Global Military Vetronics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $9 billion by 2024 from $5 billion in 2016, growing at a CAGR of 6.5% from 2016 to 2024. Some of the major drivers of the market are increasing need for automation, modernization of defense forces, and high adoption of IoT & big data. Moreover, rising use of counter IED & armored vehicles and rising demand for drones & unmanned aerial vehicles will also boost the market. Major opportunities of the market are growing defense budget in emerging economies like India, South Korea, and others

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Major segments of the global military vetronics market are type, system type, and geography. The system type segment includes control & data distribution systems, displays systems, power systems, and vehicle management system, among others. Power systems sub-segment is expected to dominate the system type segment with highest market share throughout the forecast period. Additionally, Type segment includes light protected vehicles, armored personal carriers, infantry fighting vehicles, unmanned ground vehicles, and armored amphibious vehicles. Armored personnel carriers sub segment is expected to grow at a fastest CAGR over the forecast period 2016-2024, driven by its high speed and protection level.

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Geographical segments of the global military vetronics market are North America, Europe, Asia-Pacific and Rest of the World (RoW). North America accounted for the highest market share in 2016, driven by increasing adoption of advanced technologies and modernization of military. Asia-Pacific is anticipated to grow at a fastest CAGR over the forecasted period, 2016 -2024, driven by rising border conflicts and growing defense investment.
The major players of the global military vetronics market are BAE Systems, General Dynamics, Lockheed Martin Corporation, Harris Corporation, Kongsberg Gruppen, GE Intelligent Platforms, Bharat Electronics, Thales Group, Rheinmetall Defense, and SAAB A.B., among others.

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