Industria
Military Vehicle Electrification Market worth $6.82 billion by 2030 - Exclusive Report by MarketsandMarkets™
The hybrid segment is likely to account for a larger market share than the fully electric segment of the military vehicle electrification market by technology. Hybrid vehicles combine conventional diesel engines with electric motors to provide dual-mode propulsion that improves fuel efficiency, stealth, and power availability without affecting the operational range. The eJLTV of the US Army is developed by Oshkosh Defense, and it offers up to 20% fuel savings, silent drive capabilities, and 115 kW of exportable power, maintaining the protection and mobility of the base JLTV simultaneously.
Based on system, the power conversion segment is projected to lead the military vehicle electrification industry due to maximum energy efficiency and improved performance while in operation. Military vehicle operation demands smooth integration of diverse power sources, from conventional fuel-based to innovative electric propulsion sources. Power conversion equipment is a key component in controlling and distributing power between these sources with optimal efficiency and maximizing performance and mission success. As defense forces increasingly prioritize sustainability, value for money, and lower environmental footprints, there is a growing demand for high-end power conversion technology.
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North America is expected to lead the market during the forecast period, owing to rising investments and rapid developments to modernize existing and new military vehicles and the technologies integrated by countries, including the US and Canada , in this region. The presence of key market players, such as General Dynamics (US), Oshkosh Corporation (US), Textron Inc. (US), and General Motors (US), is also expected to contribute to regional market growth in the next five years.
Oshkosh Corporation (US), GM Defense LLC (US), General Dynamics Corporation (US), BAE Systems (UK), Leonardo S.p.A. ( Italy ), Textron Inc. (US), ST Engineering ( Singapore ), QinetiQ (UK), Polaris Inc. (US), ASELSAN AS ( Turkey ), Otokar ( Turkey ), and Krauss-Maffei Wegmann ( Germany ) are some of the leading companies in the military vehicle electrification companies. These market players have well-equipped manufacturing facilities and strong distribution networks across North America , Europe , Asia Pacific , Latin America , and the Middle East & Africa .
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