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The Military Vehicle Electrification Market Size was valued at USD 6.43 billion in 2023 and is expected to reach USD 20.09 billion by 2032 and grow at a CAGR of 13.5% over the forecast period 2024-2032.
A tactical vehicle with hybrid-electric capabilities and in-hub electric drive is the military vehicle electrification. The research and development in military vehicle electrification are constantly evolving, and the current scenario of countries cutting their defense budgets may be a hindrance to the growth of this technology. Because of import and export regulations, manufacturing activities have faced operational and running challenges.
MARKET DYNAMICS
KEY DRIVERS
The demand for electric power sources is increasing.
Rising oil prices and stricter emission regulations
Increasing demand for self-driving military vehicles
RESTRAINTS
Short range of electric vehicle
Limited Advantages
OPPORTUNITIES
Hydrogen fuel cell-powered demand
Cost effective
Less pollution & clean energy
CHALLENGES
Limited charging capability
Even replacing a battery pack is prohibitively expensive.
THE IMPACT OF COVID-19
COVID-19 started in Wuhan in December 2019 and has since spread rapidly around the world. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the countries most affected in terms of confirmed cases and reported deaths. COVID-19 has been affecting the economy and industry in various countries due to land closures, travel restrictions, and business closures. The closure of various plants and factories has affected the global supply chain and has had a devastating effect on the manufacturing, delivery, and marketing of products in global markets.
Few companies have already announced potential product delivery delays and sales declines in the future. In addition, international travel restrictions imposed on European, Asian-Pacific, and North American countries affect business cooperation and relationship opportunities.
MARKET ESTIMATION
Growth in the market for electric vehicle fittings is predicted to promote equitable growth in three phases. The need for the electrical installation of military vehicles in combat and support vehicles is predicted to be relatively relative during the forecast period. The power generation component is expected to grow at the fastest CAGR at the time of forecasting, based on plans. The market for military vehicle electrification is expected to grow due to increased demand for energy systems due to the integration of new technologies and increased energy needs in vehicles.
The proportion of private or private military vehicles is expected to grow at the fastest CAGR at the time of forecasting, based on performance. The proportion of private or private military vehicles is expected to grow at the fastest CAGR at the time of forecasting, based on performance. The need for private vehicles that help reduce human losses and skills development fuels the growing market for private or private military vehicles. The market for North American military vehicles is expected to grow significantly during the forecast period, due to increased investment in international military vehicle technology. European defense services have contributed to the development of technologically advanced military vehicles and the acquisition of new vehicles to increase the size of their ships. Vehicle electrification systems from well-known and well-known manufacturers.
COMPETITIVE LANDSCAPE
The report discusses major developments in the military vehicle electrification market, as well as organic and inorganic growth strategies. Various business sectors are focusing on natural and chemical-free growth strategies such as product launches, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market.
By Operation
Manned
Autonomous
Semi-autonomous
By Technology
Hybrid
Fully Electric
By System
Power Generation
Cooling System
Energy Storage
Traction Drive System
Power Conversion
By Platform
Combat vehicles
Support vehicles
Unmanned armoured vehicles
REGIONAL ANALYSIS
Due to rising expenditures in military vehicle electrification technologies by countries in this region, the North American military vehicle electrification market is expected to grow significantly over the forecast period. European defense ministries are working to develop technologically superior military vehicles while also acquiring new vehicles to add to their inventory. During the forecast period, the Asia Pacific military vehicle electrification market is expected to grow at the fastest rate. The Asia Pacific military vehicle electrification market is expanding as major economies in the region increase their military vehicle procurement spending.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Major Players are BAE Systems plc, Krauss-Maffei Wegmann GmbH, Textron Inc, General Motors Company, Nikola Corporation, Qinetiq Group Plc, General Dynamics Corporation, Arquus, Nexter group, Leonardo S.p.A., and other players.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 6.43 Billion |
| Market Size by 2032 | US$ 20.09 Billion |
| CAGR | CAGR of 13.5% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By System (Power Generation, Cooling System, Energy Storage, Traction Drive System and Power Conversion) • By Technology (Hybrid and Fully Electric) • By Platform • By Operation |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | BAE Systems plc, Krauss-Maffei Wegmann GmbH, Textron Inc, General Motors Company, Nikola Corporation, Qinetiq Group Plc, General Dynamics Corporation, Arquus, Nexter group, Leonardo S.p.A., and other players. |
| DRIVERS | • The demand for electric power sources is increasing. • Rising oil prices and stricter emission regulations • Increasing demand for self-driving military vehicles |
| RESTRAINTS | • Short range of electric vehicle • Limited Advantages |
The market size of the Military Vehicle Electrification Market was valued at USD 6.43 billion in 2023.
The growth rate of the Military Vehicle Electrification Market is 13.5% over the forecast period 2024-2032.
The key players of the Military Vehicle Electrification Market are BAE Systems plc, Krauss-Maffei Wegmann GmbH, Textron Inc, General Motors Company, Nikola Corporation, Qinetiq Group Plc, General Dynamics Corporation, Arquus, Nexter group, and Leonardo S.p.A.
The Military Vehicle Electrification Market is segmented into 4 types: By System, By Platform, By Technology, and By Operation.
North America region dominated the Military Vehicle Electrification Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Military vehicle electrification market, by Operation
8.1 Manned
8.2 Autonomous
8.3 Semi-autonomous
9. Military vehicle electrification market, by Technology
9.1 Hybrid
9.2 Fully Electric
10. Military vehicle electrification market, by System
10.1 Power Generation
10.2 Cooling System
10.3 Energy Storage
10.4 Traction Drive System
10.5 Power Conversion
11. Military vehicle electrification market, by Platform
11.1 Combat vehicles
11.2 Support vehicles
11.3 Unmanned armoured vehicles
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Arquus
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 BAE Systems plc
13.3 General Dynamics Corporation
13.4 Leonardo S.p.A.
13.5 Textron Inc
13.6 General Motors Company
13.7 Nikola Corporation
13.8 Qinetiq Group Plc
13.9 Nexter group
13.10 Krauss-Maffei Wegmann GmbH
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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