main Battle Tank programme, which includes ongoing upgrading programmes and potential future procurements. Investments made on armoured vehicle upgrade programmes by other North American countries, such as Canada, contribute to the regional market for Main Battle Tanks. Main battle tanks manufactured in the United States are mostly sold in the United States, but they can also be exported to allies and other customers.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Several Asia-Pacific countries are undertaking significant military modernization programmes in an attempt to bolster their defence capabilities. As part of these plans, a number of countries are investing in the creation, upgrading, and procurement of Main Battle Tanks to strengthen their armoured forces and maintain strategic deterrence. Certain Asia-Pacific countries, particularly those with advanced Main Battle Tank capabilities and well-established defence industries, search for avenues to export the armoured vehicles they produce domestically. Main battle tanks can be exported to foreign markets, which presents opportunities for revenue generation, technological transfer, and building diplomatic ties with partner countries.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Player in the Global Main Battle Tank Market Includes BAE Systems plc., Krauss-Maffei Wegmann GmbH & Co. KG, Defence Research And Development Organisation, Hyundai Rotem, Israel Military Industries, Rheinmetall AG, Mitsubishi Heavy Industries, Nexter Systems, BMC, General Dynamics Corporation, and Other Key Vendors.
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Recent Market Developments
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Main Battle Tank Market, Component Analysis
Main Battle Tank Market, Weight Analysis
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Light Weight
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Medium Weight
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Heavy Weight
Main Battle Tank Market, Solution Analysis
Main Battle Tank Market, Regional Analysis
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North America
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Europe
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Germany
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Uk
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France
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Italy
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Spain
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Russia
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Rest of Europe
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Asia Pacific
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China
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Japan
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India
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South Korea
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Australia
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Rest of Asia Pacific
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South America
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Brazil
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Argentina
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Rest of South America
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Middle East & Africa
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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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