Asia-Pacific Cruise Missile Market Size
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 569.07 Million |
| Market Size (2029) | USD 932.19 Million |
| CAGR (2024 - 2029) | 10.37 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Cruise Missile Market Analysis
The Asia-Pacific Cruise Missile Market size is estimated at USD 569.07 million in 2024, and is expected to reach USD 932.19 million by 2029, growing at a CAGR of 10.37% during the forecast period (2024-2029).
Asia-Pacific has been one of the global hotspots for military conflicts. The increasing number of territorial issues in the region has propelled the countries to procure advanced cruise missiles to strengthen their defenses against potential adversaries. The growth in defense budgets of several nations in the region has also facilitated the development and procurement of newer cruise missile systems, thereby driving the growth of the market.
The use of missiles in modern warfare tactics have grown over time, putting pressure on the military and defense sectors of governments to maintain a significant stock of cruise missiles. Modern cruise missiles now have the added capability of autonomous navigation, operating on a non-ballistic trajectory at an exceptionally low altitude, and achieving hypersonic and supersonic velocities due to advancements in technology. These technological improvements are projected to be advantageous and will result in a notable expansion of the cruise missile market throughout the forecast period.
Asia-Pacific Cruise Missile Market Trends
Long-Range Missiles are Projected to Dominate the Market During the Forecast Period
The manufacturing and procurement costs of long-range missiles are higher compared to others, as they need to travel long distances and deliver more lethal warheads. The demand for long-range missiles is increasing in Asia-Pacific where the countries need to protect their extensive land-based borders from neighboring adversaries. In Asia-Pacific, countries like China, India, Japan, and South Korea have been developing long-range missiles for their militaries. Furthermore, rising cross border conflicts, growing political tensions among China-India and China-Taiwan leads to strengthening of defense capabilties from various Asian countries. According to the SIPRI report 2022, China and India are the second and fourth largest defense spender in the world with a defense budget of USD 292 billion and USD 81.4 billion respectively.
Growing investment in procurement of advanced long-range missiles and adoption of next-generation weapon systems to enhance defense capabilities drive the market growth. For instance, in August 2023, Australia announced to buying of Tomahawk cruise missiles for long-range defense capability. The procurement plan includes a USD 1.1 billion purchase from the United States of more than 200 Tomahawk cruise missiles for the Royal Australian Navy’s Hobart-class destroyers. The missiles have a strike range of 1,500km. Such developments are expected to help the growth of the segment during the forecast period.
China to Dominate the Market During the Forecast Period
China is one of the largest defense spenders in the world. The country has grown its missile strength over the years. China has one of the largest inventories of both cruise and ballistic missiles in the world, placing it among the top 5 countries possessing the greatest number of missiles globally. The disputes of the country over the South China Sea and with several other nations globally have propelled the country to build and deploy a sophisticated, lethal, and advanced cruise missile arsenal. The People's Liberation Army (PLA) is a major user of cruise missiles. China manufactures and exports a wide range of cruise missiles in all categories. Several of China's designs are modeled on the Western Exocet, Harpoon, and Tomahawk families of missiles. In addition to domestically built cruise missiles, China also operates the imported Russian supersonic 3M80E Moskit / SS-N-22 Sunburn and the 3M54/3M14 Klub/Kalibr / SS-N-27 Sizzler missiles.
China is currently arming its long-range bombers with supersonic cruise missiles. The H-6N, the latest version of China's H-6 strategic bomber, is now equipped to carry the CJ-100 missile, which would increase the bomber's strike range to 6,000 km (3,728 miles). The country is also focusing on the development of air-launched cruise missiles. China is also working on the development of the CJ-20, an air-launched variant of the Changjian-10 (CJ-10) land-attack cruise missile (LACM). The CJ-20 can carry both conventional and nuclear warheads and is still under development. Thus, the development of various variants of the cruise missiles and their induction into the missile arsenal of the country is expected to increase the market for the cruise missiles in China during the forecast period.
Asia-Pacific Cruise Missile Industry Overview
The Asia Pacific cruise missile market is semi-consolidated in nature due to presence of few players holding significant shares in the market. Some of the prominent players in the market are the Defence Research and Development Organisation (DRDO), Israel Aerospace Industries Ltd., Mitsubishi Heavy Industries, China Aerospace Science and Industry Corporation, and Kongsberg Gruppen ASA, among others.
Countries in the region, like China, India, and South Korea, among others, have emphasized developing their own missiles indigenously, fueled by the interoperability issues of missile systems of certain countries with the missile defense systems of other countries. Countries in the region are collaborating with other nations to develop advanced cruise missile systems. For instance, DRDO of India and the NPOM of Russia developed BrahMos. It is one of the fastest supersonic cruise missile in the world. The system has been designed with two variants for Land-Attack and Anti-Ship roles. BRAHMOS weapon systems has been inducted and is operational with the Indian Navy (IN) as well as the Indian Army (IA).
Asia-Pacific Cruise Missile Market Leaders
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Defence Research and Development Organisation
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Mitsubishi Heavy Industries
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Kongsberg Gruppen ASA
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Israel Aerospace Industries Ltd.
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China Aerospace Science and Industry Corporation
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Cruise Missile Market News
In October 2023, Japanese government announced that the country would start acquiring American Tomahawk cruise missiles in 2025. The country will invest more than USD 2 billion to procure US-made Tomahawk missiles for its naval destroyers as part of a defense buildup to deter China and North Korea.
In November 2022, A BrahMos supersonic cruise missile was tested by the Indian Army from the Andaman and Nicobar (A&N) Islands. The extended-range missile was tested by the Army's Western Command. The tested Brahmos cruise missile, according to the Indian army, can also reach targets up to 450 kilometers away.
Asia-Pacific Cruise Missile Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Launch Platform
5.1.1 Air
5.1.2 Sea
5.1.3 Land
5.2 Range
5.2.1 Short-range Missiles
5.2.2 Medium-range Missiles
5.2.3 Long-range Missiles
5.3 Geography
5.3.1 China
5.3.2 India
5.3.3 South Korea
5.3.4 Japan
5.3.5 Australia
5.3.6 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Defence Research and Development Organisation
6.1.2 China Aerospace Science and Industry Corporation
6.1.3 Mitsubishi Heavy Industries, Ltd.
6.1.4 JSC Tactical Missiles Corporation
6.1.5 Rafael Advanced Defense Systems Ltd.
6.1.6 Israel Aerospace Industries Ltd.
6.1.7 RTX Corporation
6.1.8 Lockheed Martin Corporation
6.1.9 MBDA
6.1.10 Kongsberg Gruppen ASA
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Asia-Pacific Cruise Missile Industry Segmentation
Cruise missiles are self-propelled, guided missiles that can travel at supersonic or subsonic speeds and are designed to strike targets on land, at sea, or in the air. These missiles have become an integral part of modern warfare, offering precise targeting capabilities and the ability to overcome enemy defenses.
The Asia-Pacific cruise missile market is segmented based on launch platform, range, and geography. By launch platform, the market is segmented into air, sea, and land). By range, the market is classified into short-range missiles, medium-range missiles, and long-range missiles. Short-range missiles have a range of less than 300 km, while medium-range missiles have a range between 300 km and 1,000 km. And, long-range missiles have a range exceeding 1,000 km. The report also covers the market size and forecasts for the Asia Pacific cruise missile market in 5 countries across the region. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD).
| Launch Platform | |
| Air | |
| Sea | |
| Land |
| Range | |
| Short-range Missiles | |
| Medium-range Missiles | |
| Long-range Missiles |
| Geography | |
| China | |
| India | |
| South Korea | |
| Japan | |
| Australia | |
| Rest of Asia-Pacific |
Asia-Pacific Cruise Missile Market Research FAQs
How big is the Asia-Pacific Cruise Missile Market?
The Asia-Pacific Cruise Missile Market size is expected to reach USD 569.07 million in 2024 and grow at a CAGR of 10.37% to reach USD 932.19 million by 2029.
What is the current Asia-Pacific Cruise Missile Market size?
In 2024, the Asia-Pacific Cruise Missile Market size is expected to reach USD 569.07 million.
Who are the key players in Asia-Pacific Cruise Missile Market?
Defence Research and Development Organisation, Mitsubishi Heavy Industries, Kongsberg Gruppen ASA, Israel Aerospace Industries Ltd. and China Aerospace Science and Industry Corporation are the major companies operating in the Asia-Pacific Cruise Missile Market.
What years does this Asia-Pacific Cruise Missile Market cover, and what was the market size in 2023?
In 2023, the Asia-Pacific Cruise Missile Market size was estimated at USD 510.06 million. The report covers the Asia-Pacific Cruise Missile Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Cruise Missile Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Cruise Missile Industry Report
Statistics for the 2024 Asia-Pacific Cruise Missile market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Cruise Missile analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
