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Global Military Vetronics Market Share, Growth, Forecast: By Product: Communication and Navigation System, Power System, Display System, C4 System, Others; By Platform: Unmanned Ground Vehicles, Main Battle Tanks and Other Armoured Vehicles, Others; By Application; By End-Use; Regional Analysis; Competitive Landscape; 2024-2032
Global Military Vetronics Market Outlook
The global military vetronics market size reached a value of approximately USD 4.73 billion in 2023. The market is expected to grow at a CAGR of 4.5% between 2024 and 2032, reaching a value of around USD 7.04 billion by 2032.
Key Trends in the Market
Vetronics is a combination of ‘vehicle’ and ‘electronics’, and refers to the communications and electronics installed on a vehicle. Military vetronics feature advanced electronics systems that aid in tasks such as communication, navigation, and power. These systems can integrated with various types of vehicles, including light-protected vehicles, battle tanks, special purpose vehicles, and amphibious vehicles.
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- Increasing government investments towards defence, particularly in emerging nations, is resulting in a heightened demand for military vetronics. Technological advancements and availability of affordable systems are further propelling the global military vetronics market expansion.
- Military modernisation efforts by nations worldwide are focusing on ways to improve military capabilities in an effective manner while controlling costs. Vetronics systems aid in greater situational awareness which is anticipated to increase their demand.
- Rising tank production and procurement is one of the key factors propelling the global military vetronics market. In larger military vehicles, vetronics are essential for easy management and to execute intelligence, surveillance, and reconnaissance operations.
Market Analysis
Based on product, the market is divided into communication and navigation system, power system, display system, and C4 system, among others. By platform, the market is segmented into unmanned ground vehicles, main battle tanks and other armoured vehicles, light protected vehicles, special purpose vehicles, and amphibious vehicles, among others. On the basis of application, the market is bifurcated into OEM and aftermarket. Based on end-use, the market is segmented into defence and homeland security. The regional markets for military vetronics are divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global military vetronics market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
- Saab AB
- Curtiss-Wright Corporation
- Thales Group
- Elbit Systems Ltd.
- General Dynamics Corporation
- Others
Market Share by Platform
The main battle tanks and other armoured vehicles segment, by platform, occupied a sizable share of the global market for military vetronics during the historical period. This can be attributed to the increasing purchases of battle tanks and other armoured vehicles by nations across the world with the aim of bolstering their military capability.
Meanwhile, unmanned ground vehicles, by platform, are anticipated to witness rapid growth in the military vetronics market, supported by the development of advanced technologies like artificial intelligence, robotics, and others that improve the operational effectiveness of these vehicles. As unmanned ground vehicles operate without human drivers, there is a greater dependence upon military vetronics to control the movement and operations of the vehicle.
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Market Share by End-Use
The defence segment accounts for a significant share of the military vetronics market by end-use, driven by rising defence budgets and availability of vehicle-specific military vetronics systems. More governments are investing in equipping military vehicles with technologically sophisticated electronic systems in order to boost the operational effectiveness of the vehicles. There is an increased demand for military vetronics such as novel sighting devices, infrared cameras, and thermal imaging systems. Technological advancements such as the development of smaller, lighter, and more power-efficient (SWaP) rugged systems and embedded technology are anticipated to further propel the defence end-uses of military vetronics.
Competitive Landscape
Saab AB, headquartered in Stockholm, Sweden, is a leading military and security company which operates in the aerospace, aviation, and defence industries. Founded in 1937, the company develops, produces, and supports cutting-edge technologies for aviation, weaponry, command and control, sensors, and underwater systems.
Thales Group, founded in 2000 and headquartered in Paris, France, is a pioneer in global technology, specialising in big data, artificial intelligence (AI), cybersecurity, connectivity, and quantum technology. The company offers satellites, payloads, equipment, systems, and services for communications, navigation, Earth observation, and space exploration.
Elbit Systems Ltd., headquartered in Haifa, Israel, and founded in 1966, is a global leader in high technology involved in numerous defence, homeland security, and commercial programmes. The company offers expertise in unmanned aircraft systems, command, control, computing, and communications (C4ISR), and aerospace, land, and naval systems.
