The global main battle tank market size was valued at USD 5.35 billion in 2022. The market is projected to grow from USD 5.54 billion in 2023 to USD 6.90 billion by 2030, exhibiting a CAGR of 3.2% during the forecast period. Main battle tanks are armored vehicles equipped with advanced fire control systems, guns, and armor protection. They provide maneuverability and direct fire features are in high demand as countries work on enhancing their military strength amid geopolitical tensions, which will contribute to their increased demand. This information is provided by Fortune Business Insights, in its report titled, “Main Battle Tank Market, 2023-2030.”
Russia-Ukraine War Impact:
Increasing Deployment of Tanks in the Russia-Ukraine War to Elevate Market Proliferation
Main battle tanks have been highly deployed by Russia and Ukraine amid the ongoing war. While Russia employed its T-90 and T-72 tanks, Ukraine depended on its T-64, T-84, Oplot-M models. Both sides have suffered significant losses and claim that they have destroyed various enemy tanks. The increased military budget of both economies will generate significant demand for main battle tanks and aid market expansion in the coming years. Moreover, other countries are focused on increasing their military strength, which will contribute to product demand, thus driving market growth.
List of Key Players Mentioned in the Report:
Information Source:
https://www.fortunebusinessinsights.com/main-battle-tank-market-107367
Segments:
Turret System Segment to Lead Due to its Broad Functionality and Overall Cost