India Defense Market Size, Trends, Budget Allocation, Regulations, Acquisitions, Competitive Landscape and Forecast to 2028

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

India Defense Market Report Overview

The India defense budget is worth $74 billion in 2023 and is expected to achieve a CAGR of more than 4% during 2024-2028. The India defense market research report provides the market size forecast and the projected growth rate for the next five years. The report covers industry analysis including the key market drivers, emerging technology trends, and major challenges faced by market participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for military platforms over the forecast period.

India Defense Market Outlook, 2023-2028

India Defense Market Outlook, 2023-2028

To gain more information about the India defense market forecast, download a free report sample

India Defense Market Drivers

India’s territorial dispute with China extends to the northeastern state of Arunachal-Pradesh and the northern state of Jammu and Kashmir while the territorial dispute with Pakistan is primarily over the ownership of the Indian state of Jammu and Kashmir and the marshy region of Sir Creek. This dispure acts as a driver for the defense market. Moreover, India is investing heavily in modernizing its defense forces with specific emphasis on reinforcing its Air Force and naval capabilities due to the need to maintain a robust independent defense posture to sustain its non—alignment policy.

India Military Doctrines and Defense Strategies

India increasingly faces the prospect of a two-front war and has invested considerable time in analyzing the next generation of warfare. The country has used the last decade to continuously fine-tune its operational gaps and develop a high level of integration and synergy between its armed forces, so they are capable of executing practical limited conventional war-fighting strategies against an adversary. The Integrated Defence Staff of India published a joint doctrine in 2010 and came up with a Joint Training Doctrine in 2017. The country finally released a second edition of the draft joint doctrine for the Indian armed forces in 2017, which aims to develop a high level of synchronization between the movements and operations of the army, the navy, and the air force. Both of these doctrines aim to eventually enhance the overall joint-operations capability of the Indian armed forces.

India Defense Market Segmentation by Sectors

The key sectors in the India defense market are military fixed-wing, missiles and missile defense systems, naval vessels and surface combatants, military rotorcraft, submarines, artillery, electronic warfare, military land vehicles, military radar, military UAV, tactical communications systems, EOIR, underwater warfare systems, military simulation and training, naval engines, INS GNSS, and military UGV. The top sector in the Indian defense market is military fixed-wing, followed by missiles and missile defense systems and naval vessels and surface combatants.

India Defense Market Analysis by Sectors, 2023 (%)

India Defense Market Analysis by Sectors, 2023 (%)

For more sector insights into the India defense market, download a free report sample

India Defense Market - Competitive Landscape

Some of the leading defense companies in India are Tata Motors Ltd, Tata Consultancy Services Ltd, Larsen & Toubro Ltd, Infosys Ltd, Mahindra & Mahindra Ltd, Wipro Ltd, Ashok Leyland Ltd, Hindustan Aeronautics Ltd, Siemens Ltd, and Bharat Electronics Ltd.

India Defense Market Report Overview

Market Size (2023) $74 billion
CAGR (2024-2028) >4%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Sectors Military Fixed-Wing, Missiles and Missile Defense Systems, Naval Vessels and Surface Combatants, Military Rotorcraft, Submarines, Artillery, Electronic Warfare, Military Land Vehicles, Military Radar, Military UAV, Tactical Communications Systems, EOIR, Underwater Warfare Systems, Military Simulation and Training, Naval Engines, INS GNSS, and Military UGV
Leading Companies Tata Motors Ltd, Tata Consultancy Services Ltd, Larsen & Toubro Ltd, Infosys Ltd, Mahindra & Mahindra Ltd, Wipro Ltd, Ashok Leyland Ltd, Hindustan Aeronautics Ltd, Siemens Ltd, and Bharat Electronics Ltd

Segments Covered in the Report

India Defense Sectors Outlook (Value, $ Billion, 2019-2028)

  • Military Fixed-Wing
  • Missiles and Missile Defense Systems
  • Naval Vessels and Surface Combatants
  • Military Rotorcraft
  • Submarines
  • Artillery
  • Electronic Warfare
  • Military Land Vehicles
  • Military Radar
  • Military UAV
  • Tactical Communications Systems
  • EOIR
  • Underwater Warfare Systems
  • Military Simulation and Training
  • Naval Engines
  • INS GNSS
  • Military UGV

Scope

The report provides an in-depth analysis of the following –

  • India defense budget: detailed analysis of India FY2022 defense budget broken down into market size and market share. This is coupled with an examination of key current and future acquisitions.
  • Regulation: the procurement policy and process is explained. This is coupled with an analysis of the India military doctrine and strategy to provide a comprehensive overview of India military regulation.
  • Security Environment: political alliances and perceived security threats to India are examined to explain trends in spending and modernization.
  • Import and Export Dynamics: analysis of prevalent trends in the country’s imports and exports over the last five years
  • Competitive landscape and strategic insights: analysis of the competitive landscape of the India defense industry.

Reasons to Buy

  • Determine prospective investment areas based on a detailed trend analysis of the India defense market over the next five years
  • Gain an in-depth understanding of the underlying factors driving demand for different defense and internal security segments in the Indian market and identify the opportunities offered.
  • Strengthen your understanding of the market in terms of demand drivers, market trends, and the latest technological developments, among others.
  • Identify the major threats that are driving the Indian defense market providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion.
  • Channel resources by focusing on the ongoing programs that are being undertaken by the Indian government.
  • Make correct business decisions based on an in-depth analysis of the competitive landscape consisting of detailed profiles of the top defense equipment providers in the country. The company profiles also include information about the key products, alliances, recent contract awarded, and financial analysis, wherever available.

Hindustan Aeronautics Ltd (HAL)
Bharat Dynamics Ltd (BDL)
Sikorsky Aircraft Corp

Table of Contents

  • 1. Executive Summary
  • 2. Defense Budget Assessment

    • 2.1. Budgeting Process
    • 2.2. Defense Market Size Historical and Forecast
    • 2.3. Drivers Of Defense Expenditure
    • 2.4. Analysis of Defense Expenditure Allocation
    • 2.5. Analysis Of Defense Budget Allocation
    • 2.6. Key Market Trends and Insights

  • 3. Military Doctrine and Security Environment

    • 3.1. Military Doctrine and Strategy
    • 3.2. Strategic Alliances and Geopolitics
    • 3.3. Political, Social, and Economic Scenario

  • 4. Market Entry Strategy and Regulations

    • 4.1. Procurement Policy and Market Regulations
    • 4.2. Market Entry Routes
    • 4.3. Key Challenges
    • 4.4. Major Deals and M&A

  • 5. Market Attractiveness and Emerging Opportunities

    • 5.1. Market Attractiveness, 2023–28
    • 5.2. Top Defense Segments by Value

  • 6. Defense Platform Acquisitions

    • 6.1. Defense Platform Acquisitions by Value
    • 6.2. Multi-role Fighter Aircraft (MRFA)
    • 6.3. Akash Mark-I & Akash-1S
    • 6.4. Indian Multi Role Helicopter (IMRH)
    • 6.5. Nuclear-Powered Attack Submarine
    • 6.6. Project-75I
    • 6.7. Tejas Mark-2
    • 6.8. Light Combat Helicopter (LCH)
    • 6.9. S5 Submarines
    • 6.10. INS Vishal (IAC-II)
    • 6.11. Mine-Countermeasure Vessels
    • 6.12. Twin Engine Deck Based Fighter (TEDBF)
    • 6.13. Tejas MK-1A

  • 7. Fleet Size
  • 8. Competitive Landscape

    • 8.1. Defense Companies Operating in India
    • 8.2. Main Defense Companies

  • 9. Appendix

    • 9.1. About This Report
    • 9.2. About Us
    • 9.3. Contact Us

Frequently asked questions

India Defense Market Size, Trends, Budget Allocation, Regulations, Acquisitions, Competitive Landscape and Forecast to 2028 thematic reports
Currency USD
$1,250

Can be used by individual purchaser only

$2,500

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

India Defense Market Size, Trends, Budget Allocation, Regulations, Acquisitions, Competitive Landscape and Forecast to 2028 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at India Defense Market Size, Trends, Budget Allocation, Regulations, Acquisitions, Competitive Landscape and Forecast to 2028 in real time.

  • Access a live India Defense Market Size, Trends, Budget Allocation, Regulations, Acquisitions, Competitive Landscape and Forecast to 2028 dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.