Military Vehicle Electrification Market Surges as Governments Invest in Modernization Efforts, says Market.us

The market for military vehicle electrification includes sales of military vehicle electrics that can be used to boost onboard power, extend range, and persist. This market’s value is referred to as ‘factory gate’. It refers tgoods o the value of that are sold by the manufacturer or creators of the goods to other entities, such as downstream manufacturers, wholesalers and retailers, or directly to customers. This market also includes the value of related services sold to the creators of the goods.

According to the latest report by Market.us,” The global Military Vehicle Electrification Market was valued at USD 3.5 billion in 2022 and is projected to reach USD 66.3 billion by 2032, at a CAGR of 34.2%.”

Anurag Sharma, senior research analyst at market.us said, “The rising adoption and introduction of new technologies by governments has led to a significant increase in demand for the global military vehicle electrification market. The recent rise in demand for vehicles and equipment that use sustainable energy is another reason for growth in the global military vehicle electrification marketplace.”

The operational advantages of hybrid electric and fully-electric military vehicles include extended range and improved onboard power capabilities for electrified armor and jammers as well as directed energy weapons. The MVE also offers a number of other advantages, including reduced fuel consumption, reduced thermal and acoustic signatures, silent mobility, and a smaller logistics footprint. Hybridization between combat and tactical vehicles enhances camouflaging through reduced thermal and acoustic emissions. This gives tactical advantage and improves stealth capabilities.

Biden’s initiative to establish a net zero emission department by 2050 is a significant boost for MVEs. It involves a non-tactical, zero-emission fleet.

Due to their efficiency and lower emissions, hybrid electric cars are gaining popularity in corporate advertising. While mileage is still an attractive component in both business and defense domains, half-electric car drivers are very rare for defense purposes.

These capabilities increase a warfighter’s primary goal abilities in terms of mobility, survival and lethality. They also provide significant power locally to their vehicles to support defensive needs.

Many companies focus on organic growth strategies like product launches, product approvals, and other such things as patents and events. With the growing demand for military vehicle electrification worldwide, the market payers in this market will enjoy lucrative growth opportunities.

Oil is one the most volatile commodities on the market. Oil prices can change rapidly if there are slight changes in the financial or geopolitical system of one group of countries. This has led to increased demand for alternative fuels that are low- or no-cost in relation to changes in the political landscape. The rising use of electric motors is a sign of the growing trend to combat the dominance of Oil as the primary source of gasoline for automobiles.

The market for Military Vehicle Electrification is expected to grow in proportion to the growth of these platforms. In the forecast period, both combat and support vehicle military vehicles will require electrification.

The largest market share for Military vehicle electrification in North America is expected to be during the forecast period. This is due to the increased investment in Military vehicle electrification technologies in this region by countries like Canada and the US. The market will be driven by prominent integrators and manufacturers of these military systems, such as General Dynamics (US), Oshkosh Corporation(US), Textron Inc.. (US) and General Motors.

For use in remote areas and difficult terrains, military vehicles can also be deployed. High-power charging infrastructure (AC/DC), is a key component of electric vehicles. This is a major concern for military electric vehicles that are deployed in remote locations. Market vendors face another challenge in securing the charging infrastructure for military electric vehicles at remote locations. This is hindering market growth around the world.