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Global Vetronics Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report - Segmented By Vehicle Type (Main Battle Tank, Light Armored Vehicle, Amphibious Armored Vehicle), Subsystem (C4, Navigation, Power), Application (Defense and Homeland Security), and Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Analysis from 2023 to 2028

Published: March, 2023
ID: 12818
Pages: 175
Formats: report pdf report excel report power bi report ppt

Global Vetronics Market Size (2023 to 2028)

The global vetronics market is expected to be worth 6,270.67 Million USD in 2023. It is expected to grow at a CAGR of 3.68% during the forecast period and reach a value of 7,512.58 Million USD by 2028.

Military Vetronics is a collection of electronic systems that govern tasks, including communication, navigation, and armaments aboard a vehicle. The system consists of a variety of components, ranging from boards and chips to displays & power circuits. The wireless transmits real-time data gathered and evaluated by electronic devices, providing soldier’s enhanced situational awareness, particularly in conflict scenarios. Vetronics is a term that combines the words "vehicle" and "electronics" and is often used in the military. In other situations and in firm branding, the phrase is used sparingly, notably inside the medical and veterinary fields. It's the automobile's version of avionics. The military's present strategies, techniques, and procedures will be altered by the deployment of research weapon systems capable of supplying combat vehicle personnel with the firepower as well as evidence-informed policy to coordinate and deploy either onboard & external sensors and weapons. The integration of modern Vetronics significantly improves the military's surveillance capabilities by allowing units to identify, locate, and recognize troops, trucks, and other threats in real-time, regardless of weather conditions. The modern battlefield's integrated operations rely heavily on the digitization of areas such as communication and surveillance.

Global Vetronics Market Drivers:

Rising occurrences of network-centric warfare and a growing focus on enhancing spatial awareness within battlefield management are driving market expansion. The Controller Area Network (CAN) bus is a vehicle communication standard for embedded systems. The global market will expand as the need for electronics in autonomous cars and the CAN bus grows owing to improved reliability and flexibility. Contemporary warfare needs dynamic forces capable of acting quickly and precisely. To take advantage of the information advantage, the modern military is focused on the deployment of cutting-edge network technology. By integrating sensors, controllers, or shooters in a complete networking environment, militaries from several countries are upgrading their arsenal to improve situational awareness, speed decision-making, and maximize mission effectiveness. The acquisition of the next combat vehicles has been prompted by an increase in terrorist attacks and political upheaval throughout the world, especially geopolitical tensions in Asian & Middle Eastern countries. The market will be boosted by rising military spending on R&D and rising defense expenditures, particularly in emerging nations.

Global Vetronics Market Restraints:

The restraining factors that are restricting the growth of the global vetronics market include the delay of deliveries and defense budgets. These act as the primary factors in limiting the market growth during the forecast period. The expansion of this industry is being hampered by cuts to defense spending in numerous nations. Delays in combat vehicle delivery owing to the absence of manufacturing capacity and supply chain interruptions are limiting the market's growth.

Impact of COVID-19 on the Vetronics market:

COVID-19 has had an influence on the military sector in various nations. The dynamics of this industry have altered as a result of lower demand. The defense sector was severely disrupted as a result of the lockdowns, resulting in a delay in electronics manufacturing. Defense spending in several nations has decreased as a result of COVID-19, as resources have been redirected to the healthcare sector to improve infrastructure and services. Delays in combat vehicle supplies may also wreak havoc on the market.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 to 2028

Base Year

2022

Forecast Period

2023 to 2028

CAGR

3.68%

Segments Covered

By Vehicle Type, Subsystem, Application & Region

Various Analyses Covered

Global, Regional and Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the global vetronics market has been segmented and sub-segmented into the following categories.

Vetronics Market - By Vehicle Type:

  • Main Battle Tank
  • Light Armored Vehicle
  • Amphibious Armored Vehicle

Based on type, the global Vetronics market is divided into main battle tanks, light armored vehicles, and amphibious armored vehicles. Due to a rise in demand for technologically sophisticated cars, the light-protected vehicles market is predicted to develop at the fastest rate. It is a 25mm cannon-equipped eight-wheeled armored reconnaissance vehicle. The Light Armored Vehicle (LAWV) is an armored military vehicle with four wheels and all-wheel drive.

