Main Battle Tank Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 Light tanks are the most maneuverable and fastest of all tank types. They were intended to be deployed in large numbers, typically for frontal breakthroughs that other units could exploit. Light tanks have excellent cross-country mobility, but they may sacrifice armor protection or armament firing power depending on their design goals. Many countries are developing advanced new generation main battle tanks to equip their militaries.

Examples of battle tanks manufactured for certain countries include the T-90MS and T-14 Armata for Russia, M1A2 SEP V3 for the US, the Leopard 2A7 for Germany, the VT4 (MBT-3000) and Type 99 (ZTZ99) for China, the Challenger 2 “Black Night” for the UK, the Leclerc XLR for France, the "Leclerc" EMBT for France and Germany, the Altay for Turkey, the K2 Black Panther for South Korea, the TAM 2IP for Argentina, the Type 10 for Japan, the Karrar for Iran, and the Merkava IV Barak / Merkava IV M Windbreaker for Israel.

Additionally, there are many plans to manufacture indigenous new-generation tanks by many countries, like India, which is manufacturing the Arjun Tanks. Research is also in progress to develop and deploy unmanned battle tanks by countries like Russia and China. For instance, in October 2022, General Dynamics Land Systems (GDLS) started assembling the US Army’s Mobile Protected Firepower system, the first new combat vehicle to enter the force in nearly four decades. 

The main battle tank market is anticipated to register a CAGR of over 3% during the forecast period.

Despite the significant impact of the COVID-19 pandemic on the economy, the market for battle tanks remained unaffected, as the defense procurement projects were on track, and the sales and revenues of the battle tanks increased steadily for the manufacturing companies. 

Procurements of main battle tanks (MBTs) are expected to be high during the forecast period. The growing geopolitical tensions and border issues between various countries in Asia-Pacific, Europe, the Middle East, and Africa are generating demand for the procurement of new battle tanks to enhance the combat capabilities of the ground forces. An increase in investments in the MBTs is also due to the aging fleet of the MBTs. In this regard, countries invest more in procuring new-generation MBTs to replace older ones.  

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