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.
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.
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).
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