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Electric Hub Drive and Electric Propulsion System for Combat Vehicle Market Expected to Reach US$ 103.04 Mn by 2026
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The global electric hub drive and electric propulsion system market shows significant growth due to its increasing adoption in military combat vehicles. This is majorly due to requirement of these highly developed systems in hilly areas and desert regions where high power is required to drive the vehicles. The global electric hub drive and electric propulsion system market is showing significant growth due to increase in military and defense spending. The rising demand and adoption of these advance technologies to obtain faster response, and the rising security concerns of different nations are estimated to contribute to the growth of the electric hub drive and electric propulsion system market during the forecast period. The key players involved in the market are continuously enhancing their research and development expertise to design advanced technology in electric hub drive and electric propulsion systems. Also, demand for light weight military vehicles across the globe has influenced the growth of the electric hub drive and electric propulsion system market.
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The global electric hub drive and electric propulsion system market is broadly segmented by technology, and by vehicle type. According to the research study, electric propulsion system technology held the maximum market share and is anticipated to show a CAGR of 6.9% through 2026. Electric propulsion system technology used in combat vehicles is anticipated to remain dominant over the forecast period.
Electric hub drive type of technology is expected to grow at a CAGR of about 6.0% over the forecast period. As per TMR analysis, electric hub drive and electric propulsion system for combat vehicle market in tracked type of vehicles is anticipated to grab maximum market share in 2018 and a similar trend is expected to be seen over the forecast period. Increase in terrorist attacks is one of the major factors responsible for increasing security of countries across the world. As war disputes between enemy countries are increasing, more and more government organizations are switching to advance military vehicles with latest te
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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