Segmentation, Major Trends, and Competitive Analysis of the Military Vehicle Electrification Market

The push toward electrification is transforming military vehicles, driven by the need for greater efficiency, advanced capabilities, and sustainability. As defense forces worldwide invest in cutting-edge technologies, the market for military vehicle electrification is set to expand rapidly. This overview explores the projected market size, key players, emerging trends, and the main segments shaping this evolving industry.

Forecasted Growth and Market Size of Military Vehicle Electrification
The military vehicle electrification market is anticipated to grow swiftly over the next several years, reaching a valuation of $15.86 billion by 2030. This expansion corresponds to a compound annual growth rate (CAGR) of 14.4%. Several factors contribute to this robust growth, including the rising demand for high-power electric systems that support sophisticated onboard sensors and directed-energy weapons. Additionally, there is a growing adoption of fully electric and hybrid platforms across light, medium, and heavy military vehicles. Progress in fast-charging technologies and battlefield energy storage infrastructure also plays a crucial role. Increasing defense budgets aimed at low-emission technologies to comply with sustainability goals further bolster the market. Moreover, modular electrification kits capable of retrofitting older military vehicles are becoming more prevalent. Key trends expected to dominate this landscape include advancements in battery and energy storage systems, efficient traction drives, onboard power management, modular hybrid platforms, and military-specific electrification standards.

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Leading Corporations in the Military Vehicle Electrification Sector
Several prominent companies are at the forefront of the military vehicle electrification industry. Among them are 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., and XALT Energy LLC.

A significant development occurred in September 2025 when Parker Hannifin Corporation, a U.S.-based manufacturer, acquired Curtis Instruments, Inc., also based in the U.S. Although the financial terms were not disclosed, this acquisition aims to enhance Parker Hannifin's electrification portfolio by incorporating Curtis's advanced control systems. This move is expected to accelerate the creation of next-generation electric military and commercial vehicle solutions and strengthen Parker's position in high-performance electrification technologies.

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Technological Advancements Fueling Military Vehicle Electrification
Military vehicle manufacturers are increasingly focusing on innovative technologies that blend protection and mobility. A prime example is the infantry fighting vehicle (IFV), a heavily armored combat vehicle designed to transport troops while providing substantial firepower and defense.

In February 2024, Singapore-based ST Engineering introduced the Hybrid-Electric 35-ton Armored Fighting Vehicle. This vehicle's hybrid-electric drive kit can be adapted to other platforms, offering enhanced power for digital functionalities like improved situational awareness. It also supports an open architecture for AI-driven software integration. The system features AI-powered surveillance optical radar that uses machine learning to detect and map targets, as well as manned-unmanned teaming capabilities to optimize mission planning and execution.

Breakdown of Key Segments in the Military Vehicle Electrification Market
This market is segmented based on several criteria to better understand its structure and opportunities:
1) Technology: Hybrid and Fully Electric
2) Operation Mode: Manned and Autonomous/Semi-Autonomous
3) Platform Type: Combat Vehicles, Support Vehicles, and Unmanned Armored Vehicles
4) System Components: Power Generation, Cooling Systems, Energy Storage, Traction Drive Systems, and Power Conversion

Further subcategories under hybrid technology include series hybrid systems, parallel hybrid systems, and plug-in hybrid systems. Fully electric vehicles are divided into battery electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs). This segmentation allows for targeted analysis of different technology types, operational modes, and vehicle platforms crucial for future advancements in military vehicle electrification.

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