Insights, Demand, Analysis, Share, and Forecast in the Military Vetronics Market 2024-2033
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Overview and Scope
Military vetronics is the integration of electronics and computer systems into military vehicles to improve situational awareness, survivability, and lethality. It is utilized in military vehicle for navigation, observation, communications, energy, motorization, and weaponry systems.
Sizing and Forecast
The military vetronics market size has grown strongly in recent years. It will grow from $5.21 billion in 2023 to $5.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to modernization of military vehicles, focus on c4isr systems, increasing threats and security challenges, network-centric warfare strategies, demand for enhanced communication systems.
The military vetronics market size is expected to see steady growth in the next few years. It will grow to $6.49 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to integration of ai and autonomous technologies, emphasis on cybersecurity measures, rise in urban warfare and hybrid threats, enhanced electronic warfare capabilities, global geopolitical developments. Major trends in the forecast period include modularity and scalability, unmanned ground vehicle (ugv) integration, energy-efficient power management, data fusion and analytics, cross-domain integration.
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Segmentation & Regional Insights
The military vetronics market covered in this report is segmented –
1) By Type: Navigation System, Communication System, Power System, Control And Data Distribution System, C4 System, Display System, Other Types
2) By Fit: Line-Fit, Retrofit
3) By Application: Unmanned Ground Vehicles, Light Protected Vehicles, Special Purpose Vehicles, Armored Amphibious Vehicles, Other Applications
4) By End-User: Defense, Homeland Security
North America was the largest region in the military vetronics market in 2023. The regions covered in the military vetronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
An increase in defense expenditure is expected to propel the growth of the military vetronics market going forward. Defense expenditure encompasses all current and capital spending on the armed forces, including peacekeeping troops of defense ministries and other government organizations involved in defense initiatives and paramilitary forces. With higher defense budgets, military organizations can allocate more resources to research, develop, and acquire state-of-the-art vetronic systems. This increased investment enables the military to adopt cutting-edge technologies such as advanced sensors, communication systems, unmanned systems, and integrated command and control systems. For instance, in December 2022, according to a report published by the US Ministry Of Defense, a UK-based agency responsible for implementing the defense policy, the total increase in military expenditures in the fiscal year 2021-2022 totalled £45.9 billion ($58.35 billion), a £3.6 billion ($4,57 billion) increase over the previous year. Further, total equipment spending in 2021-2022 is £20.9 billion ($26.57 billion), a nominal increase of £2.1 billion ($2.66 billion) over the previous year. Therefore, an increase in defense expenditure will drive the military vetronics market.
Key Industry Players
Major companies operating in the military vetronics market report are General Electric Co, Raytheon Company, The Boeing Company, Lockheed Martin Corporation, Rheinmetall AG, Elbit Systems Ltd., Saab AB, General Dynamics Corporation, Northrop Grumman, Kongsberg Gruppen ASA, Cummins Inc., BAE Systems Inc., Collins Aerospace, Curtiss-Wright Corp, Cobham Limited, Safran SA, Thales SA, L3Harris Technologies Inc., TE Connectivity Ltd., Assabloy AB, Leonardo-Finmeccanica SPA, Oshkosh Defense LLC, Point Blank Enterprises Inc., KVH Industries Inc., C4 Advanced Tactical Systems LLC.
The military vetronics market report table of contents includes:
- Executive Summary
- Military Vetronics Market Characteristics
- Military Vetronics Market Trends And Strategies
- Military Vetronics Market - Macro Economic Scenario
- Global Military Vetronics Market Size and Growth
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- Global Military Vetronics Market Competitive Benchmarking
- Global Military Vetronics Market Competitive Dashboard
- Key Mergers And Acquisitions In The Military Vetronics Market
- Military Vetronics Market Future Outlook and Potential Analysis
- Appendix
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