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[197+ Pages Report] The global military vehicle electrification market was worth around USD 4.8 Billion in 2020, according to a Facts and Factors industry research analysis. It is expected to reach USD 9.5 Billion by 2026, with a CAGR of 13.0% throughout the forecast period.
Electric vehicles have the potential to minimize the Army's reliance on liquid fuels, improve signature management through silent operations, and provide exportable power. Electrification technologies are being developed by armies all around the world and could soon be integrated into their fleets of tactical wheeled vehicles. Countries around the world are investing hugely in research & development of electric military vehicles to acquire stealth, swift and powerful features to their military hardware. The electronic warfare is entering new dimensions every year and hardware electrification is the need of the hour for many armies to attain tactical edge over their respective adversaries.
The market for military vehicle electrification is growing as the concept of alternative energy sources such as batteries and fuel cells gains traction. This necessitates a strong relationship between governments and private sector entities, which should be evident during the projection period. The new emergent security challenges around the world are transnational in character, necessitating a coordinated international response. In this highly competitive economic environment, industries with a global presence and collaborations with local and international military vehicle industry participants and governments are expected to gain. Companies seeking to expand in this industry must be able to detect changing trends in threats and the technologies required to combat them, as well as provide comprehensive solutions that encompass services and equipment for military vehicle electrification.
R&D in military vehicle electrification is continually evolving, and given the current situation, countries lowering their defense budgets may be a barrier to the advancement of this technology. Due to import and export laws, manufacturing activities have suffered operational and operating issues. Controlling the COVID-19 outbreak is currently a global problem and a critical task in many nations.
The global military vehicle electrification market has been segmented into technology, platform, system, and operation. Based on technology, the market has been categorized into hybrid, and fully electric. Based on the platform, the market is bifurcated into combat vehicles, support vehicles, and unmanned armoured vehicles. The unmanned armoured vehicle segment is expected to expand at the fastest CAGR during the projection period, based on platform. The Military Vehicle Electrification market is predicted to grow at a proportionately faster rate than the other two platforms. During the projected period, the demand for military vehicle electrification in combat and support vehicles is expected to be similar. On the basis of System, the market is categorized into power generation, cooling systems, energy storage, traction drive systems, and power conversion. The power generating segment is expected to expand at the fastest CAGR during the forecast period, according to systems. The military vehicle electrification market is expected to rise in response to rising demand for power systems as a result of the integration of new technologies and increased power requirements in vehicles. In terms of operation, the market has been segmented manned, and autonomous/semi-autonomous. The autonomous/semi-autonomous military vehicle segment is expected to develop at the fastest CAGR throughout the forecast period.
Based on regions, the global military vehicle electrification market can be divided into five main regions namely, North America, Europe, Latin America, Asia Pacific, and The Middle East and Africa.
During the forecast period, the Asia Pacific military vehicle electrification market is expected to develop at the fastest rate. The market is growing due to a growing focus on increasing expenditure on military vehicle acquisition by major economies in the area. Furthermore, factors such as rising geopolitical tensions and increased defense-related spending are projected to fuel demand for military vehicle electrification in the region.
Due to growing expenditures in military vehicle electrification technologies by nations in this area, the military vehicle electrification market in North America is likely to rise significantly during the forecast period. European defence ministries are active in the creation of technologically advanced military vehicles as well as the acquisition of new vehicles to expand their fleet size.
Some of the key players in the military vehicle electrification market are Leonardo Spa, QinetiQ, General Motors, General Dynamics, Arquus, Oshkosh Corporation, BAE Systems Textron Systems, Nikola Corporation, Krauss-Maffei Wegmann GmbH and Co. KG, AeroVironment, Ford Motor Company, Tesla Inc., Lockheed Martin, Milrem Robotics, and Alke among others.
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