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 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 Military vehicle electrification market includes major players Oshkosh Corporation (US), General Dynamics (US), Arquus (France), Leonardo SPA (Italy), BAE Systems (UK), Aselsan (Turkey), Textron Sytsems (US) and General Motors (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
“The unmanned armored 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 defense 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).
The break-up of the profiles of primary participants in the Military vehicle electrification market is as follows:
- By Company Type: Tier 1 - 30%; Tier 2 - 40%; and Tier 3 - 30%
- By Designation: C Level Executives - 40%; Directors - 32%; and Others - 28%
- By Region: North America - 40%; Europe - 15%; Asia Pacific - 40%, Rest of the World - 5%
Major players in the Military vehicle electrification market are Oshkosh Corporation (US), BAE Systems (UK), General Dynamics (US), General Motors (US), Leonardo (Italy), and Qinetiq (UK)
This market study covers the Military vehicle electrification market across various segments and subsegments. It aims at estimating the size and growth potential of this market across different segments based on platform, technology, operation,system, and region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Reasons To Buy this Report
This report is expected to help market leaders/new entrants by providing them the closest approximations of the revenue numbers for the overall Military vehicle electrification market and its segments. This study is also expected to provide region-wise information about the applications wherein Military vehicle electrification solutions are used. It also aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the Military vehicle electrification market.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on Military vehicle electrification products/ solutions offered by the top players in the market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the Military vehicle electrification market
• Market Development: Comprehensive information about lucrative markets – the report analyses the Military vehicle electrification market across varied regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Military vehicle electrification market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the Military vehicle electrification market