Home > Aerospace & Defense > Defense and Safety > Military Vetronics Market

Military Vetronics Market Size

Report ID: GMI4623
Published Date: Sep 2023
Report Format: PDF

Download Free Sample

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.

To get key market trends

Download Free Sample

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

Learn more about the key segments shaping this market

Download Free Sample

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.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

The market size of military vetronics crossed USD 4.7 billion in 2022 and will register over 5% CAGR from 2023-2032 due to the increasing modernization efforts in the defense sector worldwide.

Military vetronics market from the main battle tank platform segment is set to register over 7% CAGR through 2032, on account of their indispensable role in modern warfare, and their effectiveness in advanced vetronics systems.

North America recorded over 30% share of the military vetronics market in 2022 and is expected to register appreciable growth from 2023-2032, owing to the presence of leading defense contractors and technology companies in the region.

BAE Systems PLC., Curtiss-Wright Corporation, Elbit Systems, General Dynamics Corporation, Kongsberg, L3Harris Technologies, Inc., and Leonardo-Finmeccanica S.P.A are some of the major military vetronics companies worldwide.