Global Military Vetronics Market Report and Forecast 2024-2032

Global Military Vetronics Market Outlook

The global military vetronics market size reached a value of approximately USD 4.73 billion in 2023. The market is expected to grow at a CAGR of 4.5% between 2024 and 2032, reaching a value of around USD 7.04 billion by 2032.

Key Trends in the Market

Vetronics is a combination of ‘vehicle’ and ‘electronics’, and refers to the communications and electronics installed on a vehicle. Military vetronics feature advanced electronics systems that aid in tasks such as communication, navigation, and power. These systems can integrated with various types of vehicles, including light-protected vehicles, battle tanks, special purpose vehicles, and amphibious vehicles.

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• Increasing government investments towards defence, particularly in emerging nations, is resulting in a heightened demand for military vetronics. Technological advancements and availability of affordable systems are further propelling the global military vetronics market expansion.

• Military modernisation efforts by nations worldwide are focusing on ways to improve military capabilities in an effective manner while controlling costs. Vetronics systems aid in greater situational awareness which is anticipated to increase their demand.

• Rising tank production and procurement is one of the key factors propelling the global military vetronics market. In larger military vehicles, vetronics are essential for easy management and to execute intelligence, surveillance, and reconnaissance operations.

Market Analysis

Based on product, the market is divided into communication and navigation system, power system, display system, and C4 system, among others. By platform, the market is 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 application, the market is bifurcated into OEM and aftermarket. Based on end-use, the market is segmented into defence and homeland security. The regional markets for military vetronics are divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global military vetronics market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Saab AB

• Curtiss-Wright Corporation

• Thales Group  

• Elbit Systems Ltd.

• General Dynamics Corporation

• Others

Market Share by Platform

The main battle tanks and other armoured vehicles segment, by platform, occupied a sizable share of the global market for military vetronics during the historical period. This can be attributed to the increasing purchases of battle tanks and other armoured vehicles by nations across the world with the aim of bolstering their military capability.

Meanwhile, unmanned ground vehicles, by platform, are anticipated to witness rapid growth in the military vetronics market, supported by the development of advanced technologies like artificial intelligence, robotics, and others that improve the operational effectiveness of these vehicles. As unmanned ground vehicles operate without human drivers, there is a greater dependence upon military vetronics to control the movement and operations of the vehicle.

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Market Share by End-Use

The defence segment accounts for a significant share of the military vetronics market by end-use, driven by rising defence budgets and availability of vehicle-specific military vetronics systems. More governments are investing in equipping military vehicles with technologically sophisticated electronic systems in order to boost the operational effectiveness of the vehicles. There is an increased demand for military vetronics such as novel sighting devices, infrared cameras, and thermal imaging systems. Technological advancements such as the development of smaller, lighter, and more power-efficient (SWaP) rugged systems and embedded technology are anticipated to further propel the defence end-uses of military vetronics.

Competitive Landscape

Saab AB, headquartered in Stockholm, Sweden, is a leading military and security company which operates in the aerospace, aviation, and defence industries. Founded in 1937, the company develops, produces, and supports cutting-edge technologies for aviation, weaponry, command and control, sensors, and underwater systems.

Thales Group, founded in 2000 and headquartered in Paris, France, is a pioneer in global technology, specialising in big data, artificial intelligence (AI), cybersecurity, connectivity, and quantum technology. The company offers satellites, payloads, equipment, systems, and services for communications, navigation, Earth observation, and space exploration.

Elbit Systems Ltd., headquartered in Haifa, Israel, and founded in 1966, is a global leader in high technology involved in numerous defence, homeland security, and commercial programmes. The company offers expertise in unmanned aircraft systems, command, control, computing, and communications (C4ISR), and aerospace, land, and naval systems.

Other market players include Curtiss-Wright Corporation, and General Dynamics Corporation, among others.

Key Highlights of the Report