Estimated Growth Potential Of The Military Vehicle Electrification Market 2023-2032
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
Per The Business Research Company’s Military Vehicle Electrification Global Market Report 2023, the global market is forecasted to increase from $4.99 billion in 2022 to $5.87 billion in 2023, with a 17.6% CAGR. The market size is projected to reach $10.94 billion in 2027, growing at a 16.8% CAGR.
North America held the largest military vehicle electrification market share, and Asia-Pacific was the fastest-growing region in 2022.
Military Vehicle Electrification Market Driver
Growing demand for lithium-ion batteries in military vehicles is set to boost the military vehicle electrification market. Lithium-ion batteries have a long history in military applications, including tactical radios, thermal imagers, ECM, ESM, and portable computing. They are expected to expand into heavier platforms like military vehicles, boats, shelters, aircraft, and missiles. In July 2021, the U.S. Department of Defense invested $1.65 million in NanoGraf Corporation, a U.S. firm specializing in lithium-ion batteries. This investment aims to provide U.S. military personnel with more efficient portable power. NanoGraf will develop silicon anode-based lithium-ion technology to increase runtime by 50-100% compared to conventional graphite anode lithium-ion cells. Hence, the rising demand for lithium-ion batteries for military vehicles fuels the military vehicle electrification market’s growth.
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Key Military Vehicle Electrification Market Segments
The global military vehicle electrification market is segmented –
1) By Technology: Hybrid, Fully Electric
2) By Operation: Manned, Autonomous/Semi-Autonomous
3) By Platform: Combat Vehicles, Support Vehicles, Unmanned Armored Vehicles
4) By System: Power Generation, Cooling Systems, Energy Storage, Traction Drive Systems, Power Conversion
Military Vehicle Electrification Market Prominent Players
Major players in the military vehicle electrification market are BAE Systems, ARQUUS, Leonardo SpA, Textron Inc., General Motors, Oshkosh Corporation, Nikola Corporation, Otokar Otomotive, QinetiQ, Polaris Inc., Epsilor-Electric Fuel Ltd., Nexter Group, ST Engineering, Tesla Inc., ASELSAN AS, AM General, and Highland Systems.
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Prominent Military Vehicle Electrification Market Trend
Product innovation is a prominent trend in the military vehicle electrification sector. Leading companies in this field prioritize innovation to provide enhanced solutions and solidify their market position. For instance, in June 2022, Textron Inc., a U.S.-based military vehicle electrification company, unveiled an advanced solution for retrofitting existing armored vehicles with electrification technology. This innovation preserves traditional driveline mobility while meeting the military’s specific needs through technology utilization. The solution offers a faster path to vehicle electrification compared to full-vehicle design programs, enabling power export for charging other systems and allowing vehicles to operate silently in full-electric mode for limited battlefield periods.
The Military Vehicle Electrification Global Market Report 2023 provides comprehensive insights on the military vehicle electrification market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the military vehicle electrification market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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