The Vetronics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Vetronics Global Market Report 2024, The vetronics market size has grown strongly in recent years. It will grow from $3.72 billion in 2023 to $3.91 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to modernization of military vehicles, increasing threats and security challenges, demand for enhanced situational awareness, shift towards network-centric warfare, demand for lightweight and compact electronics, upgradation programs for legacy vehicles.
The vetronics market size is expected to see strong growth in the next few years. It will grow to $4.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to multifunctional displays and hmi, unification of communication protocols, focus on soldier safety and survivability, development of autonomous vehicles, operational efficiency and effectiveness, rising defense budgets.. Major trends in the forecast period include integration of advanced electronics, network-centric warfare, digitalization and sensor fusion, artificial intelligence (ai) and machine learning (ml), enhanced vehicle communication, modularity and scalability.
The increasing focus of military and defense services is driving the vetronics market. Terrorist activities, political upheaval around the world, and geopolitical tensions in countries have increased the focus on defense and military affairs, resulting in the procurement of next-generation combat vehicles. According to a defense correspondent’s report, Rheinmetall’s Military Vehicle Centre of Excellence (MILVEHCOE) in Queensland will build Australia’s 186 Boxers. Therefore, the increasing focus of military and defense services is expected to propel the growth of the vetronics market over the coming years.
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The vetronics market covered in this report is segmented –
1) By Vehicle Type: Main Battle Tank, Light Combat Vehicles, Armored Personnel Carriers, Infantry Fighting Vehicle, Other Vehicles
2) By System: Weapon And Control System, Command And Communication, Navigation And Display, Sensor And Optronics, Power System, Other Systems
3) By Platform: Homeland Security, Military
Technological advancement is a key trend gaining popularity in vetronics market. Major industry players are focusing their efforts on developing novel technologies like the emergence of wireless communications technology and the increasing modernization of military vehicles, which are boosting the industry. For instance, drones and unmanned vehicles are employed for surveillance and a variety of commercial uses, including taking photos and videos of sporting events and cityscapes. It is also used in improvements in traffic flow analysis methodologies, risk assessment, aid in accident investigation, and damage assessments for bridges and pavements, as well as advances in computer vision algorithms to extract critical elements. Therefore, technological advancement is boosting the growth of vetronics market.
The vetronics market report table of contents includes:
1. Executive Summary
2. Vetronics Market Characteristics
3. Vetronics Market Trends And Strategies
4. Vetronics Market – Macro Economic Scenario
5. Global Vetronics Market Size and Growth
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26. South America Vetronics Market
27. Brazil Vetronics Market
28. Middle East Vetronics Market
29. Africa Vetronics Market
30. Vetronics Market Competitive Landscape And Company Profiles
Top Major Players:
- Rheinmetall AG
- Raytheon Technologies Corporation
- L3Harris Technologies Inc
- Lockheed Martin Corporation
- Thales Group
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