By GlobeNewswire – Press Releases
New York, United States , June 30, 2024 (GLOBE NEWSWIRE) — The Global Military Vehicle Electrification Market Size is to Grow from USD 4.4 Billion in 2023 to USD 35.1 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 23.08% during the projected period.
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The act of incorporating electric power and propulsion systems into military vehicles, like tanks, armored vehicles, transport vehicles, and support vehicles, is referred to as military vehicle electrification. It involves combining advanced power management systems, using modern battery technology, and replacing traditional internal combustion engines with electric motors. Throughout this transition, traditional fuel-powered engines will be replaced with electric motors powered by either batteries or hybrid systems to propel the vehicles. It is made up of a wide range of military equipment, such as airplanes, ships, and vehicles on land. Practically, hybrid and all-electric military vehicles offer benefits by providing extended range and increased onboard power for directed-energy weapons, jammers, and electrified armor. Further advantages of military vehicle electrification (MVE) include decreased fuel usage, removal of thermal and acoustic signals, quiet movement, and a reduced need for logistical and maintenance resources. Military operations require vehicles that can quickly move through different types of terrain, such as city streets, rocky landscapes, and dangerous combat zones. However, the power-to-weight ratio is a major obstacle in the market for electrifying military vehicles, hindering the widespread use of electric propulsion systems in certain military settings. Balancing the power needed for best performance with the weight restrictions set by energy storage systems like batteries is a challenging engineering task.
Browse key industry insights spread across 213 pages with 110 Market data tables and figures & charts from the report on the “Global Military Vehicle Electrification Market Size, Share, and COVID-19 Impact Analysis, By System (Power Generation, Cooling Systems, Energy Storage, Traction Drive Systems, and Power Conversion), By Platform (Combat vehicles, Support Vehicles, and Unmanned Armored Vehicles), By Technology (Hybrid and Fully Electric Segments), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The power conversion segment is anticipated to hold the greatest share of the global military vehicle electrification market during the projected timeframe.
Based on the system, the global military vehicle electrification market is divided into power generation cooling systems, energy storage, traction drive systems, and power conversion. Among these, the power conversion segment is anticipated to hold the greatest share of the global military vehicle electrification market during the projected timeframe. Its significant impact is in improving both energy efficiency and operational capabilities. Military vehicles need to utilize a variety of power sources, including conventional fuel systems and emerging electric propulsion technologies. Power converters are essential in effectively handling and dispersing power from different sources, ensuring premium performance and meeting mission goals.
The support vehicles segment is anticipated to hold the greatest share of the global military vehicle electrification market during the projected timeframe.
Based on the platform, the global military vehicle electrification market is divided into combat vehicles, support vehicles, and unmanned armored vehicles. Among these, the support vehicles segment is anticipated to hold the greatest share of the global military vehicle electrification market during the projected timeframe. This is due to the high level of importance that these vehicles have in delivering supplies to soldiers in war zones and the growing demand for vehicles designed for extreme weather. One thing to take into account is the trend in developing nations reducing defense budgets, leading to an increasing inclination towards military vehicles with decreased maintenance and operational costs.
The fully electric segment is predicted to hold the largest share of the military vehicle electrification market during the estimated period.
Based on the technology, the global military vehicle electrification market is divided into hybrid and fully electric. Among these, the fully electric segment is predicted to hold the largest share of the military vehicle electrification market during the estimated period. The division is fueled by a mix of strategic benefits and technological progress. The main cause of this change is the built-in efficiency of electric propulsion systems. In military scenarios, electric vehicles provide advantages such as lower maintenance expenses, streamlined logistics, and enhanced operational versatility, which are vital assets.
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North America is expected to hold the largest share of the global military vehicle electrification market over the forecast period.
North America is expected to hold the largest share of the global military vehicle electrification market over the forecast period. It is propelled by a mix of strategic initiatives, technical expertise, and a growing commitment to sustainability. The region’s dedication to lowering carbon emissions and lessening reliance on fossil fuels has resulted in substantial funding for electric vehicle (EV) technology, establishing a positive atmosphere for military electrification. The United States is leading the way in developing state-of-the-art electric military vehicles due to its large defense budget and top defense contractors. North America leverages its advanced automotive sector to establish a solid foundation for seamlessly integrating electric propulsion systems into military vehicles.
Asia Pacific is predicted to grow at the fastest pace in the global military vehicle electrification market during the projected timeframe. This is due to the government’s initiatives to encourage the use of electric vehicles and provide incentives for their purchase. The interest in electric cars in the Asia-Pacific area is being boosted by these projects. Moreover, the growing populations and increased individual incomes in neighboring nations are causing a greater demand for sustainable options for personal transportation.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Military Vehicle Electrification Market include BAE Systems, Oshkosh Corporation, Otokar Otomotiv ve Savunma Sanayi AS, GM Defense LLC, Leonardo, Qinetiq, Textron Inc., ST Engineering, Arquus, General Dynamics Corporation, Alke, Krauss-Maffei Wegmann, RENK Group AG, Crane Aerospace & Electronics, and others key vendors.
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Recent Developments
- In February 2023, Rheinmetall AG purchased American Rheinmetall Vehicles, a company in the United States that makes military vehicles, obtaining knowledge in creating and incorporating electric and hybrid propulsion systems for military usage.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Military Vehicle Electrification Market based on the below-mentioned segments:
Global Military Vehicle Electrification Market, By System
- Power Generation
- Cooling Systems
- Energy Storage
- Traction Drive Systems
- Power Conversion
Global Military Vehicle Electrification Market, By Platform
- Combat Vehicles
- Support Vehicles
- Unmanned Armored Vehicles
Global Military Vehicle Electrification Market, By Technology
Global Military Vehicle Electrification Market, Regional
- North America
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Source: GlobeNewswire – Press Releases