(USGovernment-News.Com, December 01, 2022 ) The report provides an analysis of the Military Vehicle Electrification Market from 2022 to 2027. Current industry and technology trends prevailing in the market, compiled with drivers, restraints, challenges, and opportunities that influence the market growth, have been discussed comprehensively in the report. The military vehicle electrification market will be USD 3.5 billion in 2022 and is projected to be USD 15.1 billion by 2027 at a CAGR of 34.1% from 2022 to 2027.
Due to their greatly reduced thermal and noise signatures when powered by batteries, electric cars can allow stealth mode capabilities that are more effective. Enhancing land-based electrification capabilities can also imply taking a step toward autonomous or semi-autonomous operations and better situational awareness via upgraded sensors. In addition to being good for the environment, using electric or hybrid propulsion can improve operating capabilities. Utilizing contemporary technology aids militaries in gaining and maintaining an operational advantage over enemies. Additionally, it gives a commercial advantage to producers of military vehicles.
Based on technology, the fully electric military vehicle segment is projected to grow at the highest CAGR during the forecast period. Growing demand for alternate source of internal combustion engine and other power systems are driving the growth of this segment. General Motors (US), General Dynamics (US), Textron Systems (US), and BAE Systems (UK) are some of the major players that offer technologically advance to The Military Vehicle Electrification market.
Based on operation, the autonomous/semi-autonomous segment is projected to grow at the highest CAGR during the forecast period. Recent developments and investments by countries such as the US, UK, Israel, and Turkey are driving the growth of this market in this segment.
Based on Platform, the unmanned armored vehicle segment is projected to grow at the highest CAGR during the forecast period. Developments by countries for the integration of the unmanned vehicle platform in military vehicles to reduce human loss and increase mission capabilities are the drivers for the growth of this market.
Based on system, power generation systems is projected to grow at the highest CAGR during the forecast period. The need for power generation systems in military vehicles for the integration of
systems and powering the vehicle in stealth and surveillance modes are the factors driving the market growth.
The Europe Military Vehicle Electrification market is projected to grow at the highest CAGR during the forecast period. The growth of the Europe Military Vehicle Electrification market is primarily driven by an increasing focus on procuring new military vehicles and the development of new vehicles by major economies in this region. In addition, the region is open to foreign investments; France, Germany, and Italy have been known to collaborate and work together on multiple defense projects. These countries supply each other with military equipment. These are factors expected to drive the demand for Military Vehicle Electrification in the region.
Nexter Group (France), Leonardo S.p.A. (Italy), and BAE Systems (UK) are the key players operating in the military vehicle electrification market in Europe.
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