Military Vehicle Electrification Market

Market Leader - Military Vehicle Electrification Market

The Military Vehicle Electrification market is projected to grow from an estimated USD 4.8 billion in 2020 to USD 8.6 billion by 2025, at a CAGR of 13.0% and USD 17.6 billion in 2030 at a CAGR of 15.4%. The major growth drivers for this market include rising concerns for the emission of greenhouse gases, adoption of battery and fuel cells as an alternate source for vehicle power are expected to provide significant growth opportunities for the Military Vehicle Electrificationmarket during the next five years.

Major manufacturers in this market are based in North America and Europe.  Oshkosh Corporation (US), BAE Systems (UK), General Dynamics (US), General Motors (US), Leonardo (Italy), and Qinetiq (UK)are among the key manufacturers that secured Military Vehicle Electrificationcontracts in the last few years. A major focus was given to the development of new products due to the increasing demand and the development of other technologies supporting the growth of this market. These players have adopted various organic and inorganic growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, collaborations, expansions, acquisitions, and new product development activities further to expand their presence in the Military Vehicle Electrificationmarket.

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Oshkosh Corporation (US) secures the first position in the military vehicle electrification market. It is one of the leading companies providing access equipment, specialty vehicles, and truck bodies. The company has more than 100 years of experience and has patented its advances in electrification, autonomy & active safety and intelligent products in 1917. The company has operations across the Americas, Asia Pacific, Europe, the Middle East, and other parts of the world. In February 2020, Oshkosh Corporation received a contract worth USD 407 million to provide Joint Light Tactical Vehicles (JLTV) to the US Army, Marine Corps, and two foreign military sales customers. The order includes 1,240 JLTVs and associated equipment to support the U.S. Army and Marine Corps missions as well as the governments of Lithuania and Slovenia.

General Dynamics Corporation (US) leads the second position in the military vehicle electrification market. It is one of the leading companies offering a broad portfolio of products and services in business aviation, ship construction and repair, land combat vehicles, weapons systems and munition, and technology products and services. It operates majorly through four segments namely, aerospace, marine systems, combat systems, and technologies in which the latter three collectively are referred to as their defense segment. The company focuses on product launches, agreements, and contracts to enhance its presence as a market leader in the electrification of military vehicles. In December 2020, The U.S. Army awarded  General Dynamics a USD 4.6 billion contract the for latest configuration to produce M1A2 SEPv3 Abrams Main Battle Tanks. The contract includes the modification and upgradation of communication, fire control, lethality, reliability, sustainment, and fuel efficiency

BAE Systems (UK) secured a major share in the defense and military markets. It showcases strong experience in developing next-generation technologies such as electronic warfare and artificial intelligence. Applied Intelligence Laboratories (AI Labs) is the research and technology arm of the BAE Systems’ Applied Intelligence business. BAE Systems Autonomy R&D teams have been inventing, evolving, and implementing world-class autonomous solutions for over 25 years. Their work includes pioneering data fusion, machine learning, and dynamic planning & control technologies. These innovations provide autonomous systems the ability to assess information from multiple sources and develop situational understanding, learn about changes in the operational environment, and act by making informed decisions optimized for missions. In January 2021, BAE Systems secured a USD 500 million contracts to undertake extensive mid-life upgrades of the Royal Netherlands Army’s Combat vehicle 90(CV90) fleet.

Related Reports:

Military Vehicle Electrification Market by Technology (Hybrid and Fully Electric), by System(Power Generation, Cooling System, Energy Storage, Traction Drive System and Power Conversion) by Platform, by Operation and by Region - Forecast to 2030

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Report Code
AS 7916
RI Published ON
6/8/2021
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