Vetronics Market to Witness Double Digit CAGR by 2024

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Vetronics Market to Witness Double Digit CAGR by 2024

Vetronics usually denotes to vehicle electronics which make it possible for the military units to incorporate several systems, including command, communication, control, navigation system, vehicle protection systems, surveillance system, and vehicle electronic warfare system to modernize activities such as navigation, communication, vehicle health management, and surveillance. Thus, the growing demand for vetronics is anticipated to boost the market in the coming period.

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The growth of the global vetronics market is influenced by several factors that include network-centric warfare, embedded technology system commonality, situational alertness, and swing toward COTS enabled enhanced SWaP specifications. Further, the rising requirement for keeping an eye on cross-border activities, assisting improved connectivity between remote & central vetronics systems, and the need to determine the weaknesses of the enemies are few other factors that contribute to the growth of the market.

The global vetronics market can be segmented on the basis of application, subsystem, vehicle type, and region. The application segment of the market is divided into homeland security and defense. The defense segment of the market is anticipated to dominate the market due to the rising defense expenditure around the world. The subsystem segment of the market is diversified into .vehicle protection systems, communication & navigation, c3 systems, observation and display systems, weapon control systems, power systems, and sensor & control systems.

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The C3 systems segment of the market is assumed to grow in the market at a higher rate due to rise in the need for lightweight and technologically advanced vetronics systems. The vehicle type segment of the market for vetronics is categorized into light protected vehicles, amphibious armored vehicles, mine resistant ambush protected, armored personnel carriers, infantry fighting vehicle, main battle tank, and others. Regionally, the global vetronics market is grouped into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Asia Pacific region is expected to lead the market for vetronics in the coming period. The growth of this region is mainly influenced by the rise in the need for technologically enhanced military land vehicles in the emerging economies. Also, the increase in defense expenditure by emerging countries is the factor fueling the growth of the market in this region. Latin America and Middle East & Africa are also expected to grow in the market at a fast pace in the coming period.

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The prominent players in the global vetronics market are Curtiss Wright Corporation, Raytheon Company, SAAB Group, Lockheed Martin Corporation, General Dynamics Corporation, and Thales Group. The other influencing players in the market are Leonardo-Finmeccanica SPA, Elbit Systems, Harris Corporation, BAE Systems, and Rheinmetall AG.