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Military Vehicle Electrification Market

Military Vehicle Electrification Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Global Military Vehicle Electrification Market: Overview

Constantly evolving research and development has promoted the increased uptake of solutions and services from the global military vehicle electrification market in recent times. Although cut downs and reductions in defence budgets of various nations hinders the growth in global military vehicle electrification market, rising demand for ‘going green’ is propelling the demand in global military vehicle electrification market. Furthermore, increased efforts on development of hydrogen fuel cell batteries and associated military vehicles is also set to aid in the expansion of global military vehicle electrification market in coming years.

The professional intelligence report on defence industry presents a unique as well as comprehensive analysis of all the major and essential factors as well as trends influencing the growth trajectory of global military vehicle electrification market during the forecast period of 2021 to 2031. It shares data regarding important trends as well as recent developments that can stimulate the demand in global military vehicle electrification market in near future. It also provides details regarding key market segments in the global military vehicle electrification market and examines them based on their status, share, revenue, and size during the forecast period of 2021 to 2031.

Global Military Vehicle Electrification Market: Major Trends and Drivers

Significant increase in the demand in global military vehicle electrification market can be attributed to rising adoption as well as introduction of new technologies. Rising demand for vehicles and equipment operating on sustainable energy is yet another factor compelling growth in global military vehicle electrification market in recent times. Furthermore, increasing investments in military and armed forces are also bolstering the demand in global military vehicle electrification market. Rising efforts on research and development in the field of vehicle electrification are also stimulating high development opportunities in the global military vehicle electrification market.

Rising demand for lithium –ion batteries to be installed in military vehicles can also be considered a major driver for the growth of global military vehicle electrification market in coming years. Enhanced performance offered by the lithium –ion batteries, as opposed to the conventional lead –acid batteries is supplementing this trend in global military vehicle electrification market. Lithium –ion batteries receive huge demand in global military vehicle electrification market owing to their qualities such as higher specific energy, cycle life improvement, and higher energy density.

Global Military Vehicle Electrification Market: Key Players and Manufacturers

Some of the most prominent and leading players and manufacturers operational within the overall global military vehicle electrification market include General Motors, Arquus, BAE Systems, General Dynamics, Textron Systems, and Oshkosh Corporation, among others. Few of the major and key strategies adopted by the players in global military vehicle electrification market to capture a larger regional as well as demographical base include contracts, new product launches, and strategic agreements, among others.

For example, Elbit Systems won a contract to supply an army in Asia Pacific region with 6*6 Armor Personnel Carrier integrated with electric drive, stabilization systems, and fire control systems in February of 2021. This contract was worth US$ 46 million. Moreover, GM defence acquired a contract from the United States army of US$ 214.3 million in June of 2020. This contract was aimed at maintenance as well as production of new infantry squad vehicles.

Global Military Vehicle Electrification Market: Regional Assessment

Regionally, the global military vehicle electrification market in Asia Pacific is set to expand at the highest growth rate in coming years. This trend can be attributed to rising focus of increasing the expenditure aimed at procuring military electric vehicles by the major and leading economies in the region. Furthermore, rising geopolitical conflicts and tensions amongst the regional countries as well as rising expenditure on defence are also likely to emerge as potential drivers for the enhancement of global military vehicle electrification market in Asia Pacific in near future.

Military Vehicle Electrification Market

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