Market Size of Vehicle Intercom System Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Vehicle Intercom System Market Analysis
The vehicle Intercom System Market is projected to register a CAGR of 7.2% during the forecast period.
Despite the COVID-19 pandemic hitting the global economy severely, the impact of the same is not felt on the global military expenditure, which continued to increase in 2020 and 2021. According to the Stockholm International Peace Research Institute (SIPRI), the global military expenditure reached a total of USD 2.113 trillion in 2021, increasing by about 0.7% compared to 2020. Such high expenditure indicates the negligible impact of the COVID-19 pandemic on the vehicle intercom system market.
There is a growing emphasis on increasing investments toward integrating advanced technologies like machine learning and artificial intelligence into communication solutions to enhance military communication. This is also expected to propel market growth in the coming years. The military forces need an advanced communication system for real-time information on the battlefield. The forces also require tactical communication between armed forces and military commanders and allies as communication protocols. The growing technology and investment in communication systems will drive the market in the coming year.
