Jul 23, 2021   SOURCE: BusinessWire

Military Vehicle Electrification Market by Technology, System, Platform, Operation and Region - Global Forecast to 2030 - ResearchAndMarkets.com

The "Military Vehicle Electrification Market by Technology (Hybrid and Fully Electric), by System (Power Generation, Cooling System, Energy Storage, Traction Drive System and Power Conversion) by Platform, by Operation and by Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The Military vehicle electrification market is projected to grow from an estimated USD 4.8 billion in 2020 to USD 8.6 billion by 2025, at a CAGR of 13.0% and to USD 17.6 billion by 2030 at a CAGR of 15.6%.

The major growth drivers for this market include rising global concerns, increasing technologies supporting the vehicle dynamics to integrate the electrification in military vehicles and focus on increasing the fleet size.

The unmanned armoured vehicle segment of the market is projected to grow at the highest CAGR from 2021 to 2025.

The growth in the Military Vehicle Electrification market is expected to drive the growth of the three platforms proportionately. The requirement of military vehicle electrification in combat and support vehicles are expected to be in a similar range during the forecast period.

Based on operations, the autonomous/semi-autonomous military vehicle segment is projected to grow at the highest CAGR during the forecast period.

Based on operations, the autonomous/semi-autonomous military vehicle segment is projected to grow at the highest CAGR during the forecast period. The requirement of autonomous vehicles that help in reducing human loss and increasing capabilities are helping the growth of the market for Autonomous/semiautonomous military vehicles.

Based on systems, the power generation segment is projected to grow at the highest CAGR during the forecast period.

Growing demand for power systems due to the integration of new technologies and increasing power requirements in the vehicles are projected to increase the growth of the military vehicle electrification market.

The Europe region is estimated to account for the largest share of the Military vehicle electrification market in 2021

The Military vehicle electrification market in the North American region is expected to witness substantial growth during the forecast period, owing to increased investments in Military vehicle electrification technologies by countries in this region. Ministry of defence in the European countries are involved in the development of technologically advanced military vehicles and the procurement of new to increase their fleet size. Well-established and prominent manufacturers of Military vehicle electrification systems in this region include BAE Systems (UK), Leonardo Spa (Italy), Qinetiq (UK) and Arquus (France).

Market Dynamics

Drivers

  • Rising Requirement for Electric Power Sources
  • Increasing Oil Prices and Emission Regulations
  • Increasing Demand for Lithium-Ion Batteries for Military Vehicles
  • Rising Demand for Autonomous Military Vehicles
  • Increasing Budget Allocations for Hybrid Electric Vehicles
  • Evolution of Advanced Hybrid Propulsion Systems

Restraints

  • Enhancements in Power-To-Weight Ratio
  • Limited Range of Military Electric Vehicles
  • High Cost of Fuel Cell Electric Vehicles

Opportunities

  • Demand for Power Resources
  • Development of Hydrogen Fuel Cell-Powered Military Vehicles
  • Development of Advanced Power Electronic Components

Challenges

  • Life and Durability of Integrated Systems
  • Range and Charging Limits

Companies Mentioned

  • Alke
  • AM General
  • Arquus
  • Aselsan A.S.
  • BAE Systems
  • Ballard Power Systems
  • Epsilor Electric Fuel Ltd
  • Flensburger Fahrzeugbau Gesellschaft GmbH
  • General Dynamics
  • General Motors
  • Highland Systems
  • Krauss-Maffei Wegmann
  • Leonardo Spa
  • Mega Engineering Vehicles Inc.
  • Milrem Robotics
  • Nexter Group
  • Nikola Motor Company
  • Oshkosh Corporation
  • Otokar Otomotive VE Savunma Sanayi
  • Polaris Industries Inc
  • Qinetiq Group plc
  • St Engineering
  • Tesla Inc.
  • Textron Inc.
  • UKroboronprom

For more information about this report visit https://www.researchandmarkets.com/r/66vu2v