Global Military Vehicle Electrification Market to reach USD 11.3 billion by 2027.
Global Military Vehicle Electrification Market is valued at approximately USD 4.8 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 13 % over the forecast period 2021-2027. Due to the rising amount of electronic equipment on current military land vehicles, power and energy requirements are continuing to rise, placing additional demands on vehicle battery technologies. Traditional lead-acid batteries used in automobiles have reached their performance limits in many applications, necessitating the development of new battery technologies. Li-ion batteries have become one of the most widely used secondary battery technologies in a variety of applications. This is due to advancements in electrode materials and cell design, among other things. Military vehicles with a lot of electronics demand a lot of electrical power, which is projected to limit battery capacity because capacity decreases at greater discharge rates. Future generations of military land vehicles are also expected to profit from the usage of similar batteries to ensure fleet compatibility and upgradeability. Li-ion batteries offer enormous prospects in battery technology in terms of improving silent watch endurance. When compared to lead-acid batteries, they have a higher specific energy, energy density, and cycle life. The Army Rapid Capabilities and Critical Technologies Office (RCCTO) awarded BAE Systems a contract worth USD 32.2 million in June 2020 to deliver two HED vehicles with upgraded engines, a replaced transmission electric drive motor, and the addition of lithium-ion batteries to power onboard vehicle equipment. However, high cost of fuel cell electric vehicles may impede market growth over the forecast period of 2021-2027.

The regional analysis of the global Military Vehicle Electrification Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World (ROW). North America is the leading region across the world in terms of market share due to increased defense related expenditure in the region. Whereas Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2021-2027, due to increasing focus on increasing expenditure on the procurement of military vehicles.

Major market player included in this report are:

General Motors
General Dynamics
Arquus
Oshkosh Corporation
BAE Systems
Textron Systems
Leonardo SPA
Nikola Motor Company
Qinetiq Group PLC
Krauss-Maffei Wegmann
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Platform offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology:
Hybrid
Fully electric
By Platform:
Combat vehicles
Support vehicles
Unmanned armored vehicles
By System:
Power Generation
Cooling Systems
Energy Storage
Traction Drive Systems
Power Conversion
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year - 20182019
Base year - 2020
Forecast period - 2021 to 2027.

Target Audience of the Global Military Vehicle Electrification Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors