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.”

Informational Source:

https://www.fortunebusinessinsights.com/main-battle-tank-market-107367

List of Key Players Profiled in the Main Battle Tank Market Report:

• General Dynamics Corporation (U.S.)
• Hyundai Rotem (South Korea)
• BAE Systems plc (U.K.)
• Nexter Systems (France)
• BMC (Turkey)
• Israel Military Industries (Israel)
• Rheinmetall AG (U.S.)
• Krauss-Maffei Wegmann GmbH and Co. KG (Germany)
• Mitsubishi Heavy Industries (Japan)
• Safran (U.S.)

Segments:

Turret System Segment to Lead Due to its Broad Functionality and Overall Cost

Based on component, the market is split into turret system, internal combustion engine, wheel & tracks, situational awareness, weaponry systems, and others. Among these, the turret system segment dominated the main battle tank market share in 2022 as turret is a combination of parts mounted on it and a rotating bearing so that it can rotate 360 degrees.