Vetronics Global Market Report 2024 - By Size, Report, Drivers, Share, Trends, Forecast To 2033

"The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Vetronics Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:
The vetronics market size has grown strongly in recent years. It will grow from $3.72 billion in 2023 to $3.91 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to modernization of military vehicles, increasing threats and security challenges, demand for enhanced situational awareness, shift towards network-centric warfare, demand for lightweight and compact electronics, upgradation programs for legacy vehicles..

The vetronics market size is expected to see strong growth in the next few years. It will grow to $4.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to multifunctional displays and hmi, unification of communication protocols, focus on soldier safety and survivability, development of autonomous vehicles, operational efficiency and effectiveness, rising defense budgets.. Major trends in the forecast period include integration of advanced electronics, network-centric warfare, digitalization and sensor fusion, artificial intelligence (ai) and machine learning (ml), enhanced vehicle communication, modularity and scalability..

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Key Market Players:
Major companies operating in the vetronics market report are Rheinmetall AG, Raytheon Technologies Corporation, L3Harris Technologies Inc., Lockheed Martin Corporation, Thales Group, Curtiss-Wright Corporation, General Dynamics Corporation, Leonardo SpA, Elbit Systems Ltd., Collins Aerospace, Harris Corporation, Northrop Grumman Corporation, Honeywell International Inc., Rockwell Collins Inc., Moog Inc., Ultra Electronics Holdings plc, Kongsberg Gruppen ASA, ASELSAN AS, Cobham plc, QinetiQ Group plc, Meggitt plc, Esterline Technologies Corporation, Safran Electronics & Defense, Rafael Advanced Defense Systems Ltd., Israel Aerospace Industries Ltd., Aselsan Elektronik Sanayi ve Ticaret AS, BAE Systems plc, Collins Aerospace Systems, General Electric Company, Hitachi Zosen Corporation, ITT Inc.

Market Drivers:
The increasing focus of military and defense services is driving the vetronics market. Terrorist activities, political upheaval around the world, and geopolitical tensions in countries have increased the focus on defense and military affairs, resulting in the procurement of next-generation combat vehicles. According to a defense correspondent's report, Rheinmetall's Military Vehicle Centre of Excellence (MILVEHCOE) in Queensland will build Australia's 186 Boxers. Therefore, the increasing focus of military and defense services is expected to propel the growth of the vetronics market over the coming years.

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https://www.thebusinessresearchcompany.com/report/vetronics-global-market-report

The vetronics market covered in this report is segmented -
1) By Vehicle Type: Main Battle Tank, Light Combat Vehicles, Armored Personnel Carriers, Infantry Fighting Vehicle, Other Vehicles
2) By System: Weapon And Control System, Command And Communication, Navigation And Display, Sensor And Optronics, Power System, Other Systems
3) By Platform: Homeland Security, Military

The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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