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Military Vehicle Electrification Market Analysis, Trends, Growth, Research And Forecast 2032
Military Vehicle Electrification Market
The Business Research Company's Military Vehicle Electrification Global Market Report 2023 identifies increase in demand for lithium-ion batteries for military vehicles as the major driver for the military vehicle electrification market's growth in the forecast period. Over the years, lithium-ion batteries have been widely used in military applications such as tactical radios, thermal imagers, ECM, ESM, and portable computing. The usage of lithium batteries is expected to further expand to heavy-duty platforms, such as military vehicles, boats, shelter applications, aircraft, and missiles, in coming years.
The global military vehicle electrification market size grew from $4.99 billion in 2022 to $5.87 billion in 2023 at a compound annual growth rate (CAGR) of 17.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The military vehicle electrification market size is expected to grow to $10.94 billion in 2027 at a CAGR of 16.8%.
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Major competitors in the military vehicle electrification market are BAE Systems, ARQUUS, Leonardo SpA, Textron Inc., General Motors, Oshkosh Corporation, Nikola Corporation, Otokar Otomotive, QinetiQ, Polaris Inc.
A key trend in the military vehicle electrification market includes product innovation. Major companies operating in the military vehicle electrification market focus on product innovations that could give better solutions and strengthen their position in the market. For instance, in June 2022, Textron Inc., a US-based company operating in military vehicle electrification, introduced its advanced military electrification solution for existing armored vehicle electrification. It aims to retain the advanced mobility of traditional drivelines by harnessing technologies to enable the pressing requirements of military users. Harnessing technology is the potential utilization of power and energy by controlling the system and storing its energy for later consumption. This company's solution provides a faster route for vehicle electrification than whole-vehicle design programs, which provides the ability to export electric power to charge more solid systems and run vehicles in full-electric silent mode for limited periods on the battlefield.
Read More On The Global Military Vehicle Electrification Market Report Here:
https://www.thebusinessresearchcompany.com/report/military-vehicle-electrification-global-market-report
The military vehicle electrification market is segmented -
• By Technology: Hybrid, Fully Electric
• By Operation: Manned, Autonomous/Semi-Autonomous
• By Platform: Combat Vehicles, Support Vehicles, Unmanned Armored Vehicles
• By System: Power Generation, Cooling Systems, Energy Storage, Traction Drive Systems, Power Conversion
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the military vehicle electrification market.
The Business Research Company's "Global Military Vehicle Electrification Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Military Vehicle Electrification Market Include:
1. Executive Summary
2. Military Vehicle Electrification Market Characteristics
3. Military Vehicle Electrification Market Trends And Strategies
4. Military Vehicle Electrification Market - Macro Economic Scenario
5. Military Vehicle Electrification Market Size And Growth
……
26. Africa Military Vehicle Electrification Market
27. Military Vehicle Electrification Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Military Vehicle Electrification Market
29. Military Vehicle Electrification Market Future Outlook and Potential Analysis
30. Appendix
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