New York, United States, Aug. 15, 2024 (GLOBE NEWSWIRE) -- The Global Vetronics Market Size Expected to Grow from USD 4.89 Billion in 2023 to USD 7.62 Billion By 2033, at a CAGR of 4.54% during the forecast period 2023-2033.
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The word "veterronics," often known as "vehicle electronics," refers to the collection of various electronic parts used in automobiles. It is primarily used by military forces for system integration, which includes management of vehicle health, command, communication, navigation, and surveillance. It consists of many electrical vehicle technologies, such as sensors, autonomous driving, and secure communications systems. These technologies are used in infantry combat vehicles, armored vehicles, battle tanks, and light-protected vehicles. Over the course of the projection period, it is projected that the market in developed nations such as the United States, the United Kingdom, and Russia will take the largest share, while the market in developing nations like China and India would expand at the fastest rate. Land vehicles like main battle tanks (MBTs), light armored vehicles like infantry combat vehicles and armored personnel carriers, and amphibious armored vehicles are frequently modernized as a result of nations increasing their defense spending. However, purchasing modern veterinary equipment could require a sizable upfront financial commitment. Market adoption may be limited if smaller clinics or those in developing nations cannot afford the newest technology.
Browse key industry insights spread across 260 pages with 123 Market data tables and figures & charts from the report on the "Global Vetronics Market Size, Share, and COVID-19 Impact Analysis, By Type (Main Battle Tanks, Light Protected Vehicles, Amphibious Armoured Vehicles, Mine Resistant Ambush Protected (MRAP) Vehicles, Infantry Fighting Vehicles, Armored Personnel Carriers, and Others), By Application (Defense, Homeland Security), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The armored personnel carriers segment is expected to hold the largest share of the global vetronics market during the anticipation 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 anticipation period. Modern APCs are equipped with electronic technology that enhance survivability and situational awareness. This includes state-of-the-art sensors, communication systems, and electronic warfare systems that facilitate threat identification and neutralization.
The defense segment is expected to grow at the fastest CAGR during the anticipation 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 anticipation period. Many armed forces are upgrading their present fleets of vehicles with state-of-the-art equipment to improve their combat effectiveness and operating efficiency.
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North America is projected to hold the largest share of the global vetronics market over the anticipation period.
North America is projected to hold the largest share of the global vetronics market over the anticipation period. Continuous improvements in veterinary diagnostic equipment, such as imaging systems, monitoring tools, and surgical instruments, are driving market expansion. These advancements help to provide more accurate diagnoses and effective therapies.
Asia Pacific is expected to grow at the fastest CAGR growth of the global vetronics market during the anticipation period. The expansion of veterinary clinics and hospitals in the developing APAC economies is driving up demand for modern vetronics. Contemporary medical facilities are investing in state-of-the-art equipment for medical diagnosis and treatment.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global 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. Major vendors in the global vetronics market are 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., and others.
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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
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