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Increase in defense budget expenditure for modernization of existing vetronics systems, integration of new age information technologies, and need for open architecture drive the global vetronics market.
PORTLAND, Ore., April 14, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, "Vetronics Market by Platform (Homeland Security, Military), by Vehicle Type (Main Battle Tank, Light Combat Vehicles, Armored Personnel Carriers, Infantry Fighting Vehicle, Others), by System (Weapon and Control System, Command and Communication, Navigation and Display, Sensor and Optronics, Power System, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030" As per the report, the global vetronics industry was accounted for $4.20 billion in 2020, and is expected to reach $6.50 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
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Major determinants of the market growth
Rise in defense budget expenditure for modernization of existing vetronics systems, incorporation of new age information technologies, and demand for open architecture have boosted the growth of the global vetronics market. However, surge in cyber threats and high manufacturing cost hinder the market growth. On the contrary, proactive government initiatives and surge in share of electronic components in military vehicles would open new opportunities in the future.
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The main battle tank segment dominated the market
By vehicle type, the main battle tank segment held the largest share in 2020, accounting for nearly one-third of the global vetronics market, owing to rise in investments from defense organization for acquisition of these vehicles. However, the infantry fighting vehicle segment is estimated to register the highest CAGR of 5.3% during the forecast period, due to rise in demand to integrate these vehicles with advanced vetronics systems.
The transportation segment to portray the highest CAGR through 2030
By platform, the homeland security segment is projected to manifest the highest CAGR of 4.9% from 2021 to 2030. Moreover, the military segment held the largest share in 2020, accounting for nearly three-fourths of the global vetronics market, due to integration of vetronics system in homeland security vehicles to improve operational efficiency and reduce the response time to support business opportunities. The research also analyzes the military segment.
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North America held the lion’s share
By region, the market across North America dominated in 2020, accounting for more than two-fifths of the market, owing to presence of several market players and high defense budget expenditure of countries including the U.S. However, the global vetronics market across Asia-Pacific is expected to showcase the highest CAGR of 5.9% during the forecast period, due to integration of novel technologies and surge in efforts taken by countries such as India and China to increase indigenous manufacturing capabilities.
Major market players
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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