Vetronics Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017 to 2021 and Forecast 2022 to 2028

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Vetronics Market By Vehicle Type (Main Battle Tank, Light Protected Vehicles, Amphibious Armored Vehicles, Mine resistant ambush protected, Infantry Fighting Vehicle, Armored Personnel Carriers, and Others), Subsystem Type (Communication & Navigation, Observation and Display Systems, C3 Systems, Weapon Control Systems, Sensor & Control Systems, Vehicle protection Systems, and Power Systems) Application Type (Defense, and Homeland Security) and Geography

 

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Report

Description

Vetronics Market size is expected to be valued at USD 4,683.3 million in 2022 and is poised to grow at a significant CAGR of 4.8% over 2022–2028. Vetronics, or vehicle electronics, denotes as a gathering of various electronic subsystems within an automobile. It includes several automotive electronic technologies, for example, autonomous driving, sensors, and secure communications systems. These systems are joined with battle tanks, and light-protected, armoured vehicle, and infantry fighting vehicles. They also offer sophisticated technologies, such as HD video calling, advanced threat detection sensors, high bandwidth networking, and portable power systems. With these advanced features of vetronics devices, it has extensive application in various sectors such as mainly used by military units to integrate systems, such as communication, command, navigation, surveillance, and vehicle health management, consequently these factors are primarily driving the vetronics market growth. Moreover, with continuous technological developments, and modernization of the vetronics system (Open Architecture), multiple government agencies, including NATO, the Ministry of Defense of various regions, and the military Vetronics Association (MILVA), have made considerable strategies to accomplish vetronics system standardization with time. Various military modernization programs have started, for instance, American Rheinmetall Systems recently signed a contract to confirm the modernization of US army combat vehicles. Rheinmetall would be working on cutting-edge combat vehicle mission systems capabilities in the US combat fleet to help uphold its position on the battlefield.  Also, a number of US programs throughout the 2000s entailed hybrid vehicles comprising varied electronic systems developed by either collaborative government-commercial or exclusively commercial ventures. With increasing R&D expenditure of defense and commercial companies in the defense, the vetronics sector is anticipated to result in the development of new and innovative electronics products and services, consequently would create plenty of opportunities to the vetronics market growth.

Recent Market Developments:

In June 2021, The US Army has chosen Oshkosh Defense to manufacture vetronics & 30-millimeter cannon for Stryker armored combat vehicles.

Vetronics Market

MARKET SUMMARY
-
4.8%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 4.8%
  • Largest Market– Asia Pacific
  • Fastest Growing Market– North America

Vetronics Market

  • The report on global vetronics market gives historical, current and future market sizes (US$ Mn) on the basis of vehicle type, subsystem type, application, and geography.
  • The vetronics market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
Key Players
  • Rheinmetall AG (Germany)
  • Curtiss Wright Corporation (U.S.)
  • Elbit Systems (Israel)
  • Harris Corporation (U.S.)
  • BAE Systems (U.K)
Vetronics Market Dynamics

The vetronics market is growing owing to a rise in demand for technologically advanced vehicles in developed countries as well as developing countries, concentrating on improving situational awareness on a battlefield, and increasing military upgradation strategies. The expansion of the Vetronics market is constrained by the high cost of electronics equipment, reduced defense budget, and governmental regulation.


North-America Got Significant Share

Vetronics Market

North America is anticipated to dominate the global vetronics market owing to the rising research and development sector for producing technologically advanced products, and government initiatives to advance and modern their military sectors. Furthermore, prominent market players such as General Dynamics, L3Harris Technologies, Raytheon Technologies, Lockheed Martin, etc., are working with the US Army on numerous land-based platform projects to revolutionize its fleet. Furthermore, these factors surely hike the demand for vetronics equipment among military sectors in this region. The Asia Pacific is also expected to have a considerable growth rate in the forecasted period owing to the rise in demand for technologically advanced vehicles in developing areas such as China, and India, and making huge investments in the defense sector due to increasing disputes across this region.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The vetronics market report provides granular level information about the market size, regional market share, historic market (2017-2021), and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Vetronics Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

Vetronics, or vehicle electronics, denotes as a gathering of various electronic subsystems within an automobile. It comprises several automotive electronic technologies, for example, autonomous driving, sensors, and secure communications systems. These systems are linked with battle tanks, and light-protected, armored, and infantry fighting vehicles.

Key players’ profiles in the vetronics market report are SAAB Group (Sweden), hales Group (U.S.), Raytheon Company (U.S.), Lockheed Martin Corporation (U.S.), General Dynamics Corporation (U.S.), Rheinmetall AG (Germany), Curtiss Wright Corporation (U.S.), Elbit Systems (Israel).

A rise in demand for technological advanced products, continuous modernization of the vetronics system, increasing research & development sector, and military modernization plans.


Report

Company Profile

  • SAAB Group (Sweden)
  • hales Group (U.S.)
  • Raytheon Company (U.S.)
  • Lockheed Martin Corporation (U.S.)
  • General Dynamics Corporation (U.S.)
  • Rheinmetall AG (Germany)
  • Curtiss Wright Corporation (U.S.)
  • Elbit Systems (Israel)
  • Leonardo-Finmeccanica SPA (Italy)
  • Harris Corporation (U.S.)
  • BAE Systems (U.K)

Description

Vetronics Market size is expected to be valued at USD 4,683.3 million in 2022 and is poised to grow at a significant CAGR of 4.8% over 2022–2028. Vetronics, or vehicle electronics, denotes as a gathering of various electronic subsystems within an automobile. It includes several automotive electronic technologies, for example, autonomous driving, sensors, and secure communications systems. These systems are joined with battle tanks, and light-protected, armoured vehicle, and infantry fighting vehicles. They also offer sophisticated technologies, such as HD video calling, advanced threat detection sensors, high bandwidth networking, and portable power systems. With these advanced features of vetronics devices, it has extensive application in various sectors such as mainly used by military units to integrate systems, such as communication, command, navigation, surveillance, and vehicle health management, consequently these factors are primarily driving the vetronics market growth. Moreover, with continuous technological developments, and modernization of the vetronics system (Open Architecture), multiple government agencies, including NATO, the Ministry of Defense of various regions, and the military Vetronics Association (MILVA), have made considerable strategies to accomplish vetronics system standardization with time. Various military modernization programs have started, for instance, American Rheinmetall Systems recently signed a contract to confirm the modernization of US army combat vehicles. Rheinmetall would be working on cutting-edge combat vehicle mission systems capabilities in the US combat fleet to help uphold its position on the battlefield.  Also, a number of US programs throughout the 2000s entailed hybrid vehicles comprising varied electronic systems developed by either collaborative government-commercial or exclusively commercial ventures. With increasing R&D expenditure of defense and commercial companies in the defense, the vetronics sector is anticipated to result in the development of new and innovative electronics products and services, consequently would create plenty of opportunities to the vetronics market growth.

Recent Market Developments:

In June 2021, The US Army has chosen Oshkosh Defense to manufacture vetronics & 30-millimeter cannon for Stryker armored combat vehicles.

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