The Military Vehicle Electrification Market is expected to grow from USD 4.8 billion in 2020 to USD 9.8 billion by 2026 at a CAGR of 13.0% from 2020 to 2026.
The military vehicle electrification is a tactical vehicle with the hybrid-electric abilities with in-hub electric drive. Electrification technologies are constantly being developed by armies all across the world and could be soon integrated into their fleets of tactical wheeled vehicles. Countries across the world are hugely investing in research & development of electric military vehicles to obtain stealth, swift and robust features to their military hardware. The electronic warfare is entering into new dimensions every year and hardware electrification is the requirement of the hour for various armies to achieve tactical edge over their respective adversaries. Substantial increase in the demand in global military vehicle electrification market can be ascribed to the increasing adoption as well as launching of new technologies. Increasing demand for vehicles and equipment operating on sustainable energy is also another key factor catalyzing growth in global military vehicle electrification market in recent times. In addition, the rising investments in military and armed forces are also boosting the demand in global military vehicle electrification market. Increasing efforts on research and development in the field of vehicle electrification are also enhancing high development opportunities in the global military vehicle electrification market. Moreover, the surging demand for lithium –ion batteries to be installed in military vehicles can also be considered as a significant driver for the growth of global military vehicle electrification market in coming years. Improved performance provided by the lithium –ion batteries, unlike traditional lead –acid batteries is complementing this trend in global military vehicle electrification market. Lithium –ion batteries obtain significant demand in global military vehicle electrification market due to their features such as higher specific energy, cycle life improvement and higher energy density. Apart from this, the factors such as minimal range of military electric vehicles are likely to impede the market growth.
Furthermore, the hydrogen fuel cell vehicles are advancements in all-electric vehicles which are generating growth opportunities for the market. In contrast, fuel cell-powered vehicles use hydrogen gas for fine chemical reactions which is converted into electrical energy. There has been a surging demand for hydrogen fuel cells in the transport sector for the logistics of military cargo, equipment, and artillery. In March 2019, Plug Power introduced a new product to improve its range of hydrogen-based fuel cells. The ProGen 30kW engine offers a cost-effective solution to meet the requirements of today’s electric vehicles (EV), as well as high utilization and reliable performance in harsh environments, rapid fueling and zero emissions.
The global Military Vehicle Electrification Market is segregated on the basis of Technology as Hybrid and Fully Electric. Based on Platform the global Military Vehicle Electrification Market is segmented in Combat vehicles, Support vehicles and Unmanned armored vehicles. Based on System the global Military Vehicle Electrification Market is segmented in Power Generation, Cooling Systems, Energy Storage, Traction Drive Systems and Power Conversion. Based on Operation the global Military Vehicle Electrification Market is segmented in Manned and Autonomous/semi-autonomous.
The global Military Vehicle Electrification Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Military Vehicle Electrification Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
BAE Systems, Flensberg Fahrzeugbau Gesellschaft Gmbh, Krauss-maffei Wegmann, General Dynamics, Otokar Otomotive Ve Savunma Sanayi and others are among the major players in the global Military Vehicle Electrification Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Military Vehicle Electrification Market has been segmented as below:
Military Vehicle Electrification Market, By Technology
Military Vehicle Electrification Market, By Platform
Military Vehicle Electrification Market, By System
Military Vehicle Electrification Market, By Operation
Military Vehicle Electrification Market, By Region
Military Vehicle Electrification Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global Military Vehicle Electrification Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Military Vehicle Electrification Market share. Major industry players with significant revenue share include BAE Systems, Flensberg Fahrzeugbau Gesellschaft Gmbh, Krauss-maffei Wegmann, General Dynamics, Otokar Otomotive Ve Savunma Sanayi and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. Military Vehicle Electrification Market, By Technology
5.1. Key Points
5.2. Hybrid
5.3. Fully Electric
6. Military Vehicle Electrification Market, By Platform
6.1. Key Points
6.2. Combat vehicles
6.3. Support vehicles
6.4. Unmanned armored vehicles
7. Military Vehicle Electrification Market, By System
7.1. Key Points
7.2. Power Generation
7.3. Cooling Systems
7.4. Energy Storage
7.5. Traction Drive Systems
7.6. Power Conversion
8. Military Vehicle Electrification Market, By Operation
8.1. Key Points
8.2. Manned
8.3. Autonomous/semi-autonomous
9. Competitive Landscape
9.1. Introduction
9.2. Start-up companies- Military Vehicle Electrification Market
9.3. Recent Developments
9.3.1. Mergers & Acquisitions
9.3.2. New Product Developments
9.3.3. Portfolio/Production Capacity Expansions
9.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
9.3.5. Others
10. Company Profile
10.1. BAE Systems
10.2. Flensberg Fahrzeugbau Gesellschaft Gmbh
10.3. Krauss-maffei Wegmann
10.4. General Dynamics
10.5. Otokar Otomotive Ve Savunma Sanayi
10.6. Leonardo SPA
10.7. Textron Inc.
10.8. General Motors
10.9. Oshkosh Corporation
10.10.Nikola Motor Company
10.11. Qinetiq Group Plc
10.12. Arquus
10.13. Epsilor Electric Fuel Ltd
10.14. Nexter Group
10.15. Ukroboronprom
10.16. Polaris Industries Inc
10.17. St Engineering
10.18.Ballard Power Systems
10.19. Aselsan A.s.
10.20. Tesla Inc.
10.21. Milrem Robotics
10.22. AM General
Military Vehicle Electrification Market, By Technology
Military Vehicle Electrification Market, By Platform
Military Vehicle Electrification Market, By System
Military Vehicle Electrification Market, By Operation
Military Vehicle Electrification Market, By Company