Other market players include Curtiss-Wright Corporation, and General Dynamics Corporation, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Platform |
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| Breakup by Application |
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| Breakup by End-Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Military Vetronics Market Analysis
8.1 Key Industry Highlights
8.2 Global Military Vetronics Historical Market (2018-2023)
8.3 Global Military Vetronics Market Forecast (2024-2032)
8.4 Global Military Vetronics Market by Product
8.4.1 Communication and Navigation System
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Power System
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Display System
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.4.4 C4 System
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2023)
8.4.4.3 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Military Vetronics Market by Platform
8.5.1 Unmanned Ground Vehicles
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Main Battle Tanks and Other Armoured Vehicles
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Light Protected Vehicles
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.5.4 Special Purpose Vehicles
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2023)
8.5.4.3 Forecast Trend (2024-2032)
8.5.5 Amphibious Vehicles
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2023)
8.5.5.3 Forecast Trend (2024-2032)
8.5.6 Others
8.6 Global Military Vetronics Market by Application
8.6.1 OEM
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Aftermarket
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.7 Global Military Vetronics Market by End-Use
8.7.1 Defence
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 Homeland Security
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.8 Global Military Vetronics Market by Region
8.8.1 North America
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2023)
8.8.1.3 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2023)
8.8.2.3 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2023)
8.8.3.3 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2018-2023)
8.8.4.3 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Market Share
8.8.5.2 Historical Trend (2018-2023)
8.8.5.3 Forecast Trend (2024-2032)
9 North America Military Vetronics Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Military Vetronics Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Military Vetronics Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Military Vetronics Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Military Vetronics Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Saab AB
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Curtiss-Wright Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Thales Group
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Elbit Systems Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 General Dynamics Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Military Vetronics Market: Key Industry Highlights, 2018 and 2032
2. Global Military Vetronics Historical Market: Breakup by Product (USD Million), 2018-2023
3. Global Military Vetronics Market Forecast: Breakup by Product (USD Million), 2024-2032
4. Global Military Vetronics Historical Market: Breakup by Platform (USD Million), 2018-2023
5. Global Military Vetronics Market Forecast: Breakup by Platform (USD Million), 2024-2032
6. Global Military Vetronics Historical Market: Breakup by Application (USD Million), 2018-2023
7. Global Military Vetronics Market Forecast: Breakup by Application (USD Million), 2024-2032
8. Global Military Vetronics Historical Market: Breakup by End-Use (USD Million), 2018-2023
9. Global Military Vetronics Market Forecast: Breakup by End-Use (USD Million), 2024-2032
10. Global Military Vetronics Historical Market: Breakup by Region (USD Million), 2018-2023
11. Global Military Vetronics Market Forecast: Breakup by Region (USD Million), 2024-2032
12. North America Military Vetronics Historical Market: Breakup by Country (USD Million), 2018-2023
13. North America Military Vetronics Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Europe Military Vetronics Historical Market: Breakup by Country (USD Million), 2018-2023
15. Europe Military Vetronics Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Asia Pacific Military Vetronics Historical Market: Breakup by Country (USD Million), 2018-2023
17. Asia Pacific Military Vetronics Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Latin America Military Vetronics Historical Market: Breakup by Country (USD Million), 2018-2023
19. Latin America Military Vetronics Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Middle East and Africa Military Vetronics Historical Market: Breakup by Country (USD Million), 2018-2023
21. Middle East and Africa Military Vetronics Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Global Military Vetronics Market Structure
Key Questions Answered in the Report
In 2023, the global market for military vetronics attained a value of approximately USD 4.73 billion.
The market is projected to grow at a CAGR of 4.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching USD 7.04 billion by 2032.
The major drivers of the market include the increase in defence expenditure, military modernisation efforts of various nations, and availability of cost-effective military vetronics systems.
Rising demand for specialised military vetronics systems, increasing prevalence of asymmetric and network-centric warfare, and growing need for increased situational awareness, are the key trends propelling the growth of the market.
The major regions in the market are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major products in the market for military vetronics are communication and navigation system, power system, display system, and C4 system, among others.
The major players in the military vetronics market,according to the report, are Saab AB, Curtiss-Wright Corporation, Thales Group, Elbit Systems Ltd., and General Dynamics Corporation, among others.
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