Vetronics Market Growth Opportunities Forecast 2022-28

According to Precision Business Insights (PBI), the latest report, the vetronics market is expected to be valued at USD 4,683.3 million in 2022 and is poised to grow at a significant CAGR of 4.8% over 2022-2028. The primary driver of the expansion of the global Vetronics market is growing technological developments, modernization of the vetronics system, increasing research & development sector, and military modernization plans.

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Defense Segment to Dominate the Vetronics Market:
The defense segment is expected to account for a larger revenue share in the global Vetronics market, with a value share worldwide due to the rising demand for military electronics devices electronic warfare systems, navigation systems, and power systems that support in the efficient and secure implementation of communication systems. Modern military-grade electronics and workings are thus being incorporated into command-and-control centers, vehicle control systems, and other defense platforms to increase the probability of mission success in demanding and ever-changing environments. Furthermore, with the increasing focus of military and defense services, and rising concerns regarding geopolitical unrest and cross-border security, along with increasing instances of border breaching, there is widespread adoption of vetronics for improving inter- and intra-vehicle communications, surveillance, and navigation.

North America Vetronics Market:
North America is expected to hold the largest revenue share in the global vetronics market due to the region has considerable growth rate in the past few years, and its military and government efforts to modernize its defense sector. Moreover, the Department of Defense and key players in the region are investing a huge amount in R&D activities to update and making advance its land-based fleet. The Asia Pacific is also witnessed to have a significant growth rate in the upcoming few years due to the rise in demand for technologically advanced products in emerging economies such as China, and India, and making more investments in the defense sector due to rising disputes across this region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Vetronics market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In July 2022, the US Army agreed with BAE Systems Platforms & Services division a $40.6 million contract to supply M88 Heavy Equipment Recovery Combat Utility Lift Evacuation System (HERCULES) vehicles and supporting vetronics.

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The vetronics market is segmented based on vehicle type, subsystem type, application, and geography.
Based on the vehicle type, the market is segmented into the following:
• Main Battle Tank
• Light Protected Vehicles
• Amphibious Armored Vehicles
• Mine resistant ambush protected
• Infantry Fighting Vehicle
• Armored Personnel Carriers
• Others

Based on the subsystem type, the market is segmented into the following:
• Communication & Navigation
• Observation and Display Systems
• C3 Systems
• Weapon Control Systems
• Sensor & Control Systems
• Vehicle protection Systems
• Power Systems

Based on the application, the market is segmented into the following:
• Defense
• Homeland Security

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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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), Leonardo-Finmeccanica SPA (Italy), Harris Corporation (U.S.), BAE Systems (U.K).

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This release was published on openPR.