CHICAGO, Nov. 29, 2022 /PRNewswire/ — The military vehicle electrification market will be USD 3.5 billion in 2022 and is projected to be USD 15.1 billion by 2027 at a CAGR of 34.1% from 2022 to 2027 according to a new report by MarketsandMarkets™. The market is growing as a result of the rising number of new car purchases. As the idea of alternate sources like batteries and fuel cells is becoming more popular, the market for military vehicle electrification is expanding. This necessitates a powerful collaboration between public and private actors, which is anticipated to occur during the forecast period. The new, rising security situations worldwide call for a coordinated strategy among nations. In this fiercely competitive economic environment, industries with a global presence and relationships with local and international military vehicle industry participants and governments are expected to prosper. Businesses that wish to expand in this industry must be able to keep up with changing threats and the technology required to combat them. They also need to be able to offer comprehensive solutions that encompass services and tools for Military Vehicle Electrification.
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Based on platform, the unmanned armored vehicle segment is expected to grow at the highest CAGR during the forecast period
Based on platform, the military vehicle electrification market has been segmented into combat vehicles, support vehicles, and unmanned armored vehicles. The three platforms are anticipated to increase in proportion to the expansion of the military vehicle electrification market. During the forecast period, a similar level of military vehicle electrification is anticipated for both combat and support vehicles.
Based on mode of operations, the autonomous/semi-autonomous military vehicle segment is estimated to grow at the highest CAGR during the forecast period
The military vehicle electrification market based on the mode of operation comprises manned and autonomous/semi-autonomous vehicles. Manned vehicles are driven and operated by crews in the vehicles. Autonomous/semi-autonomous vehicles do not require the physical presence of crews. These vehicles are either remotely operated or fully autonomous. The Autonomous/semi-autonomous vehicle can be used in scenarios wherein it can be crucial to have a human operator.
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Europe is the fastest-growing region for the military vehicle electrification market during the forecast period
The Military Vehicle Electrification market in Europe is projected to grow at the highest CAGR during the forecast period. The Europe Military Vehicle Electrification market growth is driven mostly by the government of France, Germany, and Russia investigating the development of their defense platform. In addition, countries in these regions have a strong focus on research & development activities. For instance, Germany, Russia, and France are leaders in technology exports to countries across the globe. This can be attributed to strong supply chains and a focus on innovation, enabling the adoption of technologically advanced military vehicle electrification equipment in this region. The French government spends 1% of its revenue on research & development.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as. BAE Systems Plc. (UK), General Dynamics (US), General Motors (US), Textron Systems (US), Leonardo DRS (Italy), Nexter Group (US), and Oshkosh Corporation (US).
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