The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Military Vehicle Electrification Global Market Report 2024, the military vehicle electrification market is expected to show significant growth in the forecast period.

The military vehicle electrification market has witnessed rapid expansion, with a market size set to reach $6.95 billion in 2024, reflecting an impressive compound annual growth rate (CAGR) of 18.3%. Looking ahead, the market is poised for continued growth, with a projected value of $12.78 billion in 2028, boasting a CAGR of 16.4%. The surge in both historic and forecasted periods can be attributed to several key factors, including fuel efficiency, environmental regulations, energy security, logistical simplification, enhanced armor, and mobility.

Market Drivers in the Forecast Period

• Interoperability: The seamless integration of military electrification systems.
• Adaptive Charging Infrastructure: Evolving infrastructure to support diverse charging needs.
• Export Opportunities: Expanding markets for military electrification globally.
• Hydrogen Fuel Cells: A promising alternative power source.
• Renewable Energy Integration: Incorporating sustainable energy solutions.

Major Trends in the Forecast Period

• Hybrid and Electric Platforms: A shift towards eco-friendly military vehicle designs.
• Next-Generation Batteries: Advancements in battery technology for improved performance.
• Modular and Adaptable Systems: Flexible solutions catering to diverse military requirements.
• Artificial Intelligence (AI) and Autonomous Features: Integration of cutting-edge technologies.
• Urban Warfare Adaptability: Military vehicles designed for modern urban combat scenarios.

Lithium-Ion Batteries: Powering the Future

The rising demand for lithium-ion batteries is a key driver propelling the growth of the military vehicle electrification market. These batteries, traditionally used in applications like tactical radios and thermal imagers, are now extending their reach to heavy-duty platforms such as military vehicles, boats, aircraft, and missiles. An illustrative example is the U.S. Department of Defense’s $1.65 million investment in NanoGraf Corporation, aiming to enhance portable power for military gear. NanoGraf’s silicon anode-based lithium-ion technology promises a significant runtime increase over conventional graphite anode lithium-ion cells, contributing to the market’s expansion.

Key Companies in the Market

• BAE Systems PLC
• Arquus
• Leonardo S.p.A.
• Textron Inc.
• General Motors Company
• Oshkosh Corporation
• Ballard Power Systems Inc.
• AM General LLC
• Nikola Corporation
• Alke S.r.l.
• Aselsan A.S.
• Epsilor Electric Fuel Ltd.
• Flensberg Fahrzeugbau Gesellschaft mbH
• Kongsberg Gruppen
• XALT Energy LLC

View More On The Military Vehicle Electrification Market Report 2024 – https://www.thebusinessresearchcompany.com/report/military-vehicle-electrification-global-market-report

Innovation Driving Market Transformation

Innovation takes center stage in the military vehicle electrification market, with companies focusing on product advancements to gain a competitive edge. Textron Inc., a prominent player, exemplifies this trend by introducing an advanced military electrification solution for existing armored vehicles. This solution enables the retention of traditional driveline mobility while incorporating technologies to meet military users’ evolving needs. The approach is faster than whole-vehicle design programs, offering the flexibility to export electric power for diverse applications and operate vehicles in full-electric silent mode during critical battlefield moments.

Textron’s Strategic Move: Pipistrel Acquisition

In a strategic move, Textron Inc. acquired Pipistrel, a Slovenia-based aircraft manufacturer, for $221.94 million (€218 million) in April 2022. This acquisition strengthens Textron’s foothold in the electrification of military vehicles and enhances its position in the aerospace and defense sector. Pipistrel, now part of Textron eAviation, aligns with Textron’s long-term vision to provide environmentally friendly aircraft for various roles, including urban air mobility, general aviation, freight, and mission-centric applications.

Market Segmentation

The military vehicle electrification market is segmented based on technology, operation, platform, and system.

Market Segmentation Overview:

1. Technology:
   • Hybrid
   • Fully Electric
2. Operation:
   • Manned
   • Autonomous/Semi-Autonomous
3. Platform:
   • Combat Vehicles
   • Support Vehicles
   • Unmanned Armored Vehicles
4. System:
   • Power Generation
   • Cooling Systems
   • Energy Storage
   • Traction Drive Systems
   • Power Conversion

Regional Landscape

North America claimed the largest share in the military vehicle electrification market in 2023, with Asia-Pacific emerging as the fastest-growing region in the forecast period.

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The Military Vehicle Electrification Global Market Report 2024  provides an in-depth analysis on the military vehicle electrification market size, trends and drivers, opportunities, strategies, and companies 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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