Market Size of Vehicle Mounted Anti-Tank Missile System Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 4.00 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Vehicle Mounted Anti-Tank Missile System Market Analysis
The Vehicle-Mounted Anti-Tank Missile Systems Market is anticipated to register a CAGR of 4% during the forecast period.
The COVID-19 pandemic had a negative effect on the Vehicle Mounted Anti-Tank Missile Systems Market. The onset of the pandemic led to manufacturers of vehicle-mounted anti-tank missile systems halting their production operations owing to the supply chain distribution which was caused by the government-imposed lockdown as a means to slow the spread of the pandemic. Moreover, the pandemic also led to various military agencies worldwide delaying their plans of procuring vehicle-mounted anti-tank missile systems. The onset of the pandemic also led various global defense contractors to face losses owing to costs of inventory holding of unfinished vehicle-mounted anti-tank missile systems due to a lack of workforce as well as raw materials. Further, the decline of the pandemic led to an increase in the production of vehicle-mounted anti-tank missile systems. Moreover, the lifting of the lockdown led to a gradual increase in the supply chain distribution system as well as a growth in the profits of the manufacturers owing to the fact that the declining pandemic led to higher demands from defense contractors and increased sales led to less costs accrued for inventory holds and thereby the market will witness significant growth during the forecast period.
Increasing military expenditures, growth in the demand for composite armour penetration capabilities as well as a rise in the adoption of long range vehicle-mounted anti-tank missile systems are the major factors which will drive the vehicle-mounted anti-tank missile systems market during the forecast period. On the other hand, the development of anti-tank missile countermeasures such as active protection systems as well as electronic jammers will lead to hinderances in the market growth during the forecast period.
Vehicle Mounted Anti-Tank Missile System Industry Segmentation
Vehicle Mounted Anti-Tank Missile Systems are designed with the main objective of destroying armored vehicles such as main battle tanks or MBTs as well as infantry fighting vehicles without having the need for an operator to be on the ground. A variety of rockets and missiles are employed against armored vehicles, but the most used weapons are antitank-guided missiles (ATGM), which can be directed to a target by ground vehicles.
The vehicle-mounted anti-tank missile system market has been segmented on the basis of application, target, and geography. By application, the market has been segmented into homeland and defense. By target, the market has been segmented into the land target and aerial target. By geography, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Moreover, the report offers a market forecast and is represented by USD million. Furthermore, the report also includes various key statistics on the market status of leading market players and provides key trends and opportunities in Vehicle Mounted Anti-Tank Missile Systems Market.
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Defense |
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Vehicle Mounted Anti-Tank Missile System Market Size Summary
The Vehicle-Mounted Anti-Tank Missile System Market is poised for growth, driven by increasing military expenditures and a rising demand for advanced armor penetration capabilities. The market experienced setbacks due to the COVID-19 pandemic, which disrupted production and delayed procurement plans globally. However, as the pandemic's impact waned, production resumed, and demand from defense contractors surged, leading to a recovery in the market. The defense sector is expected to be a significant growth area, with companies like Raytheon Technologies and Lockheed Martin focusing on developing lightweight systems that can be easily mounted on Light Tactical Vehicles. These advancements are enhancing the capabilities of modern anti-tank missiles, such as the Spike and Javelin, which are now equipped with advanced features for improved accuracy and range.
North America is anticipated to witness substantial growth, fueled by increased military spending and the presence of key manufacturers in the region. The United States, in particular, is modernizing its military equipment, with significant investments in anti-tank missile systems like the Javelin. The market is moderately fragmented, with several players competing by investing in advanced weapon systems for precise targeting and tracking. Recent developments include contracts and product launches aimed at reducing dependency on foreign technology, as seen in India's defense initiatives. These efforts, along with strategic contracts in countries like Slovenia, are expected to bolster the market's growth trajectory during the forecast period.
Vehicle Mounted Anti-Tank Missile System Market Size - Table of Contents
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1. Market Dynamics
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. Market Segmentation
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2.1 Application
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2.1.1 Homeland
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2.1.2 Defense
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2.2 Target
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2.2.1 Land Target
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2.2.2 Aerial Target
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Japan
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2.3.3.4 South Korea
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Latin America
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2.3.4.1 Mexico
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2.3.4.2 Brazil
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2.3.5 Middle East and Africa
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2.3.5.1 United Arab Emirates
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2.3.5.2 Saudi Arabia
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2.3.5.3 South Africa
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2.3.5.4 Rest of Middle East and Africa
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Vehicle Mounted Anti-Tank Missile System Market Size FAQs
What is the current Vehicle Mounted Anti-Tank Missile System Market size?
The Vehicle Mounted Anti-Tank Missile System Market is projected to register a CAGR of 4% during the forecast period (2024-2029)
Who are the key players in Vehicle Mounted Anti-Tank Missile System Market?
Raytheon Company, Lockheed Martin Corporation, General Dynamics Corporation, Elbit Systems Ltd and SAAB AB are the major companies operating in the Vehicle Mounted Anti-Tank Missile System Market.