Vetronics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The global vetronics market reached a value of US$ 2.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 4.0 Billion by 2027, exhibiting a CAGR of 5.73% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Vetronics, or vehicle electronics, refers to the collection of various electronic subsystems within an automobile. It is primarily used by military units to integrate systems, such as communication, command, navigation, surveillance and vehicle health management. It consists of various automotive electronic technologies, such as autonomous driving, sensors and secure communications systems. These systems are integrated with battle tanks, and light-protected, armored and infantry fighting vehicles. They are also equipped with sophisticated technologies, such as HD video calling, advanced threat detection sensors, high bandwidth networking and portable power systems.
Significant growth in the automotive industry is one of the key factors driving the growth of the market. Furthermore, the increasing focus of military and defense services on enhancing their situational awareness is also providing a boost to the market growth. Owing to the rising concerns regarding geopolitical unrest and cross-border security, along with increasing instances of border breaching, there is widespread adoption of vetronics for improving inter- and intra-vehicle communications, surveillance and navigation. Additionally, various technological advancements, including the emergence of wireless communications technology and increasing modernization of military vehicles, are also creating a positive impact on the market. For instance, unmanned vehicles (UMV) and drones are used for surveillance purposes, along with various commercial applications, such as capturing images and videos of sporting events and cityscapes. Other factors, including the availability of cost-effective components and increasing government investments in the defense sector, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global vetronics market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on application, vehicle type, subsystem and fit.
Breakup by Application:
Breakup by Vehicle Type:
Main Battle Tanks
Light Protected Vehicles
Amphibious Armoured Vehicles
Mine Resistant Ambush Protected (MRAP) Vehicles
Infantry Fighting Vehicles
Armored Personnel Carriers
Breakup by Subsystem:
Observation and Display Systems
Weapon Control Systems
Sensor and Control Systems
Vehicle Protection Systems
Breakup by Fit:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined with some of the key players being BAE Systems PLC, Curtiss-Wright Corporation, General Dynamics Corporation, Harris Corporation, Leonardo-Finmeccanica S.P.A, Lockheed Martin Corporation, Raytheon Company, Rheinmetall AG, Saab Group, Thales Group, etc.
Key Questions Answered in This Report:
How has the global vetronics market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global vetronics market?
What is the breakup of the market based on the application?
What is the breakup of the market based on the vehicle type?
What is the breakup of the market based on the subsystem?
What is the breakup of the market based on the fit?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global vetronics market and who are the key players?
What is the degree of competition in the industry?
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