Military Vehicle Electrification Industry to Achieve $14.04 Billion Growth by 2029

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How Will the Military Vehicle Electrification Market Grow by 2025 in Terms of Size and Growth?
In the past few years, the size of the military vehicle electrification market has indeed increased greatly. The projections indicate a surge from $6.82 billion in 2024 to $8.01 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 17.4%. Factors such as fuel efficiency, environmental protocols, energy security, streamlined logistics, improved armor, and mobility have contributed to the growth experienced in the historic period.

What Are the Estimated Growth Rates for the Military Vehicle Electrification Industry Through 2029?
The market size for electrification of military vehicles is set to witness a swift expansion in the coming years, reaching a size of $14.04 billion by 2029. This suggests a Compound Annual Growth Rate (CAGR) of 15.1%. The anticipated growth in the predicted period can be credited to factors such as interoperability, adaptive charging infrastructure, export possibilities, hydrogen fuel cells, as well as the integration of renewable energy. During this forecast period, key trends like hybrid and electric platforms, advanced batteries for the next generation, flexible and modular systems, and autonomous features powered by Artificial Intelligence (AI), along with adaptability to urban warfare are expected to dominate.

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What Are the Strategic Drivers Boosting Military Vehicle Electrification Market Performance?
The upward trend in fuel efficiency is anticipated to boost the expansion of the military vehicle electrification market. Fuel efficiency, which denotes a vehicle or machine's capacity to deliver optimal performance with minimal fuel consumption, is on the upsurge. This surge can be attributed to technological advancements, stringent environmental laws, escalating fuel prices, and increasing consumer preference for sustainable and economically viable transport solutions. The demands for fuel efficiency in military vehicles aim to diminish fuel usage, augment operational scope, and mitigate logistical issues associated with fuel provisions in hostile or remote terrains. For instance, the Energy Information Administration (EIA), a U.S. government agency, reported in July 2022 that average vehicle efficiency rose by 2% from April 2021 through April 2022 in the United States. Moreover, in April 2022, the U.S. Department of Transportation, a federal executive division in the U.S., established new fuel economy norms that enhance fuel efficiency by 8% annually for 2024-2025 models and by 10% annually for 2026 models. Thus, the escalation in fuel efficiency is a key driver for the expansion of the military vehicle electrification market.

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What Are the Segments in the Military Vehicle Electrification Market?
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

Subsegments:
1) By Hybrid: Series Hybrid Systems, Parallel Hybrid Systems, Plug-in Hybrid Systems
2) By Fully Electric: Battery Electric Vehicles (BEVs), Fuel Cell Electric Vehicles (FCEVs)

What Are the Key Adoption Trends in the Military Vehicle Electrification Market?
Product innovation is currently a rising trend in the military vehicle electrification sector. Most of the dominant market participants concentrate on inventive solutions for their products to bolster their market position. For example, Textron Inc., an American company in the industry, rolled out its next-gen military electrification solution for existing armored vehicle electrification in June 2022. The company strives to utilize cutting-edge technologies to maintain the high mobility of conventional drivelines while fulfilling the critical needs of military users. These technologies allow for optimal use of power and energy by managing the system and storing energy for future use. Textron's solution provides a more rapid path to vehicle electrification than complete vehicle design initiatives, offering the ability to export electric power to charge sturdier systems, as well as enabling vehicles to operate in pure electric silent mode for brief stints on the battlefield.

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Which Companies Lead the Competitive Landscape of the Military Vehicle Electrification Industry?
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

Where Are the Key Military Vehicle Electrification Market Opportunities by Region?
North America was the largest region in the military vehicle electrification market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the military vehicle electrification market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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