Tank & Armored Vehicle Manufacturing in the US - Market Research Report (2013-2028)
New York, United States
Last Updated: April 2023
NAICS 33699bRevenue
$9.8bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
15,155
Businesses
56
Wages
$X.Xbn
Tank & Armored Vehicle Manufacturing in the US industry analysis
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.
Trends and Insights
- 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.
- When a new vehicle program is announced, R&D's share of revenue increases. Still, the balance between manufacturing, support and maintenance and R&D work conducted by the industry dramatically changes over time.
- Proximity to the automobile and steel industries. The Great Lakes region is well-known for its robust steel and automotive industries because of its high concentration of manufacturing facilities.
- Businesses require a constant stream of innovation to maintain their leads. Companies that establish good reputations because of past success in delivering contracts with the Department of Defense will find it easier to negotiate for new projects in the future.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has grown at a CAGR of 6.3 % over the past five years, to reach an estimated $9.8bn in 2023.
Trends and Insights
The rise and bust that followed the war in the Middle East
- As the United States began the Iraq and Afghanistan wars, mass deployment of tanks, armored vehicles and battlefield requirements created a surge in demand for the industry.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
Geopolitical tensions and conflicts will keep demand stable
- As nations seek to enhance their defense capabilities, demand for tanks and armored vehicles may be driven by ongoing geopolitical tensions and conflicts worldwide.
Biggest companies in the Tank & Armored Vehicle Manufacturing in the US
| Company | Market Share (%)
2023 | Revenue ($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 |
To view the market share and analysis for all 6 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
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.
Trends and Insights
Wheeled armored vehicles decelerate as combat operations in the Middle East subside
- Wheeled vehicles are typically lighter, more mobile and less expensive to maintain (at least the propulsion systems) than their tracked counterparts but cannot traverse all the same terrain.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- SUV & Light Truck Manufacturing in the US
- Aircraft, Engine & Parts Manufacturing in the US
- Space Vehicle & Missile Manufacturing in the US
Complementors
- Train, Subway & Transit Car Manufacturing in the US
- Ship Building in the US
International industries
- Space Vehicle & Missile Manufacturing in Canada
- Military Fighting Vehicle Manufacturing in the UK
- Herstellung von Karosserien, Aufbauten und Anhängern
Table of Contents
About this industry
Industry definition
This US industry manufactures complete military armored vehicles, combat tanks and specialized components for combat tanks, including self-propelled weapons.
What's included in this industry?
Manufacturing armored vehicles and parts Manufacturing military tanks Manufacturing self-propelled weapons Manufacturing military all-terrain vehiclesCompanies
General Dynamics CorporationBae Systems PlcOshkosh CorporationPurchase this report to view all 6 major companies in this industry.
Related Terms
STRYKERABRAMS TANKMINE-RESISTANT AMBUSH PROTECTED (MRAP)BRADLEY FIGHTING VEHICLE (BFV)JOINT LIGHT TACTICAL VEHICLEIndustry Code
NAICS 336992 - Tank & Armored Vehicle Manufacturing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
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.
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
When a new vehicle program is announced, R&D's share of revenue increases. Still, the balance between manufacturing, support and maintenance and R&D work conducted by the ind...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2023
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Proximity to the automobile and steel industries. The Great Lakes region is well-known for its robust steel and automotive industries because of its high concentration of man...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each state in 2023
- Number and share of revenue each state accounts for in 2023
- Number and share of wages each state accounts for in 2023
- Number and share of employees in each state in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Businesses require a constant stream of innovation to maintain their leads. Companies that establish good reputations because of past success in delivering contracts with the...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
The ongoing war in Ukraine represents an opportunity for company revenue. Amid the developing conflict between Ukraine and Russia, General Dynamics Corporation have boasted t...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of General Dynamics Corporation's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Bae Systems Plc's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Oshkosh Corporation's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of revenue, market share and profit margin trend for 3 additional companies
Detailed analysis
- Description and key data for General Dynamics Corporation, and factors influencing its performance in the industry
- Description and key data for Bae Systems Plc, and factors influencing its performance in the industry
- Description and key data for Oshkosh Corporation, and factors influencing its performance in the industry
- Description, key data and performance trends for 3 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Government contracts are heavily regulated. Manufacturers contend with numerous US government agencies and entities, including all the branches of the US military and Homelan...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
The main contractor's extensive use of subcontractors has reduced labor requirements. Effective job management, employment of contract workers and capital spending to improve...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Industry Multiples (2016-2021)
- Industry Tax Structure (2016-2021)
- Income Statement (2016-2021)
- Balance Sheet (2016-2021)
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Tank & Armored Vehicle Manufacturing in the US industry in United States in 2024?
The market size of the Tank & Armored Vehicle Manufacturing in the US industry in United States is $9.8bn in 2024.
How many businesses are there in the Tank & Armored Vehicle Manufacturing in the US industry in 2023?
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.
Has the Tank & Armored Vehicle Manufacturing in the US industry in United States grown or declined over the past 5 years?
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.
What is the forecast growth of the Tank & Armored Vehicle Manufacturing in the US industry in United States over the next 5 years?
Over the next five years, the Tank & Armored Vehicle Manufacturing in the US industry in United States is expected to decline.
What are the biggest companies in the Tank & Armored Vehicle Manufacturing in the US market in United States?
The biggest companies operating in the Tank & Armored Vehicle Manufacturing market in United States are General Dynamics Corporation, Bae Systems Plc and Oshkosh Corporation
What does the Tank & Armored Vehicle Manufacturing in the US in United States include?
Manufacturing armored vehicles and parts and Manufacturing military tanks are part of the Tank & Armored Vehicle Manufacturing in the US industry.
Which companies have the highest market share in the Tank & Armored Vehicle Manufacturing in the US in United States?
The company holding the most market share in United States is General Dynamics Corporation.
How competitive is the Tank & Armored Vehicle Manufacturing in the US industry in United States?
The level of competition is moderate and steady in the Tank & Armored Vehicle Manufacturing in the US industry in United States.
