Global Military Vetronics Market Size study & Forecast, by Product Type (Communication & Navigation System, Power System, Display System, C4 System, Others), by Platform (Unmanned Ground Vehicles, Main Battle Tanks and other Armored Vehicles, Light Protec

Global Military Vetronics Market Size study & Forecast, by Product Type (Communication & Navigation System, Power System, Display System, C4 System, Others), by Platform (Unmanned Ground Vehicles, Main Battle Tanks and other Armored Vehicles, Light Protected Vehicles, Others), by Application (OEM, Aftermarket) and Regional Analysis, 2023-2030

Global Military Vetronics Market is valued at approximately USD 6.72 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 3.68% during the forecast period 2023-2030. Military vetronics encompasses a diverse range of electronic systems integrated into vehicles to manage critical functions such as communication, navigation, and weaponry. This comprehensive system comprises components spanning from circuit boards and chips to displays and power electronics. The seamless flow of real-time data, collected and analyzed by these electronic systems, is facilitated through wireless communication. This capability significantly enhances soldiers' situational awareness, particularly in challenging battlefield settings, empowering them with crucial information for effective decision-making and mission execution. The Military Vetronics Market is expanding because of factors such as rising initiatives for military modernization activities, rising demand for unmanned systems and rising global military spending.

The rising global military spending enables armed forces to integrate cutting-edge technologies into their fleets, driving the demand for vetronics components and systems. As nations worldwide allocate increased budgets to bolster their defense capabilities, there is a heightened emphasis on modernizing military vehicles with cutting-edge technologies, including advanced vetronics systems. As per the Stockholm International Peace Research Institute (SIPRI), there was a 2.6% increase in global military spending, reaching around USD 1.82 trillion between 2017 and 2019 which rose by 3.7% in real terms in 2022, to reach a record high of USD 2.24 trillion. In addition, the introduction of advanced technologies and rising procurement of advanced combat vehicles are creating new opportunities for market growth. However, international regulatory compliance and cybersecurity concerns stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Military Vetronics Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022. The robust growth of the Military Vetronics Market can be credited to substantial defense expenditures dedicated to acquiring cutting-edge vehicles and enhancing existing ones, particularly in the United States. The market is set to receive additional momentum with the significant presence of key players in North America, such as Lockheed Martin Corporation, L3Harris Technologies, Inc., Raytheon Technologies Corporation, and General Dynamics Corporation. Asia Pacific is expected to grow at the fastest rate over the forecast period. The expansion in the Military Vetronics Market can be linked to the escalating menace of terrorist activities in Asian nations, ongoing political conflicts related to cross-border issues, and the escalating defense investments made by various countries throughout the region. An illustrative example is the approval by the Indian Ministry of Defense in June 2020 for the acquisition of 156 BMP 2 infantry vehicles for the Indian Army. As a result, all these vehicles are produced at the Ordnance Factory Medak as part of the Make in India program.

Major market player included in this report are:
BAE Systems PLC
General Dynamics Corporation
L3Harris Technologies, Inc.
Leonardo S.p.A
Lockheed Martin Corporation
Raytheon Technologies Corporation
Rheinmetall AG
Saab AB
Thales Group
Oshkosh Corporation

Recent Developments in the Market:
 In July 2021, The United States Army entered a USD 72.5 million contract with BAE Systems for the enhancement of artillery armored combat vehicles through the integration of digital vetronics. This initiative aims to upgrade the M109A7 armored combat vehicle by incorporating advanced digital vetronics and a modernized power system.
 In February 2021, The Army Contracting Command, located at Detroit Arsenal in Warren, Mich., recently announced the awarding of a USD 942.9 million contract to Oshkosh for the development and servicing of the Stryker Medium-Caliber Weapon system. This system, equipped with a 30-millimeter cannon on the eight-wheel Stryker combat vehicle, is designed to effectively neutralize lightly armored vehicles and bunkers.

Global Military Vetronics Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Product Type, Platform, Application, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Product Type:
Communication & Navigation System
Power System
Display System
C4 System
Others

By Platform:
Unmanned Ground Vehicles
Main Battle Tanks and other Armored Vehicles
Light Protected Vehicles
Special Purpose Vehicles
Amphibious Vehicles
Others

By Application:
OEM
Aftermarket

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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