The vetronics market size has been steadily growing and is set to continue this trend. It is projected to grow from $3.84 billion in 2024 to $4.01 billion in 2025, at a compound annual growth rate (CAGR) of 4.3%. The historic growth can be linked to factors such as the modernization of military vehicles, increasing threats and security challenges, shift towards network-centric warfare, demand for lightweight and compact electronics, and upgradation programs for legacy vehicles.
This market is expected to see robust growth in the future, forecasted to reach $4.96 billion by 2029, at a CAGR of 5.5%. This growth can be attributed to advancements such as multifunctional displays and HMI, unification of communication protocols, focus on soldier safety and survivability, development of autonomous vehicles, operational efficiency and effectiveness, and rising defense budgets. Further, advancements in the form of integration of advanced electronics, network-centric warfare, digitalization and sensor fusion, artificial intelligence and machine learning, enhanced vehicle communication, and modularity and scalability are expected to shape the market trends.
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What Drives The Growth Of The Vetronics Market?
The vetronics market is seeing significant growth due to an increasing focus on military and defense services. The rise in terrorist activities, political upheaval around the world, and geopolitical tensions have led to an increased investment in defense and military affairs, resulting in the procurement of next-generation combat vehicles. For instance, in March 2023, Rheinmetall’s Military Vehicle Centre of Excellence (MILVEHCOE) in Queensland planned to build Australia’s 186 Boxers. Such initiatives are expected to fuel the growth of the vetronics market in the coming years.
What Are The Key Segments In The Vetronics Market?
1) By Vehicle Type:
– Main Battle Tank
– Light Combat Vehicles
– Armored Personnel Carriers
– Infantry Fighting Vehicle
– Other Vehicles
2) By System:
– Weapon And Control System
– Command And Communication
– Navigation And Display
– Sensor And Optronics
– Power System
– Other Systems
3) By Platform:
– Homeland Security
– Military
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Who Are The Major Players In The Vetronics Market?
The vetronics market is dominated by major companies such as Rheinmetall AG, Raytheon Technologies Corporation, L3Harris Technologies Inc., Lockheed Martin Corporation, Thales Group, Curtiss-Wright Corporation, General Dynamics Corporation, Leonardo SpA, Elbit Systems Ltd., Collins Aerospace, Harris Corporation, Northrop Grumman Corporation, Honeywell International Inc., Moog Inc., Ultra Electronics Holdings PLC, Kongsberg Gruppen ASA, ASELSAN AS, Cobham PLC, QinetiQ Group PLC, Meggitt PLC, Safran Electronics & Defense, Rafael Advanced Defense Systems Ltd., Israel Aerospace Industries Ltd., Aselsan Elektronik Sanayi ve Ticaret AS, BAE Systems PLC, General Electric Company, and ITT Inc.
What Trends Are Emerging In The Vetronics Market?
Technological advancement is a key trend gaining popularity in the vetronics market. Major industry players are focusing on developing novel technologies like wireless communications technology and modernization of military vehicles. For instance, drones and unmanned vehicles are employed for surveillance and a variety of commercial uses. The ongoing technological advancements are expected to further boost the growth of the vetronics market in the near future.
Which Region Dominates The Vetronics Market?
In 2024, North America was the largest region in the vetronics market. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period. The report covers other regions including Western Europe, Eastern Europe, South America, Middle East, and Africa.
What Does The Vetronics Market Report 2025 Offer?
The Vetronics Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. The vetronics serves as the digital brains for the hub vehicle platforms. The vetronics is a computer with a controlled Ethernet switch for controlling ground combat and amphibious vehicles’ electrical systems. The hardware and software interfaces required to operate the vehicle’s mobility system, including propulsion, steering, and self-protection, as well as inter-vehicle communication, are provided by this completely redundant vetronics computer.
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