Military Vehicle Electrification Market Size, Share, Analysis, Forecast to 2030

/EIN News/ -- Chicago, Aug. 21, 2024 (GLOBE NEWSWIRE) -- The military vehicle electrification market is estimated to be USD 4.1 Billion in 2023 and is projected to reach USD 20.4 Billion by 2030, at a CAGR of 25.6 % from 2023 to 2030.

The key driving factor for the growth of the Military Vehicle Electrification Industry lies in the intersection of technological advancements, operational efficiency, and environmental sustainability. The imperative to enhance military capabilities while simultaneously addressing global concerns about climate change has led to a heightened focus on electrification. Electric military vehicles offer advantages such as reduced fuel dependency, lower operational costs, and enhanced tactical capabilities.

The integration of advanced battery technologies, including improved energy density and faster charging, not only extends operational range but also ensures rapid response capabilities in the field.

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Major Military Vehicle Electrification Companies Included:

• Oshkosh Corporation (US),
• GM Defense LLC (US),
• General Dynamics Corporation (US),
• BAE Systems (UK),
• Leonardo S.p.A. (Italy),
• Textron Inc. (US),
• ST Engineering (Singapore),
• Qinetiq (UK),
• Polaris Inc. (US),
• Aselsan AS (Turkey),
• Otokar Otomotiv ve Savunma Sanayi AS (Turkey),
• Krauss-Maffei Wegmann (Germany).

Military Vehicle Electrification Market Segmentation Analysis:

Based on Batteries, the Lithium-Ion Segment Accounts for the Highest Market Share in the Military Vehicle Electrification Market During the Forecast Period

Lithium-ion (Li-ion) batteries are anticipated to lead the military vehicle electrification market due to their exceptional energy density, efficiency, and proven reliability. The demanding requirements of military operations, including high energy storage, rapid charging capabilities, and durability, align well with the strengths of Li-ion technology. These batteries provide a compact and lightweight solution, crucial for military vehicles seeking to balance energy storage capacity with payload considerations.

Based on Combat Vehicles, the Main Battle Tanks Segment is Projected to Grow at the Highest Rate During the Forecast Period

Main Battle Tanks (MBTs) are anticipated to grow at the highest rate in military vehicle electrification due to a confluence of strategic, technological, and operational imperatives. As modern warfare evolves, there is a growing recognition that traditional armored vehicles, like MBTs, need to adapt to emerging challenges. Electrification offers MBTs a transformative leap in capabilities, providing increased operational flexibility, efficiency, and a reduced logistical burden. The inherent torque and power characteristics of electric propulsion systems enhance the agility and responsiveness of MBTs on the battlefield, crucial for navigating diverse terrains and responding rapidly to dynamic threats.

Based on Batteries, the Fuel Cell Segment is Projected to Grow at the Highest Rate During the Forecast Period

Fuel cells are anticipated to lead military vehicle electrification due to their unique advantages in addressing specific operational challenges faced by the military. Hydrogen fuel cells offer a compelling solution, providing longer operational ranges and quicker refueling compared to traditional batteries. These attributes are crucial in military applications where mobility, endurance, and rapid deployment are paramount. Fuel cell-powered military vehicles boast reduced logistical burdens as they can operate for extended periods without frequent refueling, enhancing strategic flexibility and operational efficiency. Furthermore, fuel cells generate electricity through a chemical reaction between hydrogen and oxygen, emitting only water vapor as a byproduct. This aligns with the military's increasing focus on sustainability and environmental considerations.

North America is Expected to Lead the Military Vehicle Electrification Market in 2023

North America is expected to lead the military vehicle electrification market due to a convergence of technological expertise, robust defense budgets, and a commitment to environmental sustainability. The region houses some of the world's most advanced defense industries and cutting-edge research facilities, fostering innovation in electric propulsion systems and energy storage technologies. With a strong emphasis on modernization and maintaining a technological edge, the U.S. Department of Defense has been actively investing in electric and hybrid-electric military vehicle programs. The integration of electric vehicles aligns with the U.S. military's goal of enhancing operational efficiency, reducing reliance on traditional fuel sources, and mitigating logistical challenges.

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Market Drivers:

Hybrid and fully electric military vehicles yield operational benefits, such as facilitating extended range and improving the onboard power capability for electrified armor, jammers, and directed-energy weapons. Other advantages of military vehicle electrification (MVE) include reduced fuel consumption, reduced acoustic and thermal signature, silent mobility, and lower maintenance and logistics footprint. Military operations require vehicles that can quickly traverse varied terrains, from urban landscapes to rugged terrains and unpredictable battle zones. Electric military vehicles offer superior acceleration, instantaneous torque, and improved maneuverability, providing a significant tactical advantage in dynamic scenarios. In 2022, the Indian Defence research wing collaborated with Pravaig Dynamics (India) to develop an electric tactical vehicle with an acceleration of 0–100 Kmph in 5 seconds.

The imperative for reduced acoustic signatures and enhanced stealth capabilities further propels the adoption of electric propulsion. Silent and discreet operations are critical in modern warfare, where avoiding detection by adversaries is paramount. Electric vehicles contribute to a quieter operational profile, enabling stealthy movements and covert operations crucial for gaining a strategic edge on the battlefield. In 2022, General Dynamics (US) revealed the Abrams X main battle tank that can enable operations from static positions and potentially on the move at low speeds over shorter distances in a very quiet all-electric mode.

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