Military Vetronics Market Size, By System (Command, Navigation System, Power System), By Platform (Light Armored Vehicle, Main Battle Tank, Infantry Fighting Vehicle, Amphibious Vehicle), By Fit (Line Fit, Retro Fit) & Forecast 2022-2032

Military Vetronics Market Size, By System (Command, Navigation System, Power System), By Platform (Light Armored Vehicle, Main Battle Tank, Infantry Fighting Vehicle, Amphibious Vehicle), By Fit (Line Fit, Retro Fit) & Forecast 2022-2032

Military Vetronics Market Size

Military Vetronics Market size was valued at USD 4.7 billion in 2022 and is anticipated to grow at a CAGR of over 5% between 2023 and 2032, owing to the increasing modernization efforts in the defense sector along with increased defense budgets, rising security concerns, and technological advancements.

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Military vetronics, short for "vehicle electronics," refers to advanced electronic systems and technologies integrated into military vehicles for communication, navigation, weapon control, protection, and data management, thereby enhancing their performance & survivability on the battlefield.

Military Vetronics Market Report Attributes

Report Attribute	Details
Base Year	2022
Military Vetronics Market Size in 2022	USD 4.7 Billion
Forecast Period	2022 to 2032
Forecast Period 2022 to 2032 CAGR	5%
2032 Value Projection	USD 8 Billion
Historical Data for	2018 to 2022
No. of Pages	250
Tables, Charts & Figures	258
Segments covered	System, Platform, Fit
Growth Drivers	Growing focus on the modernization of the defense fleet Growing requirement for vetronics systems with increased situational awareness Situational awareness and mission success Rise in the arms acquisition budget across the globe Shift toward network-centric warfare
Pitfalls & Challenges	High development cost Increasing threat of cyberattacks

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The high development cost refers to the substantial financial investments required for the research, design, and production of advanced vetronics systems. These costs can strain budgets, impact the affordability & adoption of innovative vetronics systems, and require careful resource allocation. Finding a balance between technological advancement and cost efficiency is crucial for both suppliers & military organizations as they seek to meet the evolving defense needs within budget limitations.

COVID-19 Impact

The COVID-19 pandemic had significant impacts on the military vetronics market. The pandemic disrupted global supply chains, affecting the production and delivery of vetronics components & systems. This led to delays in manufacturing and delivery schedules for military vehicles. Many governments diverted resources toward pandemic response efforts, which led to budget constraints in defense spending. Some military vetronics projects also faced budget cuts or delays, hampering market growth.

Military Vetronics Market Trends

The military vetronics market, characterized by advanced electronic systems in military vehicles, is witnessing robust growth. Increased defense budgets and heightened security concerns globally are driving market expansion. The key market trends include the integration of Artificial Intelligence (AI) for enhanced vehicle autonomy, advanced communication systems, improved battlefield connectivity, and the development of ruggedized & miniaturized components to meet military specifications. Additionally, sustainability and energy-efficient vetronics solutions are also gaining prominence. The market's future is closely tied to technological advancements as innovations continue to shape the capabilities of military vehicles and their vetronics systems.

Military Vetronics Market Analysis

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The retro fit segment held approximately 30% of the military vetronics market share in 2022 and is expected to grow at a lucrative pace. The retro fit segment is witnessing growth due to several compelling reasons. Retrofitting is a cost-effective alternative to acquiring new vehicles. Technological advancements in vetronics allow for seamless integration into older platforms, enabling them to meet current and future mission requirements. The retrofitting of vetronics systems aligns with sustainability efforts, reducing the environmental impact of military operations by extending the use of existing assets rather than manufacturing new ones.

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Military vetronics market from the main battle tank segment is set to register 7% CAGR through 2032. To maintain a competitive edge, countries are modernizing their armored forces with new MBTs or retrofitting the existing ones. Advanced MBTs require adaptive systems that can respond to rapidly changing battlefield conditions. Vetronics technology integrates AI and autonomous features, making MBTs more versatile. Network-centric warfare concepts demand seamless communication between MBTs and other assets, driving the integration of sophisticated vetronics. Moreover, the increasing importance of data-driven decision-making and the need for cybersecurity measures further bolster the growth of vetronics in the MBT segment.

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North America is the dominant region in the global military vetronics market with a share of over 30% in 2022. North America is home to numerous leading defense contractors and technology companies, fostering innovation in vetronics. The region is at the forefront of developing cutting-edge electronics for military applications. The U.S., as a major player in the North American region, maintains substantial defense budgets. These budgets allocate significant resources for the modernization of military equipment including the integration of advanced vetronics systems.

The U.S. and Canada have extensive global security commitments and often deploy military forces overseas. The prominence of joint military operations and alliances with global partners further drives the demand for interoperable vetronics, ensuring situational awareness & effective coordination.

Military Vetronics Market Share

Some of the major players operating in the military vetronics market are

• BAE Systems PLC.
• Curtiss-Wright Corporation
• Elbit Systems
• General Dynamics Corporation
• Kongsberg
• L3Harris Technologies, Inc.
• Leonardo-Finmeccanica S.P.A
• Lockheed Martin Corporation
• Oshkosh Corporation
• Raytheon Company
• Rheinmetall AG
• Saab AB
• TE Connectivity
• Thales Group

These players focus on strategic partnerships and new product launches & commercialization for market expansion. Furthermore, they also heavily invest in research to introduce innovative services and garner maximum revenue in the market.

