Military Vehicle Electrification Market Worth $24.83 Billion by 2029: Towards a More Sustainable and Operationally Efficient Future

Dublin, May 7, 2024 (GLOBE NEWSWIRE) — The report ‘Military Vehicle Electrification Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F’ has been added to ResearchAndMarkets.com’s to offer.

The latest industry insights reveal a significant growth trajectory for the global military vehicle electrification market. By the year 2023, the market will reach a commendable valuation of USD 16.83 billion, driven by several factors including growing environmental concerns, technological advancements and operational efficiency. The industry is expected to maintain this momentum with a projected CAGR of 6.84% between 2025 and 2029, amounting to $24.83 billion.

The pursuit of a more sustainable and efficient operational approach within military applications has been crucial to the expansion of the market. The integration of advanced technologies into military vehicles reflects a compelling need for operational flexibility and environmentally friendly initiatives. As defense sectors worldwide look to modernize their fleets, electric and hybrid propulsion systems are increasingly being deployed across a variety of vehicle types, such as armored units, transport trucks and logistics vehicles. These measures are not only intended to reduce CO2 emissions, but also to increase capabilities in complex operational scenarios.

Technological breakthroughs and operational benefits

Military entities are taking advantage of advances in battery technology and electric powertrains, with lithium-ion batteries being the preferred energy source due to their high energy density and fast charging properties. The move to hybrid and fully electric propulsion systems offers a host of benefits, including notable fuel savings, reduced emissions and improved stealth capabilities. With electric vehicles exhibiting a lower noise signature, improved reliability and reduced maintenance requirements, they will revolutionize the operational and logistical aspects of defense operations.

Regional market movements

North America leads regional market trends with substantial investments in electrification technologies. At the same time, initiatives in Europe and the Asia-Pacific regions indicate a strong commitment to the modernization of military equipment. The integration of electric powertrains into various platforms aligns with strategic efforts to achieve operational readiness amid evolving global defense requirements.

Most important features

A selection of companies mentioned in this report includes, but is not limited to:

• BAE Systems PLC
• General Dynamics Corporation
• Leonardo SpA
• Textron Inc.
• General Motors company
• Nikola Corporation
• Qinetiq Group PLC

For more information about this report, visit https://www.researchandmarkets.com/r/devsdk

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• Global Military Vehicle Electrification Market