North America Vetronics Market 2022-2028

North America Vetronics Market 2022-2028

MARKET OUTLOOK

The study by Triton Market Research highlights that the North America market is predicted to surge at a CAGR of 6.03% during the forecast period 2022-2028. The countries considered in the market in the region include United States and Canada.

In the United States, rapidly integrating electronic information and command systems into military vehicles has become necessary over the past several years. These systems are now networked, sharing information with ground combatants and across and within the same platform. In August 2021, US Army land warfare experts selected five military firms to manufacture the Army M2 Bradley Fighting Vehicle replacement's next-generation fast armored combat vehicles and vetronics architect. Additionally, the US Army announced five contracts amounting to $26.6 million each for the phase-two concept design of the optionally manned fighting vehicle (OMFV). Such developments can boost the country's market growth.

In Canada, the M113 and LAV-II (Bison) fleets are being replaced by the Armored Combat Support Vehicle (LAV 6.0). Large and light armored fighting vehicles will be supported by it on the battlefield. The Canadian Army is aiming for another fleet of non-lethal unmanned ground vehicles (NUGVs) for search and rescue, CBRN, and casualty extraction under its Future Family of UGVs initiative. Additionally, 66 LAV 6.0 chassis will replace the Coyote Reconnaissance Vehicle under a project known as the light armored vehicle reconnaissance surveillance system. Thus, such additions to the Canadian Army can surge the studied market's growth.

COMPETITIVE OUTLOOK

The established players in the vetronics market include Curtiss-Wright, Lockheed Martin Corporation, Thales Group, Raytheon Technologies and Saab AB.