- Main Battle Tank
- Light Protected Vehicles
- Amphibious Armored Vehicles
- Mine resistant ambush protected
- Infantry Fighting Vehicle
- Armored Personnel Carriers
Vetronics Market size is expected to be valued at USD 4,731.3 million in 2022 and is poised to grow at a significant CAGR of 5.1% over 2023–2029. Vetronics, or vehicle electronics, denotes as a gathering of various electronic subsystems within an automobile. It includes several automotive electronic technologies, for example, autonomous driving, sensors, and secure communications systems. These systems are joined with battle tanks, and light-protected, armoured vehicle, and infantry fighting vehicles. They also offer sophisticated technologies, such as HD video calling, advanced threat detection sensors, high bandwidth networking, and portable power systems. With these advanced features of vetronics devices, it has extensive application in various sectors such as mainly used by military units to integrate systems, such as communication, command, navigation, surveillance, and vehicle health management, consequently these factors are primarily driving the vetronics market growth. Moreover, with continuous technological developments, and modernization of the vetronics system (Open Architecture), multiple government agencies, including NATO, the Ministry of Defense of various regions, and the military Vetronics Association (MILVA), have made considerable strategies to accomplish vetronics system standardization with time. Various military modernization programs have started, for instance, American Rheinmetall Systems recently signed a contract to confirm the modernization of US army combat vehicles. Rheinmetall would be working on cutting-edge combat vehicle mission systems capabilities in the US combat fleet to help uphold its position on the battlefield. Also, a number of US programs throughout the 2000s entailed hybrid vehicles comprising varied electronic systems developed by either collaborative government-commercial or exclusively commercial ventures. With increasing R&D expenditure of defense and commercial companies in the defense, the vetronics sector is anticipated to result in the development of new and innovative electronics products and services, consequently would create plenty of opportunities to the vetronics market growth.
Vetronics Market Key Developments:
In July 2021, The US Army signed a USD 72.5 million contract with BAE Systems to provide digital vetronics for artillery armored combat vehicles. The M109A7 armored combat vehicle will be upgraded with digital vetronics and a modern power system.
In June 2021, BAE Systems chose Elbit for vetronics sensors and active protection for a Swedish armored combat vehicle. The CV90 is a tracked combat vehicle developed in Sweden in the mid-1980s that entered service in the mid-1990s.
Fastest Growing Market
The modern battlefield necessitates dynamic forces capable of acting quickly and precisely. Modern militaries are focusing on implementing cutting-edge network technologies to capitalize on the information advantage. Different countries' militaries are developing their arsenal to improve situational awareness, streamline decision-making, and increase mission effectiveness by linking sensors, commanders, and shooters in a fully networked environment. The French Army, for example, announced plans to invest USD 12 billion in the SCORPION military modernization program in 2020. The program includes the purchase of new armoured vehicles as well as the upgrade of existing armor assets. Another case in point is the Franco-German Main Ground Combat System (MGCS), a joint effort to develop main battle tanks that will eventually replace Germany's Leopard 2 and France's Leclerc by 2035. Thus, the acquisition of new vehicles and the modernization of existing armored vehicles are driving the growth of the military vetronics market.
Vetronics, or vehicle electronics, denotes as a gathering of various electronic subsystems within an automobile. It comprises several automotive electronic technologies, for example, autonomous driving, sensors, and secure communications systems. These systems are linked with battle tanks, and light-protected, armored, and infantry fighting vehicles.
Key players’ profiles in the vetronics market report are SAAB Group (Sweden), hales Group (U.S.), Raytheon Company (U.S.), Lockheed Martin Corporation (U.S.), General Dynamics Corporation (U.S.), Rheinmetall AG (Germany), Curtiss Wright Corporation (U.S.), Elbit Systems (Israel).
A rise in demand for technological advanced products, continuous modernization of the vetronics system, increasing research & development sector, and military modernization plans.