Global Military Vetronics Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2033
“Global Military Vetronics Market” report focuses on historical, as well as current scenarios in order to arrive at accurate estimations and projections about the global industry. The Global Military Vetronics market was valued at USD 4500 million in 2023 and is expected to grow at a CAGR of 5.78% to reach USD7894.56 Million by 2033 The global military vetronics market report has been segmented on the basis of system, vehicle type, and region.
The military vetronics market refers to the market for electronic systems and components used in military vehicles. Vetronics systems provide capabilities such as navigation, communication, command and control, and situational awareness to vehicles. The market is driven by factors such as increasing defense budgets, modernization of military vehicles, and advancements in technology.
Military Vetronics: Product Overview
Vetronics are electronic systems mounted on vehicles that are engaged in controlling functions that include communications, navigation, and weapons. The word “vetronics” is a mixture of two words- vehicle and electronics, and its components range from boards and chips to power electronics and displays. For many years, vetronics have been used in the military sector for their useful applications in hostile and challenging environments.
Global Military Vetronics Market: Dynamics
Easy availability of vetronics components, combined with increasing competition among the manufacturers on account of producing the best quality are among the major factors driving the growth of the global military vetronics market over the forecast period. The increasing importance of applications of vetronics in the military sector, such as improving surveillance, better intra- and inter-vehicle communication, easy navigation is fueling demand for military vetronics. Increasing demand for well-equipped advanced vetronics from the defense sector, owing to rising concerns of geopolitical unrest and border insecurity is driving the growth of the global market. In addition, heavy investments in the defense and military sectors by government and major private players on a global scale is expected to trigger demand for vetronics, which in turn, is anticipated to drive the growth of the global market. Heavy investments in the defense sector is attributable to the increasing economic growth in emerging economies. Furthermore, the emergence of wireless technology and adoption of such technology and Media worldwide is triggering demand for vetronics.
However, defense budgets of various economies are showing a downward trend and could hamper growth of the global market to a certain extent over the forecast period.
Modernization of vetronics in military sector is an ongoing trend and is expected to open up considerable growth opportunities for major existing and well new players in the global market in the near future.
Among the system segments, the power system segment is currently dominating in the global market in terms of revenue share and is expected to continue the same over the 10-years period. Increasing demand for uninterrupted power supply, combined with advances battery backup vetronics are some of the major factors expected to augment revenue growth of this segment. In addition, increasing demand for advanced light-weight and high-energy Lithium-Ion batteries is another factor expected to drive growth of the power system segment in the target market.
Among the application segments, the light protected vehicle segment is projected to grow at higher CAGR as compared to other segments, as they are developed to defend blasting and ballistic weaponry. Increasing popularity of light protected vehicles is also attributable to the fact that such vehicles can be upgraded to suit a specific mission. The unmanned ground vehicles segment is estimated to account for considerable share in terms of value and consumption owing to increasing homeland security concerns, coupled with rising need for unmanned vehicles to safeguard military forces from losing their lives.
Global Military Vetronics Market: Regional Analysis
The North America military vetronics market is currently dominating in the global market in terms of value, owing to the increasing investments for technological advancements in the military and defense sector in countries in the region. Increasing expenditure by the US government in the defense sector is also expected to drive the growth of the global market. The Asia Pacific market is projected to grow at a substantial CAGR over the next 10 years. Country markets such as India, China, and South Korea are expected to contribute major shares in terms of revenue in the Asia Pacific market.
Global Military Vetronics Market Segmentation:
Segmentation by System:
- Control and Data Distribution System
- Display Systems
- Power Systems
- Vehicle Management System
- Other Vetronics Systems
Segmentation by Vehicle Type:
- Light Protected Vehicles
- Infantry fighting Vehicles
- Armored Personnel Carriers
- Unmanned Ground Vehicles
- Armored Amphibious Vehicles
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size USD 4500 million Growth Rate 5.78% Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Kongsberg Gruppen
- Curtiss-Wright Corporation
- BAE Systems PLC
- Thales S.A.
- Ultra Electronics Holdings plc
- General Dynamics Corporation
- Raytheon Company
- SAAB AB
- General Electric Company
- AssaAbloy AB
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