$9.8bn
$X.Xbn
15,155
56
$X.Xbn
The Tank and Armored Vehicle Manufacturing industry have benefited from rising geopolitical tensions after taking a direct hit from plummeting demand before the period. Companies research, develop, manufacture, modify and repair military armored vehicles, self-propelled artillery and tanks. As the United States began to scale down combat operations in the Middle East, the defense budget was reduced, sequestration kicked in, and spending on industry products plunged. Rising geopolitical tensions have caused a surge of US defense contracts with manufacturers for industry-relevant vehicles. Industry revenue has been growing at an annualized 6.3% over the past five years and is expected to total $9.8 billion in 2023 when revenue slips by an estimated 2.7%.The initial intense drop in industry revenue before the period occurred because of the end of abnormally high demand for mine-resistant ambush-protected (MRAP) vehicles, which proved helpful in the combat environment of Iraq and Afghanistan. When the acquisition of MRAPs was scaled down due to fleet requirements being met and the end of the Iraq War, demand for the industry's best-selling product plunged. Revenue subsequently plummeted at double-digit rates until 2014. Consequently, manufacturers had to restructure their operations and lay off workers.Moving forward, industry revenue is forecast to shrink at an annualized 0.9% over the five years through 2028 to total $9.4 billion. The industry may be hurt by shifting budgetary allocations following the pandemic and subsequent stimulus. As a result, industry profit, measured as earnings before interest and taxes, is expected to account for 11.6% of revenue in 2023. Overall, the defense budget is expected to increase. In contrast, programs like the Armored Multi-Purpose Vehicle and the Joint Light Tactical Vehicle are expected to drive demand for industry products. In addition, growing geopolitical tensions, particularly following the Afghanistan withdrawal, will maintain a high demand for industry exports as more nations boost their defense spending.
Industry revenue has grown at a CAGR of 6.3 % over the past five years, to reach an estimated $9.8bn in 2023.
Market size is projected to decline over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
General Dynamics Corporation | 2,771.6 | 417.6 | 15.1 | |
Bae Systems Plc | 1,761.6 | 97.6 | 5.5 | |
Oshkosh Corporation | 741.5 | 75.2 | 10.1 |
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Industry revenue is measured across several distinct product and services lines, including Tanks, Tracked armored vehicles and Wheeled armored vehicles. Tanks is the largest segment of the Tank & Armored Vehicle Manufacturing in the US.
Wheeled armored vehicles decelerate as combat operations in the Middle East subside
This US industry manufactures complete military armored vehicles, combat tanks and specialized components for combat tanks, including self-propelled weapons.
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NAICS 336992 - Tank & Armored Vehicle Manufacturing in the US
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The complete military withdrawal from Afghanistan has left budget cuts. Still, tanks and other equipment left in the region may leave room for new equipment.
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The market size of the Tank & Armored Vehicle Manufacturing in the US industry in United States is $9.8bn in 2024.
There are 56 businesses in the Tank & Armored Vehicle Manufacturing in the US industry in United States, which has grown at a CAGR of 3.1 % between 2018 and 2023.
The market size of the Tank & Armored Vehicle Manufacturing in the US industry in United States has been growing at a CAGR of 6.3 % between 2018 and 2023.
Over the next five years, the Tank & Armored Vehicle Manufacturing in the US industry in United States is expected to decline.
The biggest companies operating in the Tank & Armored Vehicle Manufacturing market in United States are General Dynamics Corporation, Bae Systems Plc and Oshkosh Corporation
Manufacturing armored vehicles and parts and Manufacturing military tanks are part of the Tank & Armored Vehicle Manufacturing in the US industry.
The company holding the most market share in United States is General Dynamics Corporation.
The level of competition is moderate and steady in the Tank & Armored Vehicle Manufacturing in the US industry in United States.