Global Military Vehicle Electrification Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value | BAE Systems plc, Arquus, Leonardo S.p.A., Textron Inc., General Motors Company

"The military vehicle electrification market size has grown rapidly in recent years. It will grow from $5.87 billion in 2023 to $6.95 billion in 2024 at 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, enhanced armor and mobility.

The military vehicle electrification market size is expected to see rapid growth in the next few years. It will grow to $12.78 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to interoperability, adaptive charging infrastructure, export opportunities, hydrogen fuel cells, 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, urban warfare adaptability.

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.

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Rising Demand For Lithium-Ion Batteries Fuels Military Vehicle Electrification Market
The increase in demand for lithium-ion batteries for military vehicles is expected to propel the growth of the military vehicle electrification market. 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. For instance, in July 2021, the U.S. Department of Defence invested $1.65 million in NanoGraf Corporation, a US-based company that manufactures and sells lithium-ion batteries. The investment aims to give U.S. military troops better portable power for the gear they need to use in a safe and efficient manner. NanoGraf will create silicon anode-based lithium-ion technology that is compatible with all portable batteries in order to achieve a runtime increase of 50-100% over conventional graphite anode lithium-ion cells. Therefore, increasing demand for lithium-ion batteries for military vehicles is driving the growth of the military vehicle electrification market.

Competitive Landscape -
Major companies operating in the military vehicle electrification market include 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

Innovative Solutions Transform Military Vehicle Electrification Market
Product innovation is the key trend that is gaining popularity in the military vehicle electrification market. 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.

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Key Segments -
The 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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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