According to the latest report by IMARC Group, titled "Vetronics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global vetronics market reached a value of US$ 2.9 Billion in 2021. Vetronics refers to a collection of vehicle electronics that are widely utilized in military automobiles. Battle tanks and other military vehicles are widely integrated with navigation systems; surveillance systems; communication, command, and control; vehicle electronic warfare system; and vehicle protection systems. These subsystems aid in improving the combat capability and situational awareness of military vehicles while streamlining communication and navigation. These vehicles may also be equipped with advanced threat detection sensors, HD video calling, portable power systems and autonomous driving to further assist in improving the automobile’s overall effectiveness and facilitating their role in integrated network-centric warfare operations.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Vetronics Market Trends:
The global market is primarily driven by the increasing focus on improving situational awareness by military and defense services. This, coupled with the rising incidences of geopolitical unrest and terrorist activities across the globe and a considerable rise in defense expenditure, has led to the growing adoption of vetronics that widely assist in improving inter- and intra-vehicle communications, surveillance and navigation. Moreover, the continual changes in various regulatory policies have encouraged frequent inspection and upgradation of existing military vehicles, which, in turn, is expected to boost the uptake of vetronics on the global level. Along with this, the widespread demand for modernization of military vehicles and the emergence of wireless communications technology in the sector have also created a positive outlook for the market. The market is further driven by the increasing integration of vetronics with Satellite Communications (SATCOM) systems to improve their overall operational accuracy. On account of the aforementioned factors, the market is expected to grow at a CAGR of 5.73% during the forecast period (2022-2027).
- On the basis of the application, the market has been bifurcated into defense and homeland security.
- Based on the vehicle type, the market has been divided into main battle tanks, light protected vehicles, amphibious armoured vehicles, mine resistant ambush protected (MRAP) vehicles, infantry fighting vehicles, armored personnel carriers, and others.
- On the basis of the subsystem, the market has been segmented into navigation systems, observation and display systems, C3 systems, weapon control systems, sensor and control systems, vehicle protection systems, power systems, and others.
- Based on the fit, the market has been bifurcated into line-fit and retrofit.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include BAE Systems PLC, Curtiss-Wright Corporation, General Dynamics Corporation, Harris Corporation, Leonardo-Finmeccanica S.P.A, Lockheed Martin Corporation, Raytheon Company, Rheinmetall AG, Saab Group, and Thales Group.
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