Global military vehicle electrification market is expected to reach USD 9.5 billion by 2026

(The Express Wire via Comtex)

The globalmilitary vehicle electrification marketwas worth around USD 4.8 billion in 2020, according to a Facts and Factors industry research analysis. It is expected to reach USD 9.5 billion by 2026, with a CAGR of 13.0%throughout the forecast period.

Electric vehicles might reduce the Army's dependency on liquid fuels, improve signature management through silent operations, and supply exportable power. Countries all around the world are pouring money into electric military vehicle RandD in order to improve their military hardware's stealth, speed, and power. Every year, electronic warfare takes on new dimensions, and hardware electrification is a must-have for many armies looking to gain a tactical advantage over their opponents.

The emerging global security threats are transnational in nature, needing a coordinated multinational response. Industries having a global presence, as well as relationships with local and international military vehicle industry participants and governments are projected to benefit in this highly competitive economic environment. Companies looking to expand in this industry must be able to spot emerging dangers and the technologies needed to combat them, as well as provide full solutions that include services and equipment for military vehicle electrification. For instance, the Army Rapid Capabilities and Critical Technologies Office (RCCTO) awarded BAE Systems a contract worth of USD 32.2 million in June 2020 to deliver two HED vehicles with upgraded engines, a replaced transmission electric drive motor, and the addition of lithium-ion batteries to power onboard vehicle equipment. The United States Army awarded GM Defense a USD 214.3 million contract in June 2020 for the construction and maintenance of new Infantry Squad vehicles based on GM's Chevrolet Colorado ZR2.

The pandemic's overall influence is affecting the manufacturing processes of various industries, including electronics and semiconductors, among others. As a result of the government of various regions' announcements of total lockdown and temporary shutdown of industry, the overall production process has been badly affected, hampered the worldwide military vehicle electrification market. Military Vehicle RandD Electricity is continually evolving, and given the current situation, countries decreasing their defence budgets may be a barrier to the advancement of this technology. Due to import and export laws, manufacturing activities have suffered operational and operating issues. Controlling the COVID-19 outbreak is currently a global problem and a critical task in many nations.

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Top Market Players

The key players in the military vehicle electrification market are Leonardo Spa, QinetiQ, General Motors, General Dynamics, Arquus, Oshkosh Corporation, BAE Systems Textron Systems, Nikola Corporation, Krauss-Maffei Wegmann GmbH and Co. KG, AeroVironment, Ford Motor Company, Tesla Inc., Lockheed Martin, Milrem Robotics, and Alke among others.

Increased in the demand for Military Vehicles

Military vehicles with a lot of electronics use a lot of electricity, which is projected to limit battery capacity as discharge rates rise. Future generations of military land vehicles are likely to employ identical batteries to ensure fleet compatibility and upgradeability. The market will almost definitely profit from these factors.

Increasing demand for autonomous military vehicles, as well as rising oil prices and emissions regulations, are driving the military vehicle electrification market. For decades, the military has been ahead of the curve in autonomous vehicle technology development, having experimented.

All-electric vehicles powered by hydrogen fuel cells are a significant advancement. Fuel cell vehicles, on the other hand, utilize hydrogen gas to generate power through relatively simple chemical reactions. Military freight, equipment, and artillery logistics have seen an increase in demand for hydrogen fuel cells in the transportation sector. Alternative fuel cells such as alkaline fuel cells (AFCs), solid oxide fuel cells (SOFCs),direct methanol fuel cells (DMFCs), and phosphoric acid fuel cells can be used if pure hydrogen is not available.

North America Region Dominates the Global Military Vehicle Electrification Market

Based on region, the market is divided into five major regions; North America, Europe, Latin America, Asia Pacific, and The Middle East and Africa.

The military vehicle electrification market in North America is expected to develop significantly over the projected period, owing to rising expenditures in military vehicle electrification technologies by countries in this region. European defence ministries are working to develop technologically superior military vehicles as well as acquire new vehicles to add to their collection.

The Asia Pacific military vehicle electrification market is estimated to grow at the quickest rate during the forecast period. Due to a growing focus on boosting military vehicle procurement spending by major economies in the region, the Asia Pacific military vehicle electrification market is growing.

The global military vehicle electrification market is segmented as follows:

By Technology:

  • Hybrid
  • Fully electric

By Platform:

  • Combat vehicles
  • Support vehicles
  • Unmanned armoured vehicles

By System:

  • Power Generation
  • Cooling Systems
  • Energy Storage
  • Traction Drive Systems
  • Power Conversion

By Operation:

  • Manned
  • Autonomous/semi-autonomous

By Region:

  • North America
    • The U.S.
    • Canada
  • Europe
    • The UK
    • France
    • Germany
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

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