Military Vehicle Electrification Market surges for efficient, stealthy, and technologically advanced defense operations.
— According to SNS Insider Research
AUSTIN, TEXAS, UNITED STATES, February 13, 2024 /EINPresswire.com/ — Military Vehicle Electrification Market Overview:
The 𝐌𝐢𝐥𝐢𝐭𝐚𝐫𝐲 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 is experiencing rapid growth, driven by the need for more efficient and environmentally friendly vehicles in defense operations. Electrification offers several advantages, including reduced fuel consumption, lower maintenance costs, and enhanced stealth capabilities due to reduced noise signatures. Additionally, electrified military vehicles can support advanced technologies such as autonomous driving and integrated communication systems, improving overall operational efficiency. North America is expected to dominate the market, followed by Europe and Asia-Pacific, due to their significant defense budgets and focus on modernizing military fleets. However, factors such as high initial costs and limited infrastructure for electric vehicles in remote areas pose challenges to market growth.
Oil is one of the most volatile commodities on the market. Slight changes in a group of nations’ geopolitical or financial systems cause a quick adjustment in oil prices. This has raised demand for alternate fuel sources, which exhibit minimal to no cost change in response to changes in political conditions throughout the world. The expanding usage of electric motors demonstrates a growing tendency to oppose the market dominance of oil as a primary source of fuel for cars.
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Market Sizing Paragraph
The SNS Insider report indicates that Military Vehicle Electrification Market was valued at USD 5.67 Billion in 2022, and it is projected to achieve a market size of USD 15.62 Billion by 2030, with a compound annual growth rate (CAGR) of 13.5% expected over the forecast period from 2023 to 2030.
Major Key Players Included are:
• BAE Systems plc
• Krauss-Maffei Wegmann GmbH
• Textron Inc
• General Motors Company
• Nikola Corporation
• Qinetiq Group Plc
• General Dynamics Corporation
• Nexter group
• Leonardo S.p.A., and other players.
Market Report Scope
More than 8 million ground vehicles worth more than USD 200 billion are stored in the worldwide defense sector. Concerns about the environmental harm caused by such a high number of automobiles have led in an increase in demand for vehicles that run on alternative fuel sources such as renewable energy sources, biofuels, and electricity. Military Vehicle Electrification is the process of placing operational equipment in military vehicles that runs on electric motors, uses no gasoline, and emits little to no carbon into the environment. The Global Military Vehicle Electrification Market has grown due to an increase in demand for a cost-effective method to run vehicles in the military industry.
To address these challenges, Military Vehicle Electrification Market players are focusing on developing advanced battery technologies, improving vehicle range and performance, and enhancing charging infrastructure. Additionally, collaborations between defense agencies and electric vehicle manufacturers are expected to drive innovation and accelerate market growth. As the global military sector increasingly prioritizes sustainability and operational efficiency, the demand for electrified military vehicles is expected to rise, creating lucrative opportunities for market players.
Military Vehicle Electrification, such as hybrid electric systems and entirely electric propulsion, improves operating efficiency by lowering fuel consumption and enhancing performance. This is critical for contemporary military forces seeking to improve operations and alleviate logistical issues associated with fuel supply. Environmental Responsibility a important motivation is the desire of lower carbon emissions and environmental responsibility. Electrification technology assists military in reducing their carbon footprint, which contributes to global environmental goals.
Advances in battery technology, electric drivetrains, and charging infrastructure have made electric and hybrid military vehicles more feasible and dependable for a variety of uses ranging from combat vehicles to logistics support.
• Military Vehicle Electrification improves operating efficiency by lowering fuel consumption and improving vehicle performance. Electric and hybrid systems provide a lot of torque at low speeds, which helps with acceleration and agility.
• Battery technology, electric drivetrains, and charging infrastructure advancements have made military electrification more realistic and dependable. Lithium-ion batteries, in particular, provide greater energy density and a greater operating range.
• The worldwide Military Vehicle Electrification Market is divided into hybrid and completely electric segments based on technology.
• The market is divided into combat vehicles, support vehicles, and unmanned armored vehicles based on platform.
• The market is divided into system segments such as power generation, cooling systems, energy storage, traction drive systems, and power conversion.
• The market is divided into three categories based on operation: manned, autonomous/semi-autonomous, and unmanned.
Market Segmentation & Sub-segmentation included are:
• Fully Electric
• Power Generation
• Cooling System
• Energy Storage
• Traction Drive System
• Power Conversion
• Combat vehicles
• Support vehicles
• Unmanned armoured vehicles
Key Regional Development
During the forecast period, the North American region is expected to lead the Military Vehicle Electrification Market. During the forecast period, the North American Military Vehicle Electrification Market is expected to lead the industry. The North American Military Vehicle Electrification Market is being pushed largely by strong political backing in the area for the adoption of new military capabilities, such as updating military vehicles and improving their integrated systems. Another motivator is that the majority of the world’s main manufacturers and inventors of military systems and technology are concentrated in this region, with defined rules in place for engaging with governments on defense issues.
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• MVE benefits include decreased fuel use, acoustic and thermal signature reduction, quiet mobility, and a smaller maintenance and logistical footprint.
• Noise Reduction and Stealth: Compared to typical internal combustion engines, electrified military vehicles create substantially less noise, improving stealth and situational awareness on the battlefield.
• Cost Savings: Military electrification can result in long-term cost savings since fewer moving parts mean cheaper maintenance costs and lower fuel usage means lower operational expenses.
In October 2022: The Defense Innovation Unit (DIU) selected GM Defense, a General Motors affiliate, to supply a battery pack prototype for assessment on Department of Defense equipment. The Ultium Platform meets the DIU’s need for a scalable design that may be applied to tactical military vehicles. The goal of GM Defence was to employ GM’s cutting-edge technologies for foreign defense and government clients, and it is partnered with DIU, a Department of Defense agency, to speed commercial technology adoption across the US military.
In July 2022: The United States Army selected General Motors to deliver a battery-electric vehicle for testing and demonstration. The GMC HUMMER EV, which is based on GM’s Ultium Platform, will be employed by GM Defense to meet the demands of the US Army.
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Table of Contents – Major Key Points
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Military Vehicle Electrification Market, by Operation
9. Military Vehicle Electrification Market, by Technology
10. Military Vehicle Electrification Market, by System
11. Military Vehicle Electrification Market, by Platform
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
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