The global military armored vehicles and tanks manufacturing market totaled $23.7 billion in 2017 and is estimated to reach $27.6 billion by 2022, growing at a compound annual growth rate (CAGR) of 3.1% for the period of 2017-2022.
Albany, NY -- (SBWIRE) -- 04/17/2018 -- A new research study, titled "Military Armored Vehicles and Tanks Manufacturing: Global Markets to 2022" has been added to the vast repository of Market Research Hub (MRH). The report offers comprehensive insights and analysis on the global military armored vehicles and tanks manufacturing market, highlighting the key factors likely to promote growth during the assessment period.
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According to the report, demand for military armored vehicles and tanks is likely to witness steady growth during the assessment period, on account of a range of macroeconomic and microeconomic factors. Increase in defense budgets around the globe, especially in developing countries like China and India, is one of the key factors that is likely to drive growth during the assessment period.
The demand for military armored vehicles and tanks manufacturing is also likely to increase on account of growing geo-political tensions around the globe. In a bid to safeguard their national interests, countries around the globe are focusing on revamping their security and defense apparatus. On account of these factors, the spending on defense has witnessed an increase, and this is likely to augur well for the prospects of military armored vehicles and tanks.
The report offers a detailed analysis on the global military armored vehicles and tanks manufacturing market, segmenting the market on the basis of key regions. According to the report, Asia Pacific is one of the largest markets for military armored vehicles globally, and the status quo is likely to remain unchanged during the forecast period. The growing spending on defense apparatus in Asia Pacific is likely to provide an impetus to the growth of the market in the region.
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In addition to Asia Pacific, Western Europe and Eastern Europe are among the leading markets for military armored vehicles and tanks market. The demand for military armored vehicles and tanks market is likely to witness steady growth in these regions on account of increased focus among governments to boost the security apparatus.
North America continues to be the preeminent market for armored vehicles and tanks manufacturing on account of its behemoth defense budget. The US spends a high amount for defense purposes, and a number of armored vehicles and tank manufacturers are based in the country. The report projects the US to maintain its dominance in the military armored vehicles and tanks manufacturing market throughout the forecast period.
The report also profiles some of the leading companies operating in the military armored vehicles and tanks market. Some of the leading players include BAE Systems plc, Navistar International Corp., General Dynamics Corp., Oshkosh Corp. and Rheinmetall AG.
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