DUBLIN--(BUSINESS WIRE)--The "Global Military Vehicle Electrification Market by Technology, System (Power Generation, Cooling Systems, Energy Storage, Traction Drive Systems, Power Conversion, Transmission System), Platform, Mode of Operation & Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The military vehicle electrification market will be USD 3.5 billion in 2022 and is projected to be USD 15.1 billion by 2027 at a CAGR of 34.1% from 2022 to 2027. Due to their greatly reduced thermal and noise signatures when powered by batteries, electric cars can allow stealth mode capabilities that are more effective. Enhancing land-based electrification capabilities can also imply taking a step toward autonomous or semi-autonomous operations and better situational awareness via upgraded sensors. In addition to being good for the environment, using electric or hybrid propulsion can improve operating capabilities. Utilizing contemporary technology aids militaries in gaining and maintaining an operational advantage over enemies. Additionally, it gives a commercial advantage to producers of military vehicles.
Unmanned armored vehicle segment is expected to grow at the highest CAGR from 2022 to 2027
The unmanned armored vehicle segment of the market is projected to grow at the highest CAGR. Unmanned armored vehicles have the same chassis as manned vehicles but with enhanced features and capabilities. These have different integrated hybrid electric drives, battery packs, and fuel cells that produce power for the vehicles and their systems. The Military Vehicle Electrification market is expected to drive the growth of unmanned armored vehicle platforms. The requirement for military vehicle electrification in combat and support vehicles is expected to be in a similar range during the forecast period.
Based on systems, the power generation segment is estimated to grow at the highest CAGR during the forecast period
Based on system, the military vehicle electrification market has been segmented into power generation, cooling systems, energy storage, traction drive systems, power conversion systems, and transmission system. Military vehicles have different systems for different applications. These systems are manufactured by different companies and are integrated with military vehicles by Original Equipment Manufacturers (OEMs). For instance, Protector remote weapon stations manufactured by Kongsberg are deployed on Stryker vehicles manufactured by General Dynamics. Thus, the ecosystem of modernized military vehicles comprises multiple companies supplying various subsystems and components The need for power generation systems in military vehicle systems for the integration of systems and powering vehicles in stealth and surveillance modes are the factors driving the market growth.
North America is projected to account for the largest share in 2022
The Military vehicle electrification market in the North American region is expected to account for the largest share during the forecast period. This is due to increased investments in Military vehicle electrification technologies by countries such as US and Canada in this region. The presence of prominent manufacturers and integrators of these military systems, including General Dynamics (US), Oshkosh Corporation (US), Textron Inc. (US), and General Motors (US), is also expected to drive the market in the region during the forecast period.
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
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Military Vehicle Electrification Market, by Platform
8 Military Vehicle Electrification Market, by Operation
9 Military Vehicle Electrification Market, by System
10 Military Vehicle Electrification Market, by Technology
11 Military Vehicle Electrification Market, Regional Analysis
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- Alke
- AM General
- Arquus
- Aselsan A.S.
- BAE Systems
- Ballard Power Systems
- Epsilor Electric Fuel Ltd
- Flensberg Fahrzeugbau Gesellschaft GmbH
- General Dynamics
- General Motors
- Highland Systems
- Krauss-Maffei Wegmann
- Leonardo S.p.A.
- 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/ekfoxl
