Military Vehicle Electrification Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

The military vehicle electrification are used for electrifying the military vehicles by replacing traditionally used fossil fuels with electricity to power light-duty vehicles, medium-and heavy-duty trucks, and others. The primary goal of military vehicle electrification is to reduce the emission of greenhouse gases.

Sizing and Forecast
The military vehicle electrification market size has grown rapidly in recent years. It will grow from <b>$5.87 billion in 2023 to $6.95 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. </b> The growth in the historic period can be attributed to fuel efficiency, environmental regulations, energy security, logistical simplification, enhanced armor and mobility.

The military vehicle electrification market size is expected to see rapid growth in the next few years. It will grow to <b>$12.78 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. </b> The growth in the forecast period can be attributed to interoperability, adaptive charging infrastructure, export opportunities, hydrogen fuel cells, renewable energy integration. Major trends in the forecast period include hybrid and electric platforms, next-generation batteries, modular and adaptable systems, artificial intelligence (ai) and autonomous features, urban warfare adaptability.

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Segmentation & Regional Insights
The military vehicle electrification market covered in this report is segmented –

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

<b>North America</b> was the largest region in the military vehicle electrification market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the military vehicle electrification market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
The increase in demand for lithium-ion batteries for military vehicles is expected to propel the growth of the military vehicle electrification market. Over the years, lithium-ion batteries have been widely used in military applications such as tactical radios, thermal imagers, ECM, ESM, and portable computing. The usage of lithium batteries is expected to further expand to heavy-duty platforms, such as military vehicles, boats, shelter applications, aircraft, and missiles, in coming years. For instance, in July 2021, the U.S. Department of Defence invested $1.65 million in NanoGraf Corporation, a US-based company that manufactures and sells lithium-ion batteries. The investment aims to give U.S. military troops better portable power for the gear they need to use in a safe and efficient manner. NanoGraf will create silicon anode-based lithium-ion technology that is compatible with all portable batteries in order to achieve a runtime increase of 50–100% over conventional graphite anode lithium-ion cells. Therefore, increasing demand for lithium-ion batteries for military vehicles is driving the growth of the military vehicle electrification market.

Key Industry Players
Major companies operating in the military vehicle electrification market include <b> 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, Lockheed Martin Corporation, Magna International Inc., Navistar International Corporation, Otokar Otomotiv ve Savunma Sanayi A.S., Rheinmetall AG, Ricardo plc, Siemens AG, Tata Motors Limited, RTX Corporation, Thales Group, UQM Technologies Inc., Visedo Oy, Wrightspeed Inc., XALT Energy LLC </b>

The military vehicle electrification market report table of contents includes:

1. Executive Summary

2. Military Vehicle Electrification Market Characteristics

3. Military Vehicle Electrification Market Trends And Strategies

4. Military Vehicle Electrification Market – Macro Economic Scenario

5. Global Military Vehicle Electrification Market Size and Growth

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31. Global Military Vehicle Electrification Market Competitive Benchmarking

32. Global Military Vehicle Electrification Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Military Vehicle Electrification Market

34. Military Vehicle Electrification Market Future Outlook and Potential Analysis

35. Appendix

Top Major Players:

BAE Systems PLC

Arquus, Leonardo S.p.A.

Textron Inc.

General Motors Company

Oshkosh Corporation

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