Vehicle Mounted Anti-Tank Missile System Market Size (2024 - 2029)

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.