Global Vetronics Market Size To Grow At 4.89% CAGR From 2023 to 2030

GLOBAL VETRONICS MARKET (2023 - 2030)

As per our research report, the global Vetronics market size is estimated to be growing at a CAGR of 4.89% from 2023 to 2030.

The COVID-19 pandemic occurred as a result of the coronavirus which put a halt to several industries globally and resulted in major supply chain issues. The Vetronics market refers to vehicular electronics or to the electronic devices that are used in major vehicles. It is mainly used for military vehicles and those that can be used in combat and on the battlefield. Because of the pandemic monetary priorities were shifted towards medical expenses like provisions of necessary items like masks and the development of life-saving vaccines. Because of this, the Vetronics market suffered a loss. The pandemic shut down borders across the globe due to which military missions were put on a temporary hold and most activities were shut down or hampered severely. But in the post-pandemic years, the rise in international conflict and issues have led to growth in the market once again.

International conflicts have observed a major rise in the past couple of years. All major countries including the USA, China, India, Korea, Russia and many more have increased their military budgets. Some countries have even doubled their original budgets just in the past couple of years. This has led to major growth in the market. The Vetronics include communication systems, mobility and protection of the military personnel. These are an integral part of the entire military infrastructure. The rising budget has therefore majorly contributed to the development of the Vetronics system in all different types of vehicles like army tanks, personnel carriers, and vehicles to carry arms and ammunition and more. Therefore, the increase in the overall military budget has led to a major role in the growth of the Vetronics market.

Technological advancements have been very high in recent ages. The overall electronics market has also been developed. New and improved devices have taken the market by storm like bendable laptops and other portable devices. Several new form devices have made their integration into other systems very easy. Because of this, military tanks and vehicles are becoming more and more equipped and advanced. The previous tanks and equipment were based on basic materials and usage. Therefore, technological advancements are a major growth factor for the market.

The data incorporated into the Vetronics system is very sensitive as it deals with significant military data. Several top-secret details concerning the government’s military projects and their defence strategies are held in the system. Therefore, it is of utmost essence that data security is maintained and secrecy is preserved. Maintaining security is one of the major factors that are hindering the market

KEY MARKET INSIGHTS:

Based on the vehicle type, the market is segmented into Main Battle Tank, Light Armoured Vehicles, Armoured Personnel Carriers, Infantry Fighting Vehicles and others. The light armoured vehicles are the most popular among the others and therefore hold the largest market share. They can be easily equipped with electronics as and when required and can be specifically modified. And they are very light so ease of travelling makes them very lucrative.

Based on the platform, the military and defence sector held the largest market share. The homeland security sector is not popular across some smaller developing countries. But most countries do invest a significant portion of their GDP in a military or defence budget which makes it a very popular segment.
Based on the system, the communication and navigation systems held the largest market share. Communication is a key feature in all Vetronics systems. Communication between two different vehicles, between army personnel, and their connection to the base camps to receive important intel. Very often battles are held in remote regions and sometimes during the dark as well. In unknown regions, this makes navigation difficult. Therefore communication and navigation sectors hold the largest market share.
Based on the region, North America was the dominant region and is also projected to dominate the overall market in the years to come. Factors such as the rising prevalence of skin diseases, unhealthy lifestyles, increasing geriatric population, and highly advanced and developed healthcare infrastructure in the region are driving the North American market, especially in the U.S.A and Canada. Meanwhile, the Asia-Pacific region market will grow at a high CAGR in the coming years, owing to the increased awareness of skincare, the presence of a large population, tough market competition, and rising healthcare spending.
Companies playing a leading role in the global Vetronics market profiled in this report are Hales Group, Curtiss-Wright Corporation, Saab Ab, General Dynamics Corporation, BAE Systems, Leonardo S.p.A., Rheinmetall AG, Raytheon Technologies Corporation, L3harris Technologies, Inc, and Lockheed Martin Corporation.

MARKET SEGMENTATION:

By Vehicle Type;