The Military Vehicle Electrification Market is projected to grow from USD 3.5 billion in 2022 and is projected to reach USD 15.1 billion by 2027 at a CAGR of 34.1% from 2022 to 2027. The market is being stimulated to make new investments by the rising global greenhouse gas emissions and changing fuel usage restrictions, the adaptation of battery technology for vehicle power, which results in noise reduction and improved vehicle performance. These also provide an added advantage, such as the integration of new electric systems.
Major manufacturers in this market are based in North America and Europe. Oshkosh Corporation (US), General Motors (US), General Dynamics (US), BAE Systems (UK), Leonardo S.p.A (Italy) are among the key manufacturers that secured Military Vehicle Electrificationcontracts in the last few years. Collaborations, product launches, contracts, and partnerships were the key growth strategies adopted by the leading market players from 2019 to 2022. Of these, product launches and contract strategies were the most widely adopted by the players to remain competitive in the market. These strategies helped the players to cater to the expected demand for military vehicle electrification products for different applications further to expand their presence in the Military Vehicle Electrificationmarket.
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The market for electrifying military vehicles is led by Oshkosh Corporation (US). It is one of the top suppliers of truck bodywork, specialist vehicles, and access equipment. The business has over a century of experience and began patenting its innovations in 1917, including electrification, autonomy & active safety, and intelligent products. The business operates globally, including in the Americas, Asia Pacific, Europe, the Middle East, and other regions.
General Motors (US) secures second position in the military vehicle electrification market. The US government, particularly the Department of Defense and the intelligence community, accounts for the majority of its business. In order to improve its product offerings and grow its market share, the company concentrates on new product releases, contracts, and partnerships. The business has a wide range of products and a strong regional presence.
General Dynamics Corporation (US) secures the third position in the military vehicle electrification market. One of the top firms, it provides a wide range of goods and services in the business aviation, shipbuilding and repair, ground combat vehicles, weapons systems and munition, and technology sectors. It primarily operates through four segments: technology, combat systems, aerospace, and marine systems. The last three of these are collectively referred to as their defense section. To strengthen its position as a market leader in the electrification of military vehicles, the company concentrates on product launches, agreements, and contracts.
BAE Systems (UK) secured a major share in the defense and military markets. It demonstrates extensive expertise in creating cutting-edge technologies like artificial intelligence and electronic warfare. The research and development division of the BAE Systems Applied Intelligence company is called Applied Intelligence Laboratories (Al Labs). For more than 25 years, the Autonomy R&D teams at BAE Systems have created, improved, and deployed top-notch autonomous solutions. Their work includes pioneering data fusion, machine learning, and dynamic planning & control technologies. These developments give autonomous systems the capacity to evaluate data from various sources, develop situational understanding, learn about alterations in the operational environment, and take action by making decisions that are mission-optimized.
Leonardo S.p.A (Leonardo) has a global presence with 70 facilities, 38 of which are manufacturing plants, wherein designing, development, and manufacturing of helicopters, aircraft, avionics systems, land & naval systems, cyber & security solutions, and space systems are undertaken. Products, systems, and services provided by Leonardo are currently in use in approximately 150 countries. 84% of the company’s revenue is received from international markets. Leonardo provides efficient, power-dense, flexible solutions for advanced ship propulsion through the E-Drive technology. Leonardo Titan and On-Board Vehicle Power (OBVP) vehicles can support a variety of military missions. The system was designed, tested, and delivered to address the military’s increasing need for electrical power to support missions.
Military Vehicle Electrification Market by Technology, System (Power Generation, Cooling Systems, Energy Storage, Traction Drive Systems, Power Conversion, Transmission System), Platform, Mode of Operation & Region - Global Forecast to 2027
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