Global Vetronics Market to Grow at 4.8% During 2024-2032, Impelled by Considerable Increase in Defense Expenditure

May 10, 2021 | Aerospace and Defense

According to the latest report by IMARC Group, titled "Vetronics Market Report by Application (Defense, Homeland Security), Vehicle Type (Main Battle Tanks, Light Protected Vehicles, Amphibious Armoured Vehicles, Mine Resistant Ambush Protected (MRAP) Vehicles, Infantry Fighting Vehicles, Armored Personnel Carriers, and Others), Subsystem (Navigation Systems, Observation and Display Systems, C3 Systems, Weapon Control Systems, Sensor and Control Systems, Vehicle Protection Systems, Power Systems, and Others), Fit (Line-Fit, Retrofit), and Region 2024-2032," the global vetronics market reached a value of US$ 3.2 Billion in 2023. 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.

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 4.8% during the forecast period (2024-2032).

Market Summary

  • 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Application, Vehicle Type, Subsystem, Fit, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
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Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Vetronics Market to Grow at 4.8% During 2024-2032, Impelled by Considerable Increase in Defense Expenditure
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