Military Vetronics Market is predicted to reach USD 6.5 billion at a CAGR of 4.66% during the forecast period:
Market Research Future (MRFR) has published a cooked research report on the “Global Military Vetronics Market” that contains information from 2018 to 2030. The Military Vetronics market is estimated to register a CAGR of 4.66% during the forecast period of 2023 to 2030.
MRFR recognizes the following companies as the key players in the global Military Vetronics market— BAE Systems plc (U.K.), Harris Corporation (U.S.), Leonardo SpA (Italy), General Dynamics Corporation (U.S.), Rheinmetall AG (Germany), Thales SA (France), Curtiss-Wright Corporation (U.S.), Raytheon Company (U.S.), Lockheed Martin Corporation (U.S.), and Saab AB (Sweden).
The global Military Vetronics market is accounted to register a CAGR of 4.66% during the forecast period and is estimated to reach USD 6.5 billion by 2030.
The Military Vetronics Market involves the integration of vehicle electronics and information systems in military vehicles, enhancing their functionality, communication, and operational capabilities. This includes technologies such as sensors, displays, communication systems, and control units, designed to improve situational awareness, mobility, and effectiveness of military vehicles in various scenarios.
The global Military Vetronics market has been segmented based on Platform, Framework and Fit.
On the basis of Platform, the market is segmented into correspondence and route framework, weapon framework, power framework, and different frameworks. The communication and routing system segment is considered to represent the largest opportunity and is poised to grow at the highest CAGR during the projected time period.
Based on Framework, the global Military Vetronics market has been segmented into tanks and other reinforced vehicles, troop transporters and other military designing vehicles, automated ground vehicles, land and water capable vehicles, and different vehicles. The largest percentage of the entire business was made up of tanks and other protected vehicles. On the other hand, it is anticipated that the autonomous ground vehicles (UGVs) area will experience the greatest rate of growth over the audit period.
Based on Fit, the global Military Vetronics market has been segmented into line-fit and retrofit. The line-fit segment made up the largest portion of the pie, while the retrofit segment is anticipated to grow the fastest over the audit period.
The global Military Vetronics market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Military Vetronics market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Military Vetronics market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Military Vetronics market comprises of Middle East, Africa, and Latin America.
The North America Military Vetronics Market dominated this market in 2022. The United States and Canada are included in the North American region in this report. The U.S. Department of Defense's (DOD) recent emphasis on developing military vehicles has resulted in a significant oversupply of these vehicles on the market. Additionally, the U.S. will focus on developing vehicle frameworks for C3 capabilities as a result of the ongoing military duties and actions in the Middle Eastern countries, which will also expand the size of the local market
Moreover, North America leads due to extensive defense investments and technological advancements. Europe follows suit, emphasizing collaborative defense projects among EU nations. The Asia-Pacific region is expanding with rising military modernization efforts. The Middle East witnesses demand due to regional conflicts and the need for advanced military capabilities.
Key Findings of the Study