Dublin, March 07, 2024 (GLOBE NEWSWIRE) -- The "Global Military Vehicle Electrification Market by Platform (Combat Vehicles, Support Vehicles, Unmanned Armored Vehicles), System, Technology (Hybrid, Fully Electric), Mode of operation, Voltage Type and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global military vehicle electrification market is projected to surge from a valuation of USD 4.1 billion in 2023 to USD 20.4 billion by 2030, expanding at an impressive CAGR of 25.6% during this period.
This remarkable growth trajectory is attributed to a series of market drivers including the push for advanced technologies and sustainable practices in defense mechanisms across the globe.
Significant Technological Advancements in Power Generation Systems Support Growth
The electrification of military vehicles encompasses an array of systems, with the Power Generation system expected to capture a substantial market share. Technological innovations in generators and energy storage are further enhancing operational agility and the strategic capabilities of military units.
Command and Control Vehicles to Experience Rapid Growth Due to Enhanced Operational Capabilities
Bolstering the efficacy of command centers, the electrification of Command and Control vehicles is set to grow swiftly. Such advancements capitalize on the quintessential need for stealth, mobility, and efficiency, ensuring these vehicles deliver optimal support in complex operational situations.
Ammunition Replenishment Vehicles Gain Traction
Market analysis forecasts a significant rise in the use of replenishment vehicles equipped with electric propulsion. The emphasis on innovation in logistics aligns with the demand for electric platforms, ensuring faster and more reliable ammunition delivery services.
United States to Lead Military Vehicle Electrification Efforts
A well-established defense and electric vehicle industry positions the United States at the forefront of the military vehicle electrification market. Investment in innovative technologies like electrification benefits from the synergy between a strong domestic manufacturing base and robust military infrastructure.
Industry Leaders and Market Dynamics
Prominent industry players are shaping the market's future, focusing on enhancing product offerings and strategic growth. The market is characterized by a competitive landscape wherein different stakeholders from government and commercial sectors engage to develop and deploy electrified military vehicles, addressing key challenges and leveraging emerging opportunities.
- Market Drivers: The defense sector is motivated by advanced battlefield requirements, the rising need for electric power sources, and growing defense expenditures globally.
- Market Restraints and Challenges: Addressing the power-to-weight balance, range limitations of electric vehicles, and life cycle durability are among the key concerns.
- Market Opportunities: The development of hydrogen fuel cell systems represents a significant future potential.
The new research publication underscores the importance of comprehensive analysis, encompassing different segments such as systems, technologies, and regional markets. It offers insights into product innovation, market development, diversification, and competitive assessment, equipping key stakeholders with invaluable data to navigate through the emerging dynamics of military vehicle electrification.
Strategic Insights with Competitive Landscape Analysis
In-depth competitive analysis of the market players reveals the strategic positioning and growth plans within the electrification landscape. Stakeholders gain access to crucial data on market shares, partnerships, and research and development initiatives, ensuring informed decision-making and strategic planning.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 261 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $4.1 Billion |
| Forecasted Market Value (USD) by 2030 | $20.4 Billion |
| Compound Annual Growth Rate | 25.6% |
| Regions Covered | Global |
Companies Profiled
- Oshkosh
- Gm Defense
- General Dynamics
- Bae Systems
- Leonardo
- Textron Inc.
- St Engineering
- Qinetiq
- Polaris Inc.
- Aselsan
- Otokar Otomotiv Ve Savunma Sanayi
- Rheinmetall
- Thales Group
- Krauss-Maffei Wegmann
- Flensberg Fahrzeugbau
- Arquus Defence
- Epsilor Electric Fuel Ltd.
- Nexter Group
- Ukroboronprom
- Milrem Robotics
- Am General
- Highland Systems
- Alke
- Mega Engineering Vehicles Inc.
- FNSS
For more information about this report visit https://www.researchandmarkets.com/r/2y3rhq
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