Military Vehicle Electrification Market by Technology (Hybrid and Fully Electric), Platform (Combat Vehicles, Support Vehicles, and Unmanned Armored Vehicles), System (Power Generation, Cooling Systems, Energy Storage, Traction Drive Systems, and Power Conversion), Operation (Manned and Unmanned): Global Market Size Estimates and Forecast (2019

Code: BMIRE00026191 | Pages: 100 | Industry: Aerospace and Defense | Date: Sep 2022 | Type: Global

The market is expected to cross US$ 5.84 billion in 2022 and is projected to hit US$ 18.55 billion by 2030, recording a CAGR of 15.5% during the forecast period.

Development of Hybrid Combat Vehicles to Drive the Market Growth.

The vendors across this market are majorly focusing on the development of unmanned light & medium hybrid combat vehicles for different armed forces to provide them full support during critical mission operations such as remote combat and warfare operations. For instance, in December 2021, the US Army announced that it has received two prototypes of light and medium payload robotic combat vehicles (RCV-L and RCV-L) from QinetiQ and Textron Inc. RCV-L is an unmanned diesel-electric hybrid vehicle that has a gross payload of 7,000 pounds and can travel with a speed of 40 miles per hour. Moreover, the vendors are also focusing on the development of hybrid propulsion-based operational vehicles for different armed forces and getting the prototypes approved for further market commercialization. For instance, in August 2022, Oshkosh Defense received several patents approval for its hybrid electric Joint Light Tactical Vehicle, or eJLTV which is a hybrid version of the traditional Joint Light Tactical Vehicle and helps to improve the fuel economy of traditional vehicle by 20%. Such developments are bolstering the military vehicle electrification market growth worldwide.  

Moreover, manned operation segment is expected to dominate the military vehicle electrification market in 2022. This is owing to the rising electrification of manned armored vehicles, infantry fighting vehicles, and support vehicles across the world. Several armed forces are investing heavily in the development of electric vehicle technologies to transform their existing fossil fuel vehicle fleet into electric vehicle fleet by collaborating with different military vehicle manufacturers. Such instances are likely to drive the demand for manned operation segment in the military vehicle electrification market.

Within the report, the military vehicle electrification market is segmented into technology, platform, system, operation, and geography. By technology, the military vehicle electrification market is segmented into hybrid and fully electric. Based on platform, the military vehicle electrification market is segmented into combat vehicles, support vehicles, and unmanned armored vehicles. Based on system, the market is segmented into power generation, cooling systems, energy storage, traction drive systems, and power conversion. Based on operation, the military vehicle electrification market has been segmented into manned and unmanned. Geographically, the military vehicle electrification market is sub-segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

Rising Shift from Traditional Internal Combustion Engines to Electric Powertrains is Likely to Provide Future Opportunities for Market Vendors During the Forecast Period.

Increasing focus of end users to reduce the dependency on fossil fuel vehicles is one of the major factors to drive the demand for military vehicle electrification across the world. Several armed forces are collaboratively working with different military vehicles manufacturers for the development of electric vehicles for deployment in their respective vehicle fleet. Majority of the automotive vendors that are catering to the military sector have already announced the development of military electric vehicles along with electric powertrains and internal combustion engines altogether as a hybrid working model. This is further supported by the rising military expenditure by different armed forces of different countries to different military vehicle manufacturers for the development of electric powertrain-based military electric vehicles. For instance, in April 2022, three different vendors including Perfect Metal Industries (PMI), Revolt Motors, and Tata Motors showcased their respective electric vehicle products to the Indian Army which will generate new market opportunities for market vendors during the forecast period. The Indian defense ministry and Chief of Army have also announced for the introduction of electric vehicles into their military vehicle fleet. Such developments are likely to generate new market opportunities for market vendors during the forecast period.

Low Feasibility of Electric Vehicles in Remote Areas to Restrain the Military Vehicle Electrification Market Growth.

Military vehicles re deployed to be used on the remote locations and tough terrains as well. The electric vehicles rely on the high-power charging infrastructure (AC/DC) which is one of the major concerns for remote location applications of military electric vehicles. Also, the lack of presence of charging infrastructure of military electric vehicles across remote locations is another major challenge for market vendors that is restraining the market growth across the world. For this several armed forces are working on the development of charging infrastructure for future deployment of electric vehicles in their respective military forces. For instance, if any armed force has five different 300 kwh battery trucks and the force needs to refuel or recharge them in around 15 minutes; this will require a 7 MW mobile charging system to provide such support, which is not yet developed as of now for military applications. Such instances are likely to hamper the market growth during the forecast period.

Military Vehicle Electrification Market

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Recent Strategic Developments in Military Vehicle Electrification Market

The military vehicle electrification market has undergone several significant developments, and a few of these have been mentioned below:

  • In July 2022, the US Army awarded a contract worth US$ 67,500 to Canoo a high-tech advanced mobility company to supply an electric vehicle for analysis and demonstration.
  • In August 2022, the Australian army unveiled the integration of its new electric Protected military vehicle (ePMV) Bushmaster for further trials which is developed by Thales Australia.
  • In August 2022, the US Army awarded a contract worth US$ 6.55 million to Allison Transmission to develop and test an electric hybrid propulsion subsystem in the company’s Next-Generation Electrified Transmission Program.

The military vehicle electrification market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Arquus, BAE Systems plc, General Dynamics Corporation, Leonardo S.p.A., Textron Inc., General Motors Company, Nikola Corporation, QinetiQ Group Plc, Nexter Group, and Krauss-Maffei Wegmann GmbH and Co. KG are among the prominent players operating in the military vehicle electrification market.

Target audience for the report:

  • Electric powertrain manufacturers
  • EV manufacturers
  • Military EV component manufacturers
  • Military hybrid vehicle manufacturers
  • Military fully electric vehicle manufacturers
  • Unmanned combat vehicle manufacturers
  • Government, military, and automotive related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the military vehicle electrification market has been segmented on the basis of:

  • Technology:
    • Hybrid
    • Fully Electric
  • Platform:
    • Combat Vehicles
    • Support Vehicles
    • Unmanned Armored Vehicles
  • System
    • Power Generation
    • Cooling Systems
    • Energy Storage
    • Traction Drive Systems
    • Power Conversion
  • Operation
    • Manned
    • Unmanned
  • Region
    • North America
      • US
      • Canada
      • Mexico
    • Europe
    • Asia Pacific (APAC)
    • Middle East & Africa
    • South America
  • Companies profiled
    • Arquus
    • BAE Systems plc
    • General Dynamics Corporation
    • Leonardo S.p.A.
    • Textron Inc.

Companies profiled

- Arquus

- BAE Systems plc

- General Dynamics Corporation

- Leonardo S.p.A.

- Textron Inc.

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