Vetronics Market - By Subsystem:

  • C4
  • Navigation
  • Power

Based on subsystem, the global Vetronics market is divided into C4, Navigation, and Power. The C4 System sector will see a considerable increase. Combat vehicles may grow and modify components in the field mainly because of the command and control systems. The hazards, expenses, and time involved with vehicle disassembly are all reduced with these technologies. Because of the increased need for modern vehicles for various tasks, the power network segment is expected to rise at a modest rate.

Vetronics Market-By Application:

  • Defense
  • Homeland Security

Based on application, the defense sector is expected to account for the greatest proportion of the market. The surge in defense spending, particularly in emerging economies like India and China, can be ascribed to this segment's growth.

Vetronics Market - By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

In the APAC region, in terms of procurement activities and adjacent orders, the Asia-Pacific is predicted to become the fastest-growing market over the projection period. Due to escalating tensions between surrounding nations, notably in the South China Sea conflict, neighboring countries are beefing up their military capabilities by procuring military vehicles quickly. China, S. Korea, India, and Japan, for example, are steadily expanding their defense spending in order to bolster their national security. The region's arms race is visible in regional giants' excessive military budget spending, including such as China and India.  

North America led the military Vetronics industry, owing to the United States' massive defense spending on advanced vehicle purchases and upgrades to current vehicles. The worldwide market benefits from the presence of important players.

The existence of important companies in Europe, including BAE Systems, Rheinmetall, and others, will propel the market forward. Market growth is expected to be aided by rising defense spending and increased combat vehicle purchases.

Middle Eastern countries such as Israel, Turkey, and Saudi Arabia are helping in the growth of the global Vetronics market in the coming years in this region.

KEY MARKET PLAYERS:

The key players in the Global Vetronics market are Curtiss-Wright Corporation, Thales Group, Saab AB, General Dynamics Corporation, Rheinmetall AG, Oshkosh Corporation (The U.S.), Curtiss Wright Corporation (The U.S.), L3Harris Technologies, Inc. (The U.S.)

RECENT HAPPENINGS IN THE MARKET:

  • 25th January 2022: BAE Systems has been granted a contract modification by the US Marine Corps for the second batch of full-rate manufacture of Amphibious Combat Vehicles (ACVs). According to the firm, the $169 million deal is for 33 automobiles. The ACV is meant to undertake quick ship-to-objective operations and provide the Fleet Marines Forces with increased fighting power. The ACV, which was developed in collaboration with IVECO Defense Vehicles, is meant to offer a blend of sea mobility with future expansion potential. The Marine Corps has already ordered two versions of an ACV Family of Vehicles, according to BAE Systems.
  • 13th August 2019: Through the VICTORY framework, Curtiss-Defense Wright's Solutions division, a trusted leading supplier of rugged implemented Vetronics systems, has provided 1st live demo of a COTS-based management platform for open standard vehicle electronic components in collaborative efforts with Pacific Star Communications (PacStar). Curtiss-Wright robust mission computers utilize IQ-Core Technology network management software. It will demonstrate a compelling solution for the US Army & Marine Corps ground vehicular network that simplifies and enhances configuration control, administration, and system awareness.

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FAQ's

1. What is the Vetronics Market?

The vetronics system is the combination of two words vehicle and electronics. The market refers to all electronics and communications systems used in vehicles for effective operations.

2. What is the market size of the Vetronics Market?

The global vetronics market will be worth 6,270.67 Million USD in 2023. It is expected to grow at a CAGR of 3.68% during the forecast period and reach a value of 7,512.58 Million USD by 2028.

3. What are the segments covered in the Vetronics Market?

The segments covered in the Vetronics Market are By Vehicle type, Subsystem , Application, and Region.

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