Military Vetronics Market Size, Share, Growth Report 2032

The global military vetronics market size was worth around USD 4.79 billion in 2023 and is predicted to grow to around USD 7.23 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.70% between 2024 and 2032.

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Military Vetronics Market Overview

Vetronics is a technologically designed portmanteau of electronics and vehicle, and is extensively used for military purposes. 

The vetronics includes the systems on the vehicle that has an overall control of the weapons, power, display, and manages functions such as communication, navigation, data distribution, etc.

Military Vetronics Market Drivers and Restraints

The major factor driving the growth of global military vetronics market is the increasing demand for unmanned vehicles & drones. The unmanned vehicles and drones are equipped with the sophisticated technologies for capturing images of foliage, sporting events, and cityscapes. The rise in the number of secret military operations has increased the demand for vetronics in military.

The growing technological advancement in the military vetronics such as HD video calling, advanced threat detection sensors, high bandwidth networking, portable power system, and advanced batteries are expected to contribute significantly to the growth of military vetronics market globally. 

The increasing modernization of military vetronics is expected to generate significant opportunities for the military vetronics market in the near future. The modern vehicles help in improving surveillance, easy navigation, better intra- and inter-vehicle communication with the adoption of new and advanced technology. 

However, decreasing defense budget in developed countries may affect the growth of military vetronics market.

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Military Vetronics Market Segmentation

The global military vetronics market is segmented by product, by application and by region.

By product, the global military vetronics market is segmented into Communication System, Navigation System, C4 System, Power System, Display System, Control And Data Distribution System, And Other

The power system segment in the global military vetronics market is estimated to register the highest CAGR from 2023 to 2032. The high demand for a un-uninterruptable power supply with high battery back up in military vetronics is expected to propel the growth of the segment in the global market over the forecast period. Moreover, the demand for innovative high-energy light-weight lithium batteries is growing. The control and data distribution vetronics system accounted for more than 18% revenue share in the global military vetronics market in 2023. 

By application, the global military vetronics market is segmented into Light Protected Vehicle, Unmanned Ground Vehicles, Armored Amphibious Vehicles, Special Purpose Vehicles, And Others

The light protected vehicles, unmanned ground vehicles, armored amphibious vehicles, and special purpose vehicles are the major applications of military vetronics. The light protected vehicles are designed to be defensive from ballistic weaponry and blasting. The vehicle has the ability to include the future system necessities of adaptive campaigning with C4I (command, control, communications, computers, and intelligence) capabilities and they can be upgraded for specific missions thus increasing its popularity.

The unmanned ground vehicles segment was valued at around USD 745 million in 2017 in the global military vetronics market during the forecast period. The increasing security concerns among the nations are increasing the demand for the unmanned ground vehicles globally thus contributing to the growth of the segment.

Military Vetronics Market: Report Scope

Military Vetronics Market: Regional Analysis

North America has registered the dominant position in the military vetronics market. Advancements in the defense sector and increasing security concerns contribute to the growth of the military vetronics market in the region. The U.S. contributed the topmost shares in the North America military vetronics market. The market is anticipated to grow at a rapid CAGR in the Asia Pacific especially in countries such as China, India, and South Korea. 

Military Vetronics Market: Competitive Analysis

The report includes detailed profiles of the prominent market players that are trending in the global military vetronics market. The list of the players that are compiled in the report is:

• Kongsberg Gruppen
• Curtiss-Wright Corporation
• BAE Systems Plc
• Thales S.A.
• Ultra Electronics Holdings Plc
• General Dynamics Corporation
• Raytheon Company
• SAAB AB
• General Electric Company
• Assa Abloy AB
• Lockheed Martin Corporation
• Oshkosh Corporation
• Among others

Moreover, the companies are also focusing on strategic mergers and partnership with other players to expand its product portfolio and geographical reach. For instance, in January 2018, Kongsberg Gruppen signed an agreement with Patria for missile systems. 

In July 2017, the BAE Systems Plc signed a contract agreement with GLOBAL army officials. According to the contract agreement, BAE Systems is expected to upgrade the vetronics architecture of the new GLOBAL Army Armored Multi-Purpose Vehicle (AMPV) with battlefield networking capability.

The global military vetronics market is segmented as follows:

By Product  

• Communication System
• Navigation System
• C4 System
• Power System
• Display System
• Control and Data Distribution System
• Other

By Application 

• Light Protected Vehicles
• Unmanned Ground Vehicles
• Armored Amphibious Vehicles
• Special Purpose Vehicles
• Other

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

Report Brief

• The report covers the forecast and analysis for the global military vetronics market.
• The report includes the positive and the negative factors that are influencing the growth of the market.
• Detailed information about the market opportunities is discussed.
• The key target audience for the market has been determined in the report.
• The revenue generated by the prominent industry players has been analyzed in the report.
• The market numbers have been calculated using top-down and the bottom-up approaches.
• The global market has been analyzed using Porter’s Five Forces Analysis.
• The market is segmented on the basis of product and application which in turn are bifurcated on a regional level as well.
• All the segments have been evaluated based on the present and the future trends.
• The report includes detailed definitions for all the product types.
• The report also covers military vetronics technological adoption trends globally.
• The report deals with the in-depth quantitative and qualitative analyses of the global military vetronics market.
• The report includes the detailed company profiles of the prominent market players.
• In detail industry developments have been studied in this report.
• Manufacturing cost analysis of the military vetronics is studied in this report.
• The report comprises the industrial chain analysis, sourcing strategy, and downstream buyers.