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Global Military Vetronics Market to reach USD 8.97 billion by the end of 2030

Global Military Vetronics Market Size study & Forecast, by Product Type (Communication & Navigation System, Power System, Display System, C4 System, Others), by Platform (Unmanned Ground Vehicles, Main Battle Tanks and other Armored Vehicles, Light Protected Vehicles, Others), by Application (OEM, Aftermarket) and Regional Analysis, 2023-2030

Product Code: SSAD-82304049
Publish Date: 20-02-2024
Page: 200

Global Military Vetronics Market is valued at approximately USD 6.72 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 3.68% during the forecast period 2023-2030. Military vetronics encompasses a diverse range of electronic systems integrated into vehicles to manage critical functions such as communication, navigation, and weaponry. This comprehensive system comprises components spanning from circuit boards and chips to displays and power electronics. The seamless flow of real-time data, collected and analyzed by these electronic systems, is facilitated through wireless communication. This capability significantly enhances soldiers’ situational awareness, particularly in challenging battlefield settings, empowering them with crucial information for effective decision-making and mission execution. The Military Vetronics Market is expanding because of factors such as rising initiatives for military modernization activities, rising demand for unmanned systems and rising global military spending.

The rising global military spending enables armed forces to integrate cutting-edge technologies into their fleets, driving the demand for vetronics components and systems. As nations worldwide allocate increased budgets to bolster their defense capabilities, there is a heightened emphasis on modernizing military vehicles with cutting-edge technologies, including advanced vetronics systems. As per the Stockholm International Peace Research Institute (SIPRI), there was a 2.6% increase in global military spending, reaching around USD 1.82 trillion between 2017 and 2019 which rose by 3.7% in real terms in 2022, to reach a record high of USD 2.24 trillion. In addition, the introduction of advanced technologies and rising procurement of advanced combat vehicles are creating new opportunities for market growth. However, international regulatory compliance and cybersecurity concerns stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Military Vetronics Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022. The robust growth of the Military Vetronics Market can be credited to substantial defense expenditures dedicated to acquiring cutting-edge vehicles and enhancing existing ones, particularly in the United States. The market is set to receive additional momentum with the significant presence of key players in North America, such as Lockheed Martin Corporation, L3Harris Technologies, Inc., Raytheon Technologies Corporation, and General Dynamics Corporation. Asia Pacific is expected to grow at the fastest rate over the forecast period. The expansion in the Military Vetronics Market can be linked to the escalating menace of terrorist activities in Asian nations, ongoing political conflicts related to cross-border issues, and the escalating defense investments made by various countries throughout the region. An illustrative example is the approval by the Indian Ministry of Defense in June 2020 for the acquisition of 156 BMP 2 infantry vehicles for the Indian Army. As a result, all these vehicles are produced at the Ordnance Factory Medak as part of the Make in India program.

Major market player included in this report are:
BAE Systems PLC
General Dynamics Corporation
L3Harris Technologies, Inc.
Leonardo S.p.A
Lockheed Martin Corporation
Raytheon Technologies Corporation
Rheinmetall AG
Saab AB
Thales Group
Oshkosh Corporation

Recent Developments in the Market:
Ø In July 2021, The United States Army entered a USD 72.5 million contract with BAE Systems for the enhancement of artillery armored combat vehicles through the integration of digital vetronics. This initiative aims to upgrade the M109A7 armored combat vehicle by incorporating advanced digital vetronics and a modernized power system.
Ø In February 2021, The Army Contracting Command, located at Detroit Arsenal in Warren, Mich., recently announced the awarding of a USD 942.9 million contract to Oshkosh for the development and servicing of the Stryker Medium-Caliber Weapon system. This system, equipped with a 30-millimeter cannon on the eight-wheel Stryker combat vehicle, is designed to effectively neutralize lightly armored vehicles and bunkers.

