According to the report by Expert Market Research (EMR), the global military vetronics market size reached a value of USD 4.53 billion in 2022. Aided by the rising emphasis on the modernisation of defence vehicles and the continuous advancements in military technologies, the market is projected to further grow at a CAGR of 4.50% between 2023 and 2028 to reach a value of USD 5.9 billion by 2028.
Vetronics represents a critical component of modern military vehicles, integrating various systems like command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR), navigation, and power systems. By improving combat capability, surveillance, and situational awareness, vetronics plays a pivotal role in the efficiency and safety of defence operations.
One of the primary propellants for the military vetronics market growth is the increasing need for advanced communication, navigation, and surveillance systems in defence vehicles. The rise in asymmetric warfare and cross-border conflicts has highlighted the importance of enhanced situational awareness and improved command and control capabilities. Consequently, this has led to a surge in demand for advanced vetronics systems, including C4ISR systems and vehicle protection systems.
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Additionally, the ongoing modernisation of defence vehicles to enhance their performance, durability, and reliability under extreme conditions has further contributed to the growing demand for vetronics systems, thus increasing the military vetronics market demand. Modern military vehicles require advanced electronics for efficient operation and control, with vetronics providing a reliable and robust solution.
In the realm of vehicle power systems, the increasing emphasis on energy efficiency and reduction of the logistical footprint has spurred demand for more sophisticated power management and distribution systems, boosting the military vetronics market expansion. Consequently, the adoption of advanced vetronics has seen a significant increase, given their ability to monitor and manage power distribution in defence vehicles efficiently.
Furthermore, the increasing popularity of unmanned ground vehicles (UGVs) in military applications has opened new avenues for the military vetronics market expansion. These autonomous vehicles require advanced sensor, control, and communication systems, fuelling the demand for high-tech vetronics.
Looking ahead, the military vetronics market is expected to maintain a steady growth trajectory, spurred by continuous advancements in military technologies and the burgeoning demand for modern, highly equipped military vehicles. Moreover, as the defence sector continues to prioritise vehicle modernisation, vetronics’ role in enhancing military vehicle performance, safety, and operational efficiency will only become more pronounced.
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Military Vetronics Market Segmentation
The market can be divided based on product, platform, application, end use, and region.
Market Breakup by Product
- Communication and Navigation System
- Power System
- Display System
- C4 System
- Others
Market Breakup by Platform
- Unmanned Ground Vehicles
- Main Battle Tanks and Other Armoured Vehicles
- Light Protected Vehicles
- Special Purpose Vehicles
- Amphibious Vehicles
- Others
Market Breakup by Application
- OEM
- Aftermarket
Market Breakup by End Use
- Defence
- Homeland Security
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global military vetronics companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Saab AB
- Curtiss-Wright Corporation
- Thales Group
- Elbit Systems Ltd.
- General Dynamics Corporation
- Others
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