Anti-Tank Missile System Market Analysis Report (2024-2032)

Market Insights

"The global anti-tank missile system market is estimated to grow at a decent CAGR of 1.2% during the forecast period, to reach a value of US$ 2.1 billion in 2032."

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The anti-tank missiles are meant to destroy or disable armored vehicles, including tanks, armored personnel carriers, and other heavily armored targets. Their demand is highly dependent on geopolitical conditions and the region's technological and economic conditions.

The market is slowly evolving along with undergoing fundamental change. Increasing the military equipment spending budget of several key economies is majorly driving the market in the coming years.

Market Dynamics

Market Drivers

In terms of demand, the anti-tank missile system market is driven by military modernization programs, changing security threats, and geopolitical tensions. The defense departments of various countries strive to equip their military forces with advanced military technologies to maintain superiority in the war, deter adversaries, and address emerging security challenges.

The increase in geopolitical tensions, asymmetric warfare tactics, and territorial disputes boost the need for powerful, flexible, and technologically advanced missile solutions. On the supply side, the anti-tank missile system market is marked by fierce competition among top defense contractors and missile producers.

Firms spend a lot of money in research & development so they can innovate and make their products different from others, the focus is on the improvement of missile range, accuracy, lethality, and survivability besides the design of the advanced guidance systems and the countermeasure capability. Furthermore, strategic partnerships, international collaborations, and government-funded projects contribute a lot to advancing technology and widening the market.

Recent Market JVs and Acquisitions

A few strategic alliances including M&As, JVs, etc. have been performed over the past few years:

• Raytheon and Lockheed Martin collaborate to produce Javelin anti-tank missiles, with Raytheon specializing in the guidance system and Lockheed Martin focusing on missile body assembly.

Recent Contracts

• In February 2024, Lockheed Martin Corporation signed a contract worth US$ 150 million with the govt of the Netherlands, to sell hellfire missiles. The government of the Netherlands requested 386 Hellfire Air-to-Ground Missiles (AGM-114R2) from the USA, along with technical assistance, publications, integration support, and logistics.
• In October 2023, Lockheed Martin Corporation, signed a contract worth US$ 957.4 million with the UK Army, to provide Joint Air-to-Ground Missiles (JAGM). The government of the United Kingdom has requested to purchase 3,000 Joint Air-to-Ground Missiles (JAGM), AGM-179A, from the USA. The deal includes dummy missiles, technical assistance, publications, integration support, and logistical and program support elements.

Segments Analysis

Platform Trends

“Ground-based anti-tank missile is likely to remain the dominant in the market in the foreseeable future.”

The anti-tank missile system market is segmented into ground-based platforms and airborne platforms. Ground-based anti-tank missile is likely to remain the dominant in the market in the foreseeable future. With the increasing terror threats and border disputes, the ground-based anti-tank missile is expected to remain dominant as well as the fastest-growing platform type in the market during the forecast period. Many countries across the world are intensifying their efforts to bolster their ground combat capabilities, with an emphasis on utilizing advanced and upgraded technologies.

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Product Trends

“Man-Portable anti-tank missile is expected to remain the dominant and fastest-growing product type in the market during the forecast period.”

The market is segmented into man-portable and vehicle-mounted anti-tank missiles. Between both missile types, man-portable anti-tank missiles accounted for the largest share of the market in 2023, as these missiles are procured in a larger number as compared to their counterparts. It is likely that the man-portable anti-tank missile system market will witness the fastest growth, during the forecast period. Lockheed Martin Corporation and Raytheon Technologies Corporation are the two major manufacturers, who jointly manufacture one of the best-selling man-portable anti-tank missiles, Javelin.

Guidance Trends

“Laser-guided anti-tank missile is expected to remain the dominant and fastest-growing segment in the market during the forecast period.”

Based on guidance type, the market is segmented into laser-guided, infrared (IR)-guided, wire-guided, and others (mainly GPS-guided, SALCOS-guided, and beam-riding guided anti-tank missiles). Among these, laser-guided anti-tank missiles are the most commonly used missile across the world, owing to their precise targeting capabilities, which minimize collateral damage and enhance effectiveness in modern warfare scenarios. Owing to such benefits, the laser-guided anti-tank missiles segment is also likely to grow at a rapid pace in the market in the coming years.

Regional Insights

“Asia-Pacific is expected to remain the largest market for anti-tank missile systems during the forecast period.”

Asia-Pacific is likely to maintain its supremacy in the global anti-tank missile system market, throughout the forecast period as the region is quite vulnerable to high-tension border conflicts and terror threats. Asia-Pacific holds the leading position in the anti-tank missile system market, largely attributed to China's emergence as a regional superpower and consistent rise in military spending in the country. Asia-Pacific is also expected to grow at the fastest pace in the market over the next eight years, propelled by increasing defense expenditure of key economies of the region mainly China and India. In addition, rising geopolitical tensions, technological advancement of weapons, focussing on air power projection, and changing threat landscape are also some of the key factors driving the fastest growth of the region in the anti-tank missile system market.

Key Players

The market is highly fragmented with the presence of some regional as well as global players across the world. Most of the major players compete in some of the governing factors including price, efficiency, service offerings, regional presence, etc. The following are the key players in the anti-tank missile system market.

Here is the list of the Top Players (Based on Dominance)

• Lockheed Martin Corporation
• Raytheon Technologies Corporation
• Rafael Advanced Defense Systems Ltd
• MBDA
• Saab AB
• Norinco Group

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s anti-tank missile system market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.  We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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Company Profiling

• Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

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