New York, March 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Military Vehicle Electrification Global Market Report 2023" - https://www.reportlinker.com/p06433599/?utm_source=GNW
, Epsilor-Electric Fuel Ltd., Nexter Group, ST Engineering, Tesla Inc., ASELSAN AS, AM General, and Highland Systems.
The global military vehicle electrification market grew from $4.99 billion in 2022 to $5.87 billion in 2023 at a compound annual growth rate (CAGR) of 17.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The military vehicle electrification market is expected to grow to $10.94 billion in 2027 at a CAGR of 16.8%.
The military vehicle electrification market consists of sales of military vehicle electrification that are used to increase onboard power and extend range and persistence.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
North America as the largest region in the military vehicle electrification market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in military vehicle electrification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of military vehicle electrification technologies are hybrid and fully electric.The hybrid military vehicle refers to a vehicle that can work with fuel and battery.
These hybrid vehicles store energy during braking and decelerating by converting kinetic energy to electricity.The military vehicle can be operated manned, autonomous/ semi-autonomous.
Electrification systems are used in combat, support, and unmanned armored vehicles in power generation, cooling systems, energy storage, traction drive systems, and power conversion.
The increasing 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.
Product innovation is the key trend that is gaining popularity in the military vehicle electrification market.Major companies operating in the military vehicle electrification market focus on product innovations that could give better solutions and strengthen their position in the market.
For instance, in June 2022, Textron Inc., a US-based company operating in military vehicle electrification, introduced its advanced military electrification solution for existing armored vehicle electrification. It aims to retain the advanced mobility of traditional drivelines by harnessing technologies to enable the pressing requirements of military users. Harnessing technology is the potential utilization of power and energy by controlling the system and storing its energy for later consumption. This company’s solution provides a faster route for vehicle electrification than whole-vehicle design programs, which provides the ability to export electric power to charge more solid systems and run vehicles in full-electric silent mode for limited periods on the battlefield.
In April 2022, Textron Inc., a US-based aviation and aerospace component manufacturing company, acquired Pipistrel for $221.94 million (€218 million). With this acquisition, Textron Inc aims to strengthen its product portfolio in the electrification of military vehicles business and gain a market advantage in the aerospace and defense sector. Pipistrel has incorporated Textron’s newest business division, Textron eAviation, which will follow Textron’s long-term goal to provide a family of environmentally friendly aircraft for urban air mobility, general aviation, freight, and mission roles. Pipistrel Group is a Slovenia-based aircraft manufacturer that specializes in electric aircraft.
The countries covered in the military vehicle electrification market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The military vehicle electrification market research report is one of a series of new reports that provides military vehicle electrification market statistics, including military vehicle electrification industry global market size, regional shares, competitors with a military vehicle electrification market share, detailed military vehicle electrification market segments, market trends and opportunities, and any further data you may need to thrive in the military vehicle electrification industry. This military vehicle electrification market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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