Military Vehicle Electrification Market Forecasts to 2028 – Global Analysis By Platform (Combat Vehicles, Combat Support Vehicles and Unmanned Armored Vehicles), By System (Cooling Systems, Energy Storage Systems and Other Systems), By Mode of Operation,

Military Vehicle Electrification Market Forecasts to 2028 – Global Analysis By Platform (Combat Vehicles, Combat Support Vehicles and Unmanned Armored Vehicles), By System (Cooling Systems, Energy Storage Systems and Other Systems), By Mode of Operation, By Technology and By Geography

According to Stratistics MRC, the Global Military Vehicle Electrification Market is accounted for $9.27 billion in 2022 and is expected to reach $49.24 billion by 2028 growing at a CAGR of 32.1% during the forecast period. A tactical vehicle with hybrid-electric capabilities and in-hub electric propulsion is the military vehicle electrification. Considering the current situation and the countries lowering their defense budgets, it might be a barrier to the expansion of this technology, but military vehicle electrification R&D is continually expanding. The import and export laws have caused operational and running issues for the manufacturing operation.

Market Dynamics

Driver

Demand for power resources

Military vehicles require a lot of power. The amount of horsepower from the prime mover that is available and the energy storage device needed to be used when necessary for vehicle mobility determine requirements such as acceleration, top vehicle speed, and braking system. It is necessary to set the requirement for silent monitoring power for extended periods of time while simultaneously taking into account the system's effectiveness as well as the demand and supply of energy. The Electro-Thermal Chemical/Ignition (ETC/ETI), the Electro-Magnetic Pistol, and the Electro-Magnetic Armor (EMA) require a high-voltage power pulse to operate.

Restraint

Life and durability of integrated systems

The weight and power of modern military vehicles are the main issues. Military vehicles ought to be tough enough to survive the norms of the sector. Modern military vehicles must be capable of operating in challenging terrain, function in extreme conditions, and be water-resistant. Connectors, headers, and terminals used in internal electronic components are all made to be durable. The series contains connectors made of metal shells to satisfy the demands of the heavy-duty and transportation industries, such as the HD30 series, which is intended for the truck, bus, and off-highway sectors. Due to the rise in the number of components required to carry out essential duties, the connections run at high temperatures and do not show mechanical or physical damage during sinusoidal vibration levels.

Opportunity

Increasing modern battlefield requirements such as silent mobility, and low thermal signature

Military hybrid electric and all-electric vehicles have many advantages in terms of operations, including the capacity to go further and to provide more onboard power for directed-energy weaponry, jammers, and electrified armor. Reduced fuel consumption, an acoustic and thermal signature, silent mobility, and a smaller maintenance and logistics footprint are some other benefits of the MVE. Combat and tactical vehicle hybridization increase camouflaging by lowering thermal and acoustic emissions, providing a tactical advantage in addition to enhancing stealth.

Threat

Enhancement in the power-weight ratio

The power-to-weight ratio measures a vehicle's power output in relation to its weight. As a result, the relationship between weight and engine power is inverse. Performance decreases with increasing weight. Military vehicles have advanced as a result of technological advances since more safety features, mobility, and convenience have been introduced. Vehicles are anticipated to become significantly bulkier as a result of the addition of heavier battery cells. As a result, compared to their performance, vehicle weight has risen substantially. A car powered by fossil fuels and one powered by batteries differ significantly. The weight of a battery-powered tank is approximately 100 times greater than that of a diesel-filled tank, although the latter does not provide the same level of performance.

Covid-19 Impact

Due to lockdowns, travel restrictions, and business closures, COVID-19 had an impact on the businesses and industries of numerous nations. The closing of numerous plants and factories has had a detrimental influence on the production, delivery schedules, and sales of products on the international market. Only a few businesses have already warned of potential delivery delays and eventual sales declines. Additionally, the chances for commercial relationships and collaborations are being impacted by the international travel bans implemented by nations in Europe, Asia-Pacific, and North America.

The power conversion segment is expected to be the largest during the forecast period

During the anticipated period, the power conversion segment is anticipated to dominate the market. Modern automobiles' high-voltage current requirements pose technical difficulties for power conversion. In order for the energy stored in the energy management systems to be utilized for the onboard vehicle systems, power conversion systems are necessary. A hybrid conversion kit for tactical vehicles was being developed by the Defense Innovation Unit (DIU) and the Project Manager Transportation Systems (PM TS) of the US Army's Program Executive Office for Combat Support and Combat Service Support (PEO CS&CSS) in November 2021.

The fully electric segment is expected to have the highest CAGR during the forecast period

Due to the development of sources other than ICE engines that increase the efficiency of vehicles, the fully electric segment is anticipated to grow at the highest CAGR during the forecast period. Since fully electric cars are still in the development stage, no military currently has an operating fleet of these vehicles. Furthermore, governments, businesses, and manufacturers are all making R&D investments to make it possible for military vehicles to be electrified.

Region with largest share

The adoption of advanced military capabilities, such as modernizing military vehicles and improving their integrated systems, is projected to attract strong political support in the North American region during the forecast period, which is expected to propel the North American military vehicle electrification market to the top of the market. Moreover, another driving element is that the majority of the world's top producers and investigators of military systems and technology are situated in this area, where there are established protocols for working with governments on defense-related issues.

Region with highest CAGR

Due to growing expenditures in military vehicle electrification technologies by nations like the US and Canada in this region, the military vehicle electrification market in the North American region is anticipated to experience the highest CAGR during the projected period. Additionally, the market for military vehicle electrification in this region is anticipated to expand as a result of rising demand for power systems brought on by the integration of new technologies and rising power needs in vehicles.

Key players in the market

Some of the key players in Military Vehicle Electrification market include Aselsan A.S , UKroboronprom, Textron Inc., Milrem Robotics, Leonardo SPA, Nextar Systems, Krauss-MaffeiWegmann GmbH & Co. KG, Highland Systems, General Motors, Epsilor-Electric Fuel Ltd., Qinetiq, BAE Systems PLC, Polaris Inc, Arquus, Oshkosh Corporation, Nikola Corporation, General Dynamics, AM General and Ballard Power Systems Inc.

Key Developments

In July 2022, The US Army chose GM Motors to supply a battery-electric vehicle for testing and demonstration. The GMC HUMMER EV, which is built on GM's Ultium Platform, will be used by GM Defense to satisfy the US Army's needs.

In July 2022, Detroit Arsenal (ACC- DTA), the US Army Contracting Command, announced that it awarded Oshkosh Defense, a wholly owned subsidiary of Oshkosh Corporation, an order valued at USD 130 Million to upgrade 95 additional Stryker Double-V Hull Infantry Carrier Vehicles (ICVVA1) with the 30 mm Medium Caliber Weapon System (MCWS) and electrification of the component.

In May 2022, BAE Systems planned to provide power and propulsion technology to the heavy-duty industrial vehicle market. The company's electric drive system provides a revolutionary design that will help industrial vehicle original equipment manufacturers (OEMs) get their electric vehicles (EVs) to market faster and at a lower installed cost.

Platforms Covered
• Combat Vehicles
• Combat Support Vehicles
• Unmanned Armored Vehicles

Systems Covered
• Cooling Systems
• Energy Storage Systems
• Power Conversion
• Power Generation
• Traction Drive Systems
• Transmission System
• Other Systems

Mode of Operations Covered
• Autonomous/Semi-Autonomous
• Manned

Technologies Covered
• Hybrid Electric Vehicles
• Fully Electric Vehicles

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities,Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements