PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290819
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290819
Vetronics Market size was valued at USD 5,604.7 Million in 2022, expanding at a CAGR of 5.3% from 2023 to 2030.
Vetronics is the vehicle electronics utilized in the military and defense industries which encompasses a wide range of electronic systems used in military vehicles such as tanks, armored vehicles, and other ground-based combat vehicles. These systems can include everything from engine control units and transmission systems to communication systems, weapon systems, and situational awareness technology. Vetronics plays a critical role in modern military vehicles, as it enables troops to have greater situational awareness, more effective communication, and improved weapon accuracy. Additionally, it helps to increase the survivability of troops by providing enhanced protection and countermeasure systems. Overall, vetronics represents an important area of research and development in the defense industry, as militaries around the world seek to gain an advantage on the battlefield through the use of advanced electronic technologies.
There is an increasing use of Controller Area Network (CAN) bus in military vehicles as they allow the integration of multiple electronic systems, reducing the need for individual wires and components. This can significantly reduce the weight and complexity of the vehicle's electrical system, which is particularly important in military vehicles where weight is a critical factor. CAN bus systems are known for their reliability, as they are designed to operate in harsh environments and can withstand the vibrations, shock, and temperature extremes that military vehicles are subjected to. These are designed with built-in security features to protect against hacking and unauthorized access, which is critical for military vehicles that may be targeted by cyber-attacks. CAN bus systems are designed to be interoperable, meaning that they can communicate with a wide range of electronic systems and devices. This allows for greater flexibility in vehicle design and enables the integration of new technologies as they become available. Overall, the increasing use of CAN bus technology in military vehicles is driven by the need for more efficient, reliable, and secure electronic systems that can operate in harsh environments and support the complex needs of modern military operations.
The Global Vetronics Market is segmented on the basis of Product Type, Platform, Application, and End-User. The market is divided into seven categories based on product type: communication & navigation system, power system, observation & display system, c4 system, sensor & control system, vehicle protection system, and weapon control system. Communication & navigation system showcased the highest share in segmentation. Communication and navigation are two critical areas within the field of vetronics, as they are essential for ensuring that military vehicles can operate effectively in a wide range of environments and scenarios. Communication and navigation systems are critical components of vetronics, as they help to ensure that military vehicles can operate effectively in a wide range of environments and scenarios, and enable troops to maintain situational awareness, coordinate with other units, and execute missions successfully.
The market is divided into eight categories based on platform: unmanned ground vehicles, main battle tanks, light protected vehicles, special purpose vehicles, amphibious armored vehicles, armored personnel carriers, infantry fighting vehicles, and mine resistant ambush protected. Main battle tanks segment are the dominating market segments. The complexity and critical nature of the tasks that main battle tanks are designed to perform make them highly dependent on vetronics technologies. These systems are essential for ensuring that tank crews have the situational awareness, protection, and firepower they need to operate effectively in combat environments, and are constantly evolving to meet the changing needs of modern military operations.
The market is divided into two categories based on application: OEMs and aftermarket. The OEMs segment showcased the highest share in the market. Original equipment manufacturers (OEMs) in the field of vetronics as they specialize in the design and production of electronic systems and technologies for military vehicles. These companies work closely with defense contractors and military customers to develop and deliver vetronics solutions that meet the unique needs and requirements of military vehicle platforms.
The market is divided into two categories based on end-user: defense and homeland security. Defense segment are the most domination segment in the market as they constantly utilize vetronics in vehicles. Vetronics technologies such as radar, sensors, and imaging systems are used to provide military forces with enhanced situational awareness, enabling them to detect and respond to potential threats more quickly and effectively.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The vetronics market in North America is a significant and growing sector of the defense industry. North America is home to several major defense contractors and OEMs, and these companies are playing a key role in the development and delivery of advanced electronic systems and technologies for military vehicles. North America is expected to be a significant contributor to this growth, driven by factors such as increasing investments in defense modernization, ongoing military operations, and the development of new and advanced vetronics technologies. Some of the key players in the North American vetronics market include companies such as BAE Systems, General Dynamics, Raytheon, Northrop Grumman, and Lockheed Martin. These companies are involved in the development and delivery of a wide range of vetronics systems and technologies, including communication systems, navigation systems, situational awareness technology, weapon systems, and more. The North American vetronics market is also supported by ongoing research and development efforts, with a focus on developing new and innovative technologies that can enhance the capabilities of military vehicles and improve the effectiveness of military operations. As such, the vetronics market in North America is expected to continue to grow and evolve in the coming years, driven by the ongoing demand for advanced electronic systems and technologies for military vehicles.
The increased cooperation between government defense agencies and commercial defense corporations characterizes competition in this industry. The primary rationale for these public-private partnerships is that private corporations offer the essential technology while government agencies give the necessary financial assistance, resulting in an exciting dynamic in the military sector. The competitive landscape in the vetronics market is highly diverse and dynamic, with a range of companies operating in this space, including major defense contractors, system integrators, and specialized electronics manufacturers. In addition to these major players, the vetronics market also includes a range of specialized suppliers and smaller companies that provide niche solutions and technologies for military vehicles. These companies play an important role in the overall competitiveness of the vetronics market, contributing to ongoing innovation and differentiation in this space.
In March 2023, the Scout SV (Specialist Vehicle), formerly known as the AJAX, is a British Army programme aiming at producing a new generation of light-tracked reconnaissance armoured vehicles. The British Army's transportable all-weather intelligence, surveillance, target acquisition, and reconnaissance (ISTAR) capabilities will be built on the new AJAX model.
The scope of this report covers the market by its major segments, which include as follows:
TABLE North America Vetronics Market, by Application, 2018-2030 (USD Million)