Dublin, May 07, 2024 (GLOBE NEWSWIRE) -- The "Military Vehicle Electrification Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The latest industry insights reveal a significant growth trajectory for the Global Military Vehicle Electrification Market. By the year 2023, the market has achieved a commendable valuation of USD 16.83 billion, propelled by various factors including growing environmental concerns, technological advancements, and operational efficiency. The sector is expected to sustain this momentum with an anticipated CAGR of 6.84% from the year 2025 to 2029, reaching USD 24.83 billion.
The drive towards a more sustainable and efficient operational approach within military applications has been pivotal to the market's expansion. The integration of cutting-edge technologies in military vehicles reflects an imperative need for operational flexibility and eco-friendly initiatives. As defense sectors globally strive to modernize their fleets, electric and hybrid propulsion systems are increasingly being deployed for varied vehicle types such as armored units, transport trucks, and logistics vehicles. These measures aim not only to reduce carbon emissions but also to enhance capabilities in complex operational scenarios.
Technological Breakthroughs and Operational Advantages
Military entities are harnessing advancements in battery technology and electric powertrains, with lithium-ion batteries emerging as a preferred energy source due to their high energy density and quick-charging features. Transitioning to hybrid and fully electric propulsion systems provides a myriad of benefits including notable fuel savings, reduced emissions, and enhanced stealth capabilities. With electric vehicles exhibiting a lower noise signature, improved reliability, and reduced maintenance requirements, the operational and logistical aspects of defense operations are set to be revolutionized.
Regional Market Movements
North America leads regional market trends with substantial investment in electrification technologies. Concurrently, initiatives in Europe and the Asia-Pacific regions signal a strong commitment towards modernizing military equipment. The integration of electric drivetrains into diverse platforms aligns with strategic efforts to achieve operational readiness amid evolving global defense requirements.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $16.83 Billion |
| Forecasted Market Value (USD) by 2029 | $24.83 Billion |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- BAE Systems PLC
- General Dynamics Corporation
- Leonardo S.p.A
- Textron Inc.
- General Motors Company
- Nikola Corporation
- Qinetiq Group PLC
For more information about this report visit https://www.researchandmarkets.com/r/devsdk
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