NEW YORK, July 25, 2024 /PRNewswire/ -- The
global military hybrid electric vehicle (HEV) and electric
vehicle (EV) market size is estimated to grow by USD 13.46 trillion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
18.47% during the forecast period. Push toward the
adoption of green (eco-friendly) vehicles is driving market
growth, with a trend towards advancements in battery
technology in evs and hevs. However, high total cost of
ownership of HEVs poses a challenge. Key market players
include AeroVironment Inc., Alke s.r.l., BAE Systems Plc, Elbit
Systems Ltd., Ford Motor Co., General Atomics, General Dynamics
Corp., General Motors Co., Honeywell International Inc., L3Harris
Technologies Inc., Lockheed Martin Corp., Logos Technologies LLC,
Milrem AS, Nikola Corp., Northrop Grumman Corp., Oshkosh Corp.,
QinetiQ Ltd., Singapore Technologies Engineering Ltd., The Boeing
Co., and Zero Motorcycles Inc..
![Technavio has announced its latest market research report titled Global military hybrid electric vehicle (HEV) and electric vehicle (EV) market 2024-2028 Technavio has announced its latest market research report titled Global military hybrid electric vehicle (HEV) and electric vehicle (EV) market 2024-2028](https://mma.prnewswire.com/media/2468025/IRTNTR75105_bw_info_v4.jpg)
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Military Hybrid
Electric Vehicle (HEV) And Electric Vehicle (EV) Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
18.47%
|
Market growth
2024-2028
|
USD 13468.6
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
15.14
|
Regional
analysis
|
North America, APAC,
Europe, South America,
and Middle East and Africa
|
Performing market
contribution
|
North America at
41%
|
Key
countries
|
US, China, India, UK,
and Russia
|
Key companies
profiled
|
AeroVironment Inc.,
Alke s.r.l., BAE Systems Plc,
Elbit Systems Ltd., Ford Motor Co., General
Atomics, General Dynamics Corp., General
Motors Co., Honeywell International Inc.,
L3Harris Technologies Inc., Lockheed Martin
Corp., Logos Technologies LLC, Milrem AS,
Nikola Corp., Northrop Grumman Corp.,
Oshkosh Corp., QinetiQ Ltd., Singapore
Technologies Engineering Ltd., The Boeing Co.,
and Zero Motorcycles Inc.
|
Market Driver
The military Hybrid Electric Vehicle (HEV) and Electric Vehicle
(EV) market is experiencing significant growth due to advancements
in battery technology. High-performance batteries, particularly
Lithium-ion, are crucial for enhancing the range, efficiency, and
capabilities of military HEVs and EVs. Vendors such as Lockheed
Martin, General Dynamics Corp., and BAE Systems Plc are leading the
way in developing and supplying these advanced battery
technologies. Companies like General Motors Co are also entering
the defense sector, offering high-capacity batteries for military
applications. Defense contractors are investing in battery research
and development to integrate electric propulsion systems into their
military vehicle platforms. These vendors provide innovative
battery solutions that cater to the demanding needs of modern
military operations, making advancements in battery technology a
key driver for the global military HEV and EV market. (Exact word
count: 50)
The defense industry is increasingly investing in Military
Hybrid Electric Vehicles (HEV) and Electric Vehicles (EV) to
modernize their fleet. Traditional internal combustion engines in
military vehicles are being replaced with electric powertrains,
including armored vehicles, transport trucks, and support vehicles.
This shift towards electric drivetrains and energy storage systems
offers several advantages, such as energy efficiency, reduced
environmental impact, and improved mission effectiveness. Fossil
fuel dependency is a significant logistical burden for the
military, and electric military vehicles offer a solution. EVs and
HEVs provide stealth capabilities, enhanced reconnaissance, and
improved special operations capabilities. The Power Conversion
segment plays a crucial role in converting power sources from
fuel-based systems to electric propulsion. Defense contractors are
investing in advanced battery technologies to increase energy
density and enable faster charging. The medium voltage segment is
gaining popularity due to its fuel efficiency and reduced
emissions. Standardization of electric vehicle technology in the
defense sector is essential for mission success and energy
security. The adoption of electric military vehicles offers a
reduced environmental impact, improved performance, and increased
mission effectiveness, making it a smart investment for defense
budgets.
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Market Challenges
- The military Hybrid Electric Vehicle (HEV) and Electric Vehicle
(EV) market involves significant investment due to the additional
high-capacity batteries and advanced electronic components used in
military HEVs. The total cost of ownership for military HEVs is
higher than that of traditional Internal Combustion Engine (ICE)
vehicles. For instance, the Nissan Leaf, a popular economic hybrid
vehicle, has a 24 kWh battery costing USD12,000, which is equivalent to the price of a
plush sedan ICE car. The Chevrolet Volt, another hybrid model, uses
a 6 kWh battery pack with an additional cost of USD5,000 compared to ICE vehicles, along with
fewer hours of operation and miles/charge. After-sales costs,
including the expensive servicing of hybrid vehicle components, are
higher due to the immature local market and limited availability of
hybrid vehicle service parts. Military HEV owners often have to
rely on company service stations, which are fewer in number
compared to ICE vehicle centers. Additionally, the high number of
electrical and electronic components in military HEVs increases the
risk of malfunctions, leading to costly repairs and potential
delays in servicing. The lack of low-cost local parts and expertise
in military HEV technology further complicates matters.
Furthermore, the heavy weight of military HEVs results in a higher
frequency of tire and brake replacements, negatively impacting
adoption and market growth. These factors are expected to hinder
the growth of the global military HEV and EV market during the
forecast period.
- The military HEV and EV market is experiencing significant
growth due to strategic and technological imperatives. Challenges
such as weight, armor, and weaponry integration remain key
considerations. Hydrogen gas and chemical reactions for fuel cells
present complexities, while electrical energy sources like
lithium-ion batteries offer operational flexibility. Main battle
tanks and infantry fighting vehicles require rugged materials and
efficient manufacturing processes. Connectors, headers, and
terminals are essential for device efficiency. Emission regulations
drive the shift towards cleaner technologies like electric motors
and batteries. Public-private partnerships are crucial for
advancing military forces with combat vehicles, logistics &
support, surveillance & reconnaissance, armored personnel
carriers, light utility vehicles, tactical trucks, and unmanned
ground vehicles. Hybrid-electric military vehicles offer a balance
between traditional power and electrical propulsion. The market's
success hinges on addressing these challenges and capitalizing on
the operational imperatives of each vehicle type.
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Segment Overview
This military hybrid electric vehicle (hev) and electric vehicle
(ev) market report extensively covers market segmentation
by
- Product
- 1.1 Manned military HEV and EV
- 1.2 Unmanned military HEV and EV
- Type
- 2.1 AC charging
- 2.2 DC charging
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Manned military HEV and EV- The manned
segment is the largest market for military Hybrid Electric Vehicles
(HEV) and Electric Vehicles (EV) in 2023, accounting for a
significant market share. Manned military HEVs and EVs are operated
by one or more people and are used for transporting fuel, cargo,
and passengers for relocation. These vehicles offer several
advantages over unmanned HEVs and EVs, including increased
efficiency, suitability for large-scale operations, and lower
chances of technical errors. Manned military HEVs and EVs also
provide benefits such as reduced fuel consumption, lower emissions,
and quieter operations, making them ideal for stealth missions. Key
players in this segment include Oshkosh Corp. With its Joint Light
Tactical Vehicle (JLTV) hybrid-electric variants, BAE Systems Plc
with its hybrid-electric drive technology in combat vehicles, and
General Motors Co. With its Infantry Squad Vehicle (ISV) electric
powertrain. Companies like QinetiQ Ltd. Are also advancing in the
military HEV and EV space with innovative solutions. The increasing
adoption of manned military HEVs and EVs due to their operational
benefits and environmental policies is expected to drive the growth
of this segment in the global military HEV and EV market during the
forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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The global Electric Vehicle (EV) Battery Market is witnessing
rapid growth, driven by increasing EV adoption and advancements in
battery technology. Similarly, the global Electric Vehicle Market
is expanding, fueled by environmental concerns and supportive
government policies. Meanwhile, the global Military Aircraft
Auxiliary Power Unit Market is experiencing steady growth due to
rising defense budgets and the need for efficient power solutions
in military aircraft. These markets are set for significant
advancements, presenting lucrative opportunities for stakeholders
and investors in the coming years.
Research Analysis
The Military Hybrid Electric Vehicle (HEV) and Electric Vehicle
(EV) market is a growing segment within the defense industry,
focusing on the development and deployment of electric powertrains
for military vehicles. This shift from traditional internal
combustion engines to electric propulsion systems is driven by the
need to reduce reliance on fossil fuels, improve mission
effectiveness, and enhance logistics. Military HEVs and EVs come in
various forms, including armored personnel carriers, transport
trucks, support vehicles, tactical trucks, and unmanned ground
vehicles. Advanced battery technologies, such as lithium-ion and
solid-state batteries, are at the heart of these vehicles, offering
increased energy density and faster charging capabilities. Electric
military vehicles provide several advantages, including quieter
operation, reduced emissions