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:
By Vehicle Type;
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