Moreover, their low weight and reduced operating costs influence the militaries' procurement decisions to procure them in large quantities. The new versions of MBTs cost about 4-5 times less than most Western MBTs.In this regard, countries invest more in procuring new-generation MBTs to replace older ones. An increase in investments in the MBTs is also due to the aging fleet of the MBTs. The growing geopolitical tensions and border issues between various countries in Asia-Pacific, Europe, the Middle East, and Africa are generating demand for the procurement of new battle tanks to enhance the combat capabilities of the ground forces.

Procurements of main battle tanks (MBTs) are expected to be high during the forecast period.Despite the significant impact of the COVID-19 pandemic on the economy, the market for battle tanks remained unaffected, as the defense procurement projects were on track, and the sales and revenues of the battle tanks increased steadily for the manufacturing companies.The main battle tank market is anticipated to register a CAGR of over 3% during the forecast period.

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