Global military vehicle electrification market
DUBLIN, March 7, 2024 (Globe Newswire) — By Platform (Combat Vehicles, Support Vehicles, Unmanned Armored Vehicles), Systems, Technologies (Hybrid, Full Electric), Operating Modes, Voltage Types, and Regions – 2030 Added “Forecast up to 2020” report ResearchAndMarkets.com Recruitment.
The global military vehicle electrification market is expected to rapidly grow from a valuation of $4.1 billion in 2023 to $20.4 billion by 2030, expanding at an impressive CAGR of 25.6% during this period.
This impressive growth trajectory can be attributed to a series of market drivers, including the promotion of advanced technologies and sustainable practices in defense mechanisms across the world.
Significant technological advances in power generation systems support growth
Electrification of military vehicles involves a variety of systems, and power generation systems are expected to gain a significant market share. Innovations in power generation and energy storage are further enhancing the operational agility and strategic capabilities of military forces.
Command and control vehicles are rapidly growing due to improved operational capabilities
Enhancing the effectiveness of command centers will accelerate the electrification of command and control vehicles. Such advancements leverage the inherent need for stealth, maneuverability, and efficiency, allowing these vehicles to provide optimal support in complex operational situations.
Ammunition supply vehicle gains traction
Market analysis predicts a significant increase in the use of replenishment vehicles with electric propulsion. The emphasis on innovation in logistics is matched by the demand for electric platforms, ensuring faster and more reliable ammunition delivery services.
US leads military vehicle electrification efforts
Established defense and electric vehicle industries place the United States at the forefront of the military vehicle electrification market. Investments in innovative technologies such as electrification benefit from the synergies of a strong domestic manufacturing base and robust military infrastructure.
Industry leaders and market trends
Prominent industry players are shaping the future of the market with emphasis on enhanced product offerings and strategic growth. The market is characterized by a competitive environment where various stakeholders from the government and commercial sectors are engaged in the development and fielding of electric military vehicles to address key challenges and exploit new opportunities.
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Market Drivers: The defense sector is motivated by advanced battlefield requirements, increasing demand for power sources, and increasing global defense spending.
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Market Constraints and Challenges: Addressing power and weight balance, limited electric vehicle range, and lifecycle durability are among the key concerns.
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Market Opportunity: The development of hydrogen fuel cell systems has great potential in the future.
New research publications highlight the importance of comprehensive analysis covering various segments such as systems, technologies, and regional markets. It provides insights into product innovation, market development, diversification and competitive assessment, providing key stakeholders with valuable data to navigate the new dynamics of military vehicle electrification.
Strategic insights through competitive landscape analysis
Detailed competitive analysis of market players reveals their strategic positioning and growth plans in the electrification landscape. Stakeholders will have access to critical data on market share, partnerships, and R&D initiatives to ensure informed decision-making and strategic planning.
Key attributes:
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report attributes |
detail |
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number of pages |
261 |
|
Forecast period |
2023-2030 |
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Estimated market value in 2023 (USD) |
$4.1 billion |
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Projected market value to 2030 (USD) |
$20.4 billion |
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compound annual growth rate |
25.6% |
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Target area |
global |
Introduced companies
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Oshkosh
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GM defense
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general dynamics
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bay systems
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leonardo
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Textron Co., Ltd.
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cent engineering
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kinetic
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Polaris Co., Ltd.
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Aselsan
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Otkar otmotif ve sabumma sanai
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line metal
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Thales Group
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Klaus Maffei Wegman
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Flensberg Vaatzouugbau
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arcus defense
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Ypsilor Electric Fuel Co., Ltd.
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nextstar group
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Ukroboronprom
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milrem robotics
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It's the general
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highland systems
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Arche
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Mega Engineering Vehicles Co., Ltd.
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FNSS
For more information on this report, please visit https://www.researchandmarkets.com/r/2y3rhq.
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