Military Vetronics Industry News

• In August 2023, BAE Systems demonstrated its range of defense & security solutions for land, sea, air, space, and cyberspace at the MSPO 2023. It also showcased its teams working in Poland along with its partnerships with the Polish military & other companies in the Polish defense sector.

This military vetronics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments

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By System

• Command, Control & Communications (C3) System
• Navigation System, Weapon Control System
• Power System
• Vehicle Protection System

By Machine Platform

• Light Armored Vehicle
• Main Battle Tank
• Mine-resistant Ambush Protection (MRAP) Vehicle
• Infantry Fighting Vehicle (IFV)
• Unmanned Armored Ground Vehicle
• Amphibious Vehicle

By Fit

• Line Fit
• Retro Fit

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • ANZ
  • Singapore
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA

 

 

Table of Content

 

Report Content

Chapter 1   Methodology & Scope

1.1    Market scope & definition

1.2    Base estimates & calculations

1.3    Forecast calculation.

1.4    Data Sources

1.4.1    Primary

1.4.2    Secondary

1.4.2.1   Paid sources.

1.4.2.2   Public sources

Chapter 2   Executive Summary

2.1    Military vetronics market 3600 synopsis, 2018 - 2032

2.2    Business trends

2.2.1    Total Addressable Market (TAM), 2023-2032

2.3    Regional trends

2.4    System trends

2.5    Platform trends

2.6    Fit trends

Chapter 3   Military Vetronics Industry Insights

3.1    Impact on COVID-19

3.2    Russia- Ukraine war impact

3.3    Industry ecosystem analysis

3.4    Vendor matrix

3.5    Profit margin analysis

3.6    Technology & innovation landscape

3.7    Patent analysis

3.8    Key news and initiatives

3.8.1    Partnership/collaboration

3.8.2    Merger/Acquisition

3.8.3    Investment

3.8.4    Product launch and innovation

3.9    Regulatory landscape

3.10    Impact forces

3.10.1    Growth drivers

3.10.1.1    Growing focus on the modernization of the defense fleet

3.10.1.2    Requirement of vetronics systems with increased situational awareness

3.10.1.3    Situational Awareness and Mission Success

3.10.1.4    Rise in arms acquisition budget across the globe

3.10.1.5    Shift towards network-centric warfare

3.10.2    Industry pitfalls & challenges

3.10.2.1    High development cost

3.11    Increasing threat of cyber-attacks Growth potential analysis

3.12    Porter’s analysis

3.13    PESTEL analysis

Chapter 4   Competitive Landscape, 2022

4.1    Introduction

4.2    Company market share, 2022

4.3    Competitive analysis of major market players, 2022

4.3.1    Company 1

4.3.2    Company 2

4.3.3    Company 3

4.3.4    Company 4

4.3.5    Company 5

4.3.6    Company 6

4.3.7    Company 7

4.4    Competitive positioning matrix, 2022

4.5    Strategic outlook matrix, 2022

Chapter 5   Military vetronics Market Estimates & Forecast, By System (Revenue)

5.1    Key trends, by system

5.2    Command, Control & Communications (C3) System

5.3    Navigation System, Weapon Control System

5.4    Power System

5.5    Vehicle Protection System

Chapter 6   Military Vetronics Market Estimates & Forecast, By Platform (Revenue)

6.1    Key trends, by platform

6.2    Light Armored Vehicle

6.3    Main Battle Tank

6.4    Mine-resistant Ambush Protection (MRAP) Vehicle

6.5    Infantry Fighting Vehicle (IFV)

6.6    Unmanned Armored Ground Vehicle

6.7    Amphibious Vehicle

Chapter 7   Military Vetronics Market Estimates & Forecast, By Fit (Revenue)

7.1    Key trends, by fit

7.2    Line fit

7.3    Retro fit

Chapter 8   Military Vetronics Market Estimates & Forecast, By Region (Revenue)

8.1    Key trends, by region

8.2    North America

8.2.1    U.S.

8.2.2    Canada

8.3    Europe

8.3.1    UK

8.3.2    Germany

8.3.3    France

8.3.4    Italy

8.3.5    Spain

8.3.6    Rest of Europe

8.4    Asia Pacific

8.4.1    China

8.4.2    India

8.4.3    Japan

8.4.4    South Korea

8.4.5    ANZ

8.4.6    Singapore

8.4.7    Rest of Asia Pacific

8.5    Latin America

8.5.1    Brazil

8.5.2    Mexico

8.5.3    Rest of Latin America

8.6    MEA

8.6.1    UAE

8.6.2    Saudi Arabia

8.6.3    South Africa

8.6.4    Rest of MEA

Chapter 9   Company Profiles

9.1    BAE Systems PLC.

9.2    Curtiss-Wright Corporation

9.3    Elbit Systems Ltd.

9.4    General Dynamics Corporation

9.5    Kongsberg

9.6    L3Harris

9.7    Leonardo-Finmeccanica S.P.A

9.8    Lockheed Martin Corporation

9.9    Oshkosh Corporation

9.10    Raytheon Company

9.11    Rheinmetall AG

9.12    Saab Group

9.13    TE connectivity

9.14    Thales Group
 

 

• BAE Systems PLC.
• Curtiss-Wright Corporation
• Elbit Systems
• General Dynamics Corporation
• Kongsberg
• L3Harris Technologies, Inc.
• Leonardo-Finmeccanica S.P.A
• Lockheed Martin Corporation
• Oshkosh Corporation
• Raytheon Company
• Rheinmetall AG
• Saab AB
• TE Connectivity
• Thales Group