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.
The major player in the Military Vehicle Electrification market includes Oshkosh Corporation (US), General Dynamics (US), Leonardo SPA (Italy), BAE Systems (UK), Textron Systems (US), and General Motors (US). These players have strong business strategies and portfolios of products & services spread across various countries, including North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
“ 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.
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), and Leonardo (Italy).
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, mode of 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 with 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