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Military Vehicle Electrification Global Market Report 2024 - By Report, Size, Share And Industry Demand, Outlook By 2033
Military Vehicle Electrification Market
As per the report, 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 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%.
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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.
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.
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
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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
Contents of the report:
1. Executive Summary
2. Military Vehicle Electrification Market Report Structure
3. Military Vehicle Electrification Market Trends And Strategies
4. Military Vehicle Electrification Market - Macro Economic Scenario
5. Military Vehicle Electrification Market Size And Growth
…..
27. Military Vehicle Electrification Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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