Vetronics Market By Vehicle Type (Main Battle Tank, Light Protected Vehicles, Amphibious Armored Vehicles, Mine resistant ambush protected, Infantry Fighting Vehicle, Armored Personnel Carriers, and Others), Subsystem Type (Communication & Navigation, Observation and Display Systems, C3 Systems, Weapon Control Systems, Sensor & Control Systems, Vehicle protection Systems, and Power Systems) Application Type (Defense, and Homeland Security) and Geography

 

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.