Global Military Vetronics Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Product Type, Platform, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product Type:
Communication & Navigation System
Power System
Display System
C4 System

By Platform:
Unmanned Ground Vehicles
Main Battle Tanks and other Armored Vehicles
Light Protected Vehicles
Special Purpose Vehicles
Amphibious Vehicles

By Application:

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Military Vetronics Market, by Region, 2020-2030 (USD Billion)
1.2.2. Military Vetronics Market, by Product Type, 2020-2030 (USD Billion)
1.2.3. Military Vetronics Market, by Platform, 2020-2030 (USD Billion)
1.2.4. Military Vetronics Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Military Vetronics Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Military Vetronics Market Dynamics
3.1. Military Vetronics Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Rising initiatives for military modernization activities Rising demand for unmanned systems Rising global military spending
3.1.2. Market Challenges International regulatory compliance Cybersecurity concerns
3.1.3. Market Opportunities Introduction of advanced technologies Rising procurement of advanced combat vehicles
Chapter 4. Global Military Vetronics Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Military Vetronics Market, by Product Type
5.1. Market Snapshot
5.2. Global Military Vetronics Market by Product Type, Performance – Potential Analysis
5.3. Global Military Vetronics Market Estimates & Forecasts by Product Type 2020-2030 (USD Billion)
5.4. Military Vetronics Market, Sub Segment Analysis
5.4.1. Communication & Navigation System
5.4.2. Power System
5.4.3. Display System
5.4.4. C4 System
5.4.5. Others
Chapter 6. Global Military Vetronics Market, by Platform
6.1. Market Snapshot
6.2. Global Military Vetronics Market by Platform, Performance – Potential Analysis
6.3. Global Military Vetronics Market Estimates & Forecasts by Platform 2020-2030 (USD Billion)
6.4. Military Vetronics Market, Sub Segment Analysis
6.4.1. Unmanned Ground Vehicles
6.4.2. Main Battle Tanks and other Armored Vehicles
6.4.3. Light Protected Vehicles
6.4.4. Special Purpose Vehicles
6.4.5. Amphibious Vehicles
6.4.6. Others
Chapter 7. Global Military Vetronics Market, by Application
7.1. Market Snapshot
7.2. Global Military Vetronics Market by Application, Performance – Potential Analysis
7.3. Global Military Vetronics Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Military Vetronics Market, Sub Segment Analysis
7.4.1. OEM
7.4.2. Aftermarket
Chapter 8. Global Military Vetronics Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Military Vetronics Market, Regional Market Snapshot
8.4. North America Military Vetronics Market
8.4.1. U.S. Military Vetronics Market Product Type breakdown estimates & forecasts, 2020-2030 Platform breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Military Vetronics Market
8.5. Europe Military Vetronics Market Snapshot
8.5.1. U.K. Military Vetronics Market
8.5.2. Germany Military Vetronics Market
8.5.3. France Military Vetronics Market
8.5.4. Spain Military Vetronics Market
8.5.5. Italy Military Vetronics Market
8.5.6. Rest of Europe Military Vetronics Market
8.6. Asia-Pacific Military Vetronics Market Snapshot
8.6.1. China Military Vetronics Market
8.6.2. India Military Vetronics Market
8.6.3. Japan Military Vetronics Market
8.6.4. Australia Military Vetronics Market
8.6.5. South Korea Military Vetronics Market
8.6.6. Rest of Asia Pacific Military Vetronics Market
8.7. Latin America Military Vetronics Market Snapshot
8.7.1. Brazil Military Vetronics Market
8.7.2. Mexico Military Vetronics Market
8.8. Middle East & Africa Military Vetronics Market
8.8.1. Saudi Arabia Military Vetronics Market
8.8.2. South Africa Military Vetronics Market
8.8.3. Rest of Middle East & Africa Military Vetronics Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. BAE Systems PLC Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. General Dynamics Corporation
9.3.3. L3Harris Technologies, Inc.
9.3.4. Leonardo S.p.A
9.3.5. Lockheed Martin Corporation
9.3.6. Raytheon Technologies Corporation
9.3.7. Rheinmetall AG
9.3.8. Saab AB
9.3.9. Thales Group
9.3.10. Oshkosh Corporation
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
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Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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