Global Vetronics Market Insights Forecasts to 2033

• The Global Vetronics Market Size was Valued at USD 4.89 Billion in 2023
• The Market Size is Growing at a CAGR of 4.54% from 2023 to 2033
• The Worldwide Vetronics Market Size is Expected to Reach USD 7.62 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Vetronics Market Size is Anticipated to Exceed USD 7.62 Billion by 2033, Growing at a CAGR of 4.54% from 2023 to 2033.  

Market Overview

The term "vehicle electronics," or "veterronics," describes the grouping of different electronic components found in a car. Military units use it mostly for system integration, including command, communication, navigation, surveillance, and vehicle health management. It is made up of several vehicle electrical technologies, including secure communications systems, sensors, and autonomous driving. Battle tanks, light-protected, armored, and infantry fighting vehicles are all incorporated with these technologies. Additionally, they have high-tech features including portable power systems, high-bandwidth networking, smart threat detection sensors, and HD video calling. Market expansion in the military sector is driven by increased attention on ground vehicle acquisition and rising defense expenditures. As a result of countries increasing their defense spending, land vehicles such as main battle tanks (MBTs), light armored vehicles (such infantry combat vehicles and armored personnel carriers), and amphibious armored vehicles are often upgraded. These improvements are essential to stay up with the changing dynamics of the battlefield. Vetronics in military vehicles are likewise becoming more and more in demand, particularly in light of the rising tensions in the world.

Report Coverage

This research report categorizes the market for the global vetronics market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global vetronics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global vetronics market.

Driving Factors

The need for integrated, highly modern vehicle technologies in military vehicles derives from the growing need to send more data on a secure platform and execute several tasks simultaneously. The introduction of unmanned aerial vehicles (UAV) and unmanned ground vehicles (UGV) increases the need for extensive vehicle electronics networks, which boosts market expansion. The market in developing nations like China and India is anticipated to rise at the fastest rate throughout the projection period, while the market in developed nations like the United States, the United Kingdom, and Russia is anticipated to take the largest share.

Restraining Factors

Modern veterinary equipment may need a substantial initial outlay of funds. The latest technology may be difficult for smaller clinics or those in underdeveloped countries to afford, which could restrict market adoption.

Market Segmentation

The global vetronics market share is classified into type and application

• The armored personnel carriers segment is expected to hold the largest share of the global vetronics market during the forecast period.   

Based on the type, the global vetronics market is categorized into main battle tanks, light protected vehicles, amphibious armoured vehicles, mine resistant ambush protected (MRAP) vehicles, infantry fighting vehicles, armored personnel carriers, and others. Among these, the armored personnel carriers segment is expected to hold the largest share of the global vetronics market during the forecast period. In the vetronics market, the need for armored personnel carriers (APCs) relates more to the incorporation of cutting-edge electronic equipment into military vehicles than it does to veterinary technology. Electronic technologies that improve situational awareness and survivability are installed in modern APCs. This comprises cutting-edge sensors, electronic warfare systems, and communication systems that support threat detection and neutralization.

• The defense segment is expected to grow at the fastest CAGR during the forecast period.   

Based on the application, the global vetronics market is categorized into defense, and homeland security. Among these, the defense segment is expected to grow at the fastest CAGR during the forecast period. The requirement for sophisticated electronic systems in military vehicles is driving up demand for vetronics, or vehicle electronics. In this sense, "veterans" refers to a variety of electronic parts and systems that are employed in tanks, troop carriers, armored cars, and other defense platforms to improve their operating efficiency. In order to increase their combat effectiveness and operational efficiency, many military forces are modernizing their current fleets of vehicles to include cutting-edge technological equipment.

Regional Segment Analysis of the Global Vetronics Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is projected to hold the largest share of the global vetronics market over the forecast period.

North America is projected to hold the largest share of the global vetronics market over the forecast period. The need for vetronics is rising as a result of the growth of veterinary clinics and practices in North America. Both new and established practices make equipment purchases to maintain their competitiveness and deliver high-quality care. Market expansion is propelled by ongoing advancements in veterinary diagnostic equipment, including imaging systems, monitoring tools, and surgical instruments. These developments contribute to the provision of more precise diagnosis and efficient treatments.

Asia Pacific is expected to grow at the fastest CAGR growth of the global vetronics market during the forecast period. The demand for cutting-edge veterinary treatment and equipment is increased in the various APAC countries due to the increase in pet ownership, which is being driven by changing lifestyles and rising disposable incomes. The need for contemporary vetronics is rising as a result of the growth of veterinary clinics and hospitals in expanding APAC economies. Modern facilities are investing in cutting-edge medical diagnostic and treatment technology.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global vetronics market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Curtiss-Wright Corporation
• Excalibur Systems Inc.
• General Dynamics Corporation
• Krauss-Maffei Wegmann GmbH & Co. KG
• Military Embedded Systems
• Rheinmetall AG
• SAAB AB
• Thales Group
• Vetronic Services, Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global vetronics market based on the below-mentioned segments: 

Global Vetronics Market, By Type

• Main Battle Tanks
• Light Protected Vehicles
• Amphibious Armoured Vehicles
• Mine Resistant Ambush Protected (MRAP) Vehicles
• Infantry Fighting Vehicles
• Armored Personnel Carriers
• Others

Global Vetronics Market, By Application

• Defense
• Homeland Security

Global Vetronics Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa