Global Military Vehicle Electrification market scope 2024, Forecast To 2033
6 Feb, 2024
The military vehicle electrification market has seen rapid growth, escalating from $5.87 billion in 2023 to $6.95 billion in 2024, with a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to fuel efficiency, environmental regulations, energy security, logistical simplification, and enhanced armor and mobility. The military vehicle electrification market is expected to witness rapid growth in the next few years, reaching $12.78 billion in 2028, with a CAGR of 16.4%. The growth in the forecast period can be attributed to interoperability, adaptive charging infrastructure, export opportunities, hydrogen fuel cells, and renewable energy integration. Major trends in the forecast period include hybrid and electric platforms, next-generation batteries, modular and adaptable systems, artificial intelligence (AI) and autonomous features, and adaptability in urban warfare.
Global Military Vehicle Electrification Market Key Driver
The military vehicle electrification market is witnessing growth with the increased demand for lithium-ion batteries in military applications. Lithium-ion batteries are widely used in tactical radios, thermal imagers, and other military vehicles. In July 2021, the U.S. Department of Defence invested $1.65 million in NanoGraf Corporation for lithium-ion battery development, contributing to the growth of the military vehicle electrification market.
Get A Free Sample Of The Global Military Vehicle Electrification Market ReportGlobal Military Vehicle Electrification Market Segments
The global military vehicle electrification market covered in this report is segmented –
1) By Technology: Hybrid, Fully Electric
2) By Operation: Manned, Autonomous/Semi-Autonomous
3) By Platform: Combat Vehicles, Support Vehicles, Unmanned Armored Vehicles
4) By System: Power Generation, Cooling Systems, Energy Storage, Traction Drive Systems, Power Conversion
By Geography: The regions covered in the Military Vehicle Electrification market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North Americawas the largest region in the military vehicle electrification market in 2023. Asia-Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the military vehicle electrification market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Military Vehicle Electrification Industry Players
BAE Systems plc, Arquus, Leonardo S.p.A., Textron Inc., General Motors Company, Oshkosh Corporation, Ballard Power Systems Inc., AM General LLC, Nikola Corporation, Alke S.r.l., Aselsan A.S., Epsilor Electric Fuel Ltd., Flensberg Fahrzeugbau Gesellschaft mbH, Kongsberg Gruppen, Lockheed Martin Corporation, Magna International Inc., Navistar International Corporation, Otokar Otomotiv ve Savunma Sanayi A.S., Rheinmetall AG, Ricardo plc, Siemens AG, Tata Motors Limited, RTX Corporation, Thales Group, UQM Technologies Inc., Visedo Oy, Wrightspeed Inc., XALT Energy LLC
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Military Vehicle Electrification Market Overview
The military vehicle electrification are used for electrifying the military vehicles by replacing traditionally used fossil fuels with electricity to power light-duty vehicles, medium-and heavy-duty trucks, and others. The primary goal of military vehicle electrification is to reduce the emission of greenhouse gases.
Military Vehicle Electrification Global Market Report 2023 provides data on the global military vehicle electrification market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The military vehicle electrification market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.