The global Military Vehicle Electrification Market was valued at 2.8 billion in 2022 and it is anticipated to grow up to USD 14.6 billion by 2032, at a CAGR of 18.0% during the forecast period.
Military vehicle electrification is the process of converting a traditional military vehicle to an electric vehicle. This can be done by replacing the internal combustion engine with an electric motor, or by installing a hybrid system that uses both an electric motor and a traditional engine.
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There are a number of benefits to military vehicle electrification. Electric vehicles are more efficient than traditional gasoline-powered vehicles, meaning that they use less fuel and emit fewer greenhouse gases. They also tend to be quieter, which can be advantageous during military operatio
Market Trends and Drivers
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.
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Market Restraints & Challenges
The key restraints and challenges in Military Vehicle Electrification market are:
- High cost of electric vehicles: The cost of electric vehicles is still high as compared to traditional petrol or diesel vehicles. This is a major challenge for the widespread adoption of electric vehicles in the military.
- Limited range: The range of electric vehicles is still limited as compared to traditional petrol or diesel vehicles. This is a major challenge for the widespread adoption of electric vehicles in the military.
- Lack of infrastructure: There is a lack of infrastructure for charging electric vehicles. This is a major challenge for the widespread adoption of electric vehicles in the military.
- Limited battery life: The battery life of electric vehicles is still limited as compared to traditional petrol or diesel vehicles. This is a major challenge for the widespread adoption of electric vehicles in the military.
Major Players in the Global Military Vehicle Electrification Market
Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global Military Vehicle Electrification Market include Arquus, BAE Systems, Inc., General Motors (GM Defense), Leonardo S.p.A., Oshkosh Corporation, Polaris Industries Inc., QinetiQ Group, Singapore Technologies Engineering Ltd, Textron Inc. (Howe & Howe), and Thales CommonBond, Inc. among others.
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COVID-19 Impact:
The COVID-19 pandemic significantly impacted the automobile sector. Lockdowns and travel restrictions throughout the world resulted in the closure of factories affecting everything from supply chain and operations to capital investment, financing, and long-term strategy. The epidemic increased the pressure on vehicle electrification technology manufacturers to change their business models as the sector dealt with a financial downturn and an uncertain timescale. Although the crisis has left a significant financial hole and hampered various new vehicle programs, including EVs, the automobile industry’s drive toward electrification remains strong. On the other hand, increased demand for cost-effective solutions and the growing trend of electrification of commercial vehicles and fleets are expected to provide lucrative opportunities for worldwide market advancement during the forecast period.
Global Military Vehicle Electrification Market Segmentation
By Technology
- Hybrid Electric Vehicles
- Fully Electric Vehicles
By Platform
- Combat Vehicles
- Support Vehicles
- Unmanned Armored Vehicles
By Mode of Operation
- Manned Vehicles
- Autonomous/Semi-Autonomous Vehicles
By System
- Power Generation
- Cooling Systems
- Energy Storage Systems
- Traction Drive Systems
- Power Conversion
- Transmission Systems
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