What accounts for the growth of naval power in Asia, and are we witnessing a new naval arms race? Through a unique quantitative assessment of naval development in Asia, I show that economic and geostrategic factors are driving naval development in the region. Additionally, I examine the growth of naval might in China, Japan, India, and South Korea, and find evidence of a potential naval arms race in Asia. The article’s findings point to the importance of testing for regional variation in naval development and using specific weapons systems to test for evidence of an arms race.