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Asia-Pacific Cruise Missile Market Size (2024 - 2029)

The Asia-Pacific cruise missile market is anticipated to experience significant growth over the forecast period, driven by increasing military conflicts and territorial disputes in the region. This has led to a heightened demand for advanced cruise missile systems as countries seek to bolster their defenses. The expansion of defense budgets across several nations has further supported the development and acquisition of these systems, contributing to the market's growth. Technological advancements in missile capabilities, such as autonomous navigation and enhanced speed, are expected to play a crucial role in the market's expansion, reflecting the evolving needs of modern warfare tactics.

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Market Size of Asia-Pacific Cruise Missile Industry

Asia-Pacific Cruise Missile Market Summary
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

Asia-Pacific Cruise Missile Market 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 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
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Asia-Pacific Cruise Missile Market Size Summary

The Asia-Pacific cruise missile market is experiencing significant growth, driven by the region's geopolitical tensions and the need for advanced defense capabilities. Countries such as China, India, Japan, and South Korea are investing heavily in the development and procurement of cruise missile systems to enhance their military readiness against potential threats. The increasing defense budgets in these nations have facilitated the acquisition of modern cruise missiles, which are characterized by their autonomous navigation, low-altitude operation, and advanced speed capabilities. This technological advancement is expected to propel the market's expansion over the forecast period. The demand for long-range missiles is particularly high, as these countries seek to protect their extensive borders from neighboring adversaries, further fueling market growth.

China stands out as a major player in the Asia-Pacific cruise missile market, with one of the largest inventories of cruise and ballistic missiles globally. The country's focus on developing sophisticated missile systems, including air-launched variants and long-range bombers equipped with advanced missiles, underscores its commitment to strengthening its military capabilities. The semi-consolidated nature of the market is evident with key players like the Defence Research and Development Organisation (DRDO), Israel Aerospace Industries Ltd., and China Aerospace Science and Industry Corporation leading the charge. Collaborative efforts, such as the development of the BrahMos missile system by India and Russia, highlight the region's emphasis on indigenous missile production and international partnerships to enhance defense systems. These developments are expected to sustain the market's growth trajectory in the coming years.

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Asia-Pacific Cruise Missile Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION

    1. 2.1 Launch Platform

      1. 2.1.1 Air

      2. 2.1.2 Sea

      3. 2.1.3 Land

    2. 2.2 Range

      1. 2.2.1 Short-range Missiles

      2. 2.2.2 Medium-range Missiles

      3. 2.2.3 Long-range Missiles

    3. 2.3 Geography

      1. 2.3.1 China

      2. 2.3.2 India

      3. 2.3.3 South Korea

      4. 2.3.4 Japan

      5. 2.3.5 Australia

      6. 2.3.6 Rest of Asia-Pacific

Asia-Pacific Cruise Missile Market Size FAQs

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.

In 2024, the Asia-Pacific Cruise Missile Market size is expected to reach USD 569.07 million.

Asia-Pacific Cruise Missile Market Report Snapshots

Asia-Pacific Cruise Missile Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)