Rising Defense Expenditure Favors Global Electric Hub Drive and Electric Propulsion System for Combat Vehicle Market

The global market for electric hub drive and electric propulsion system for combat vehicle market is expected to witness a strong demand during the assessed period, 2018 – 2026, owing to the rise in combat vehicles and military expenditure throughout the world. ResearchMoz.us in a report titled, “Electric Hub Drive and Electric Propulsion System for Combat Vehicle Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”, has offered a detailed value chain analysis. In order to offer a better insight of the competitiveness in market, analysts have provided Porter’s Five Forces analysis.

Electric hub drive and electric propulsion system were extensively used in the commercial vehicles previously, but the need for high torque and fast acceleration for combat vehicles while passing through desserts, snow land, and higher terrains has made the combat vehicle manufacturers to integrate electric hub and electric propulsion system. Electric propulsion system has played a major role in the space and marine industry over the years.

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Rising security concerns all across the world due to increasing feuds over the international borders have made countries to invest more behind the combat vehicles. Emerging countries such as India and China are seen to have major contributor as they have augmented production rate of combat vehicles in recent past. Apart from these, rise in terrorism activities all over the world has bolstered the demand for the market product to rise. Harsh natural conditions is another factor that is playing a crucial role to help the market to reach new heights.

Apart from all the opportunities and drivers, the market is faced by several restraints which deters the market growth. The market is severely quashed by traditional defense markets. Numerous countries still rely on traditional combat vehicles owing to its simplicity, thus resulting in the slow growth rate of the market. Nonetheless, extensive research and development in electric hub and electric propulsion systems is likely to open new avenues for the market. The global electric hub drive and electric propulsion system market is classified on the basis of technology, geography, and vehicle type. On the basis of vehicle type, the market is bifurcated into tracked and wheel. On the basis of technology of the market is divided into electric propulsion system and electric hub drive.

On the basis of geography, the market is segregated into North America, Asia Pacific, Middle East and Africa, South America, and Europe. Of these Asia Pacific is likely to hold the major share owing to rise in military expenditure in the region. Market in North America is matured and is likely to grow at a slow rate. Some of the major players in the market are Raytheon Company, General Electric Rolls-Royce, Safran S.A, and QinetiQ Group PLC.

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