Military Vehicle Electrification Market Look a Witness of Excellent Long-Term Growth – Worldwide Survey by 2030
Military Vehicle Electrification Market research report by Delvens focuses on primary sections such as – market segments, market outlook, competitive landscape, and company profiles. The segments provide details in terms of various perspectives such as end-use industry, product or service type, and any other relevant segmentation as per the market’s current scenario which includes various aspects to perform further marketing activity, The Military Vehicle Electrification Market size is projected to reach a CAGR of 12.5% to 2030.
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Military vehicles installed with a high amount of electronics require a large amount of electrical power, which is expected to significantly limit battery capacity as capacity tends to reduce at higher rates of discharge. They have higher specific energy, energy density and cycle life compared to lead-acid batteries.
Increasing new technologies in demand of going green is the major factor that has supported long-term expansion for Military Vehicle Electrification Market.
Regional Analysis
The Asia Pacific Military Vehicle Electrification market is projected to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific Military Vehicle Electrification market is primarily driven by increasing focus on increasing expenditure on the procurement of military vehicles by major economies in this region.
Recent Developments
In February 2021, Elbit systems won a contract of USD 46 Million to supply a 6*6 Armor Personnel Carrier integrated with an electric drive, fire control systems, and stabilization systems to an army in Asia Pacific region
In December 2020, Honeywell secured a contract worth USD 1 Billion from the US Army towards the development of Automotive gas turbine 1500 engine modification for main battle tank will drive the electrification progress in this platform.
Key Players of Military Vehicle Electrification Market
· Alke
· AM General
· Arquus
· Aselsan A.S.
· BAE Systems
· Ballard Power Systems
· Epsilor Electric Fuel Ltd
· Flensburger Fahrzeugbau Gesellschaft GmbH
· General Dynamics
· General Motors
· Highland Systems
· Krauss-Maffei Wegmann
· Leonardo Spa
· Mega Engineering Vehicles Inc. and More
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