Military Vehicle Electrification Market worth $17.6 billion by 2030 - Exclusive Report by MarketsandMarkets™

News provided by

10 Jun, 2021, 11:30 GMT

CHICAGO, June 10, 2021 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the market size is estimated to be valued at USD 4.8 billion in 2020. It is projected to reach USD 8.6 billion by 2025, recording a CAGR of 13.0% and USD 17.6 billion by 2030 at a CAGR of 15.4% in terms of value. The increasing number of procurement of new vehicles are also boosting the market growth. Hybrid and fully electric vehicles offer alternatives to power solutions. These solutions enable as an external source for power generation in the vehicles. The Military Vehicle Electrification market is developing further as the concept of alternative sources such as batteries and fuel cells. This requires a strong partnership between governments and private players which is expected to be witnessed during the forecast period. The new emerging security scenarios across the globe are trans-national in nature and warrant a unified approach among nations. Industries having a global presence and undergoing partnerships with local and international military vehicle industry participants and governments are expected to benefit in this highly competitive business environment. Companies wanting to grow in this market must be able to track the various trends with respect to the threats and technologies needed to tackle these, and also provide complete solutions, which include the services and equipment for Military Vehicle Electrification.

Ask for PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=55451533

The Military Vehicle Electrification market is being driven by the rising demand for autonomous military vehicles and increasing oil prices and emission regulations. Various The military sector has traditionally been ahead in the development of Autonomous Vehicle (AV) technology and has been experimenting for decades. The key driver for AV technology from a military perspective has always been the safety of troops. By preventing troops from entering high-risk environments and having robots or autonomous vehicles carry out tasks such as resupply or reconnaissance help reduce the number of casualties. Governments are spending millions of dollars to equip their fleet with hybrid and electric Military Vehicles.

Based on platform, the unmanned armored vehicle segment is projected to grow at the highest CAGR during the forecast period.

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 is 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.

Browse in-depth TOC on "Military Vehicle Electrification Market"

166 – Tables
71 – Figures
245 – Pages

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=55451533

The Asia Pacific region is the fastest-growing in the Military Vehicle Electrification market in the forecast period

The Asia Pacific Military Vehicle Electrification market is projected to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific Military Vehicle Electrification market is primarily driven by increasing focus on increasing expenditure on the procurement of military vehicles by major economies in this region. In addition, factors including increasing geopolitical tensions and increased defense-related expenditure are expected to drive the demand for Military Vehicle Electrification in the region.

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as General Motors (US), General Dynamics (US), Arquus (France), Oshkosh Corporation (US), BAE Systems (UK), and Textron Systems (US).

Related Reports:

Marine Engine Monitoring System Market by Engine Type (Propulsion Engine, Auxiliary Engine), End Use (OEM, Aftermarket), Component (Hardware, Software), Ship Type (Commercial, Naval), Deployment (On-Board, Remote), and Region - Global Forecast to 2025

Airport Full Body Scanner Market by Technology (Millimeter Wave Scanner (Active Scanner, Passive Scanner) & Backscatter X-Ray), Airport Class (Class A, Class B, Class C) and Region - Global Forecast to 2021

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/military-vehicle-electrification-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com
Content Source https://www.marketsandmarkets.com/PressReleases/military-vehicle-electrification.asp