Also, Russia is adding thousands of military tanks to its fleet inventory. Countries in the region, like France and Germany are collaborating together to produce the next generation military tanks. Unlike most countries which are focusing on the procurement of other types of armoured vehicles excluding the battle tanks, countries in Europe are focusing on the procurement of new battle tanks and the modernization of their existing military tanks fleet. The demand is expected to be high, especially from these countries during the forecast period. The market is currently driven by the increasing procurements of tanks by various countries, like U.S., Hungary, Russia, Thailand, France, and Germany, among others. However, the domestic producers are also building third or fourth generation tanks. General Dynamics Corporation, BAE Systems plc, Rheinmetall AG, Textron Inc.are some of the major players in the market. The market is however concentrated on both sides with a few producers and buyers fulfilling and creating a major part of the total demand respectively. Countries are pouring down investments into the procurements of newer generation battle tanks to replace old ones. In the wake of several border tension issues and complex political agendas around the world, Military tanks have become the necessity in today’s world. Army awarded Honeywell a contract valued $1.1B for 1500 engines that will power their M1 Abrams series of tanks. Department of Defense announced a contract valued $4.62B to General Dynamics Land Systems for modernized Abrams M1A2 SEPv3 tanks. Turkey’s ASELSAN has won a $38M contract for Serdar Anti-Tank Missile Launching System and Seda Gunshot Detection System. Army is assessing the next generation “Trophy VPS,” a smaller, lighter, equally-capable variant of Trophy that will provide protection to a broader range of U.S.
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