With the emergence and long-term Impact of COVID-19, the Global Military Vetronics Market is to reach USD 8.97 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Military Vetronics Market is poised to raise up to USD 8.97 Billion by 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.
The global Military Vetronics Market is highly competitive owing to the presence of several key manufacturers such as BAE Systems PLC, General Dynamics Corporation, L3Harris Technologies, Inc., Leonardo S.p.A, Lockheed Martin Corporation, and others.
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Key findings of the study suggest:
- Global Military Vetronics Market is anticipated to grow with a healthy growth rate of more than 3.68 % over the forecast period 2023-2030.
- In the product type segment, communication & navigation system emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to rising defense expenditures.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
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
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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