Global Military Vetronics Market to Grow at a CAGR of 4.5% During 2024-2032, Aided by the Rising Defense Budgets Across Major Countries

Light armoured vehicles are poised to experience considerable expansion in the coming years. This anticipated growth stems from rising expenditure directed towards the acquisition of next-generation platforms as well as the increasing implementation of sophisticated electronic systems intended to bolster communication capabilities.

The rapid expansion of defence forces, combined with ongoing efforts associated with developing next-generation light armoured vehicles, are expected to further propel the military vetronics market growth in the coming years.

Militaries around the globe are prioritising modernisation initiatives aimed at enhancing operational effectiveness in a cost-conscious manner. Vetronics systems, which support improved situational awareness capabilities, are expected to experience increased demand in the forecast period.

By integrating advanced networking and sensing technologies, these solutions help the armed forces magnify capabilities on platforms while controlling modernisation expenditures. As threats evolve and budgets face pressures, solutions that optimise capability per dollar are witnessing a surge demand.

Global defence expenditures increased for the eighth straight year in 2022, reaching a record high of USD 2,240 billion. Military outlays rose most sharply (+13%) in Europe due to significant spending increases by Russia and Ukraine. However, other nations' defence budgets were also impacted by military aid provided to Ukraine and heightened security concerns stemming from Russia. Escalating geopolitical tensions in East Asia similarly affected spending decisions across the region.

The United States continues to lead the world in defence spending. U.S. defence outlays totalled USD 877 billion for fiscal year 2022, representing approximately 39% of global defense budgets. This spending surpassed that of the next nine highest spending countries combined and was nearly triple expenditures by China, the second largest defence spender globally. As geopolitical tensions persist in regions such as Europe, the Middle East, and the Indo-Pacific, the U.S. defence budget underscores the nation's ongoing commitment to global security through military strength and deterrence.

Russia's military expenditures increased by an estimated 9.2 per cent in 2022, reaching approximately USD 86.4 billion. This spending accounted for 4.1 per cent of Russia's gross domestic product (GDP) in 2022, compared to 3.7 percent of GDP in 2021. India allocated USD 81.4 billion for military expenditures in 2022, making it the fourth highest in the world. This represents a 6.0% increase from spending levels in 2021.

In the forecast period, increasing partnerships between leading militaries and military vetronics providers such as Curtiss-Wright Corporation (NYSE: CW) are expected to favour the market.

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Market Breakup by Product, Platform, Application, End-Use, and Region:

• On the basis of the product, the market is divided into communication and navigation system, power system, display system, and C4 system, among others.

• The market, based on platform, can be segmented into unmanned ground vehicles, main battle tanks and other armoured vehicles, light protected vehicles, special purpose vehicles, and amphibious vehicles, among others.

• On the basis of the application, the market is bifurcated into OEM and aftermarket.

• The market is segmented based on end-use into defence and homeland security.

• By region, the market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Rising national security budgets allocated by governments worldwide, especially in developing countries, have increased demand for military vetronics systems. Technological progress, coupled with the availability of cost-effective solutions, is also driving broader adoption of vetronics platforms globally.

• As threats evolve and defence priorities adjust accordingly, the need for upgraded vehicle electronics that enhance troops' safety and mission effectiveness is expected to drive the market in the coming years.

• The increasing production and acquisition of tanks is a primary driver fuelling the military vehicle electronics market expansion. Vetronics systems have become vital across heavier armed forces platforms, enabling efficient command and control while conducting intelligence gathering, surveillance, and reconnaissance missions.

• As procurement of main battle tanks and armoured fighting vehicles rises amongst defence forces, the need for integrated vetronics solutions is anticipated to continue to support enhanced situational awareness, communications, and vehicle management across diverse operational environments.

Key Offerings of the Report:

• The EMR report gives an overview of the global military vetronics market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the products, platforms, applications, end-uses, and major regions of military vetronics.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global military vetronics market are Saab AB, Curtiss-Wright Corporation, Thales Group, Elbit Systems Ltd., and General Dynamics Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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