Cruise Missile Market is predicted to reach USD ~3.6 billion at a CAGR of 7.50% during the forecast period 2023 to 2032.

Market Research Future (MRFR) has published a Half cooked research report on the “Global Cruise Missile Market” that contains information from 2018 to 2032. The Cruise Missile market is estimated to register a CAGR of 7.50% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Cruise Missile market— Lockheed Martin Corporation, Raytheon Technologies Corporation, DRDO, The Boeing Company, MBDA Inc., Tactical Missiles Corporation, Kongsberg Gruppen, Roketsan, Avibras Indstria Aeroespacial S/A, China Aerospace Science and Technology Corporation, Aerojet Rocketdyne Inc.

Cruise Missile Market Highlights

The global cruise missile market is accounted to register a CAGR of 7.50% during the forecast period and is estimated to reach USD 3.6 Billion by 2032.

Due to rising defence spending, geopolitical unrest, and technological developments, the cruise missile industry is expanding significantly. To fulfil the rising need for powerful attack capabilities, major market participants are concentrating on creating long-range, precision-guided missiles with cutting-edge features like stealth and autonomous operation.

Segment Analysis

The global cruise missile market has been segmented based launch platform, range, and speed.

On the basis of launch platform, the market is segmented into air, surface combatants, submarine, and land. Surface combatants segment dominated the global market in 2022. Surface warriors launch rockets and missiles from the air or the ocean.

Based on range, the global Cruise Missile market has been segmented into short range missiles, medium range missiles, and long range missiles. Long range missiles segment dominated the global market in 2022. The demand for long-range missiles is anticipated to remain high in the near future because to their high precision, dependability, and quick-hit capabilities across a very long distance in enemy territory.

Based on speed, the global Cruise Missile market has been segmented into subsonic, supersonic, and hypersonic. Subsonic segment dominated the global Cruise Missile market in 2022. Hypersonic rockets and missiles have a propulsion technology that enables them to reach speeds of Mach 5 or higher, or five times the speed of sound.

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Regional Analysis

The global Cruise Missile market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Cruise Missile market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Cruise Missile market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Cruise Missile market comprises of Middle East, Africa, and Latin America.

The North America Cruise Missile Market dominated this market in 2022 (45.80%). Cross-border tensions, rising military spending, and the need for more advanced weapons to boost defence capabilities will be the main factors driving market growth in the near future. The United States is one of the biggest military spenders in the world. According to the US Department of Defence, a rise in the country's military spending has been proposed, moving it from USD 728 billion in fiscal year 2022 to USD 797 billion in fiscal year 2023. Additionally, of the USD 728 billion, USD 56.5 billion, USD 40.8 billion, and USD 12.6 billion have been designated for platforms and systems for air power, sea power, and modernization of Army and Marine Corps fighting vehicles, respectively.

Moreover, in 2022, the Europe Cruise Missile market held a sizable market share. Increased private sector backing for the supply of ballistic missiles in Europe is expected to benefit the industry. The U.K. market is expanding due to consumer demand for automatic target recognition and precision-guided technology.

Additionally, from 2023 to 2032, the Asia Pacific Cruise Missile market is anticipated to experience rapid growth. The People's Liberation Army Navy (CHINA) and the Japan Maritime Self-Defense Force (MIRV) are using multiple independent re-entry vehicles more regularly, which encourages the sector's growth. Australia announced in April 2022 that it would spend USD 2.6 billion to upgrade its defence system.

Furthermore, the rest of the world's Cruise Missile market is divided into the Middle East, Africa, and Latin America. The Latin America cruise missile market is witnessing steady growth driven by regional security concerns, modernization initiatives, and territorial disputes. Countries like Brazil, Argentina, and Chile are investing in cruise missile capabilities to enhance their defense capabilities and deter potential threats, leading to a rise in procurement and indigenous development efforts.

Key Findings of the Study

• The global Cruise Missile market is expected to reach USD 3.6 Billion by 2032, at a CAGR of 7.50% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to Multiple independent re-entry vehicles are used more frequently by the People's Liberation Army Navy (CHINA) and the Japan Maritime Self-Defense Force (MIRV), which supports the expansion of the sector.


• Based on speed, the subsonic segment was attributed to holding the largest market in 2022.


• Lockheed Martin Corporation, Raytheon Technologies Corporation, DRDO, The Boeing Company, MBDA Inc., Tactical Missiles Corporation, Kongsberg Gruppen, Roketsan, Avibras Indstria Aeroespacial S/A, China Aerospace Science and Technology Corporation, Aerojet Rocketdyne Inc.