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.
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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.
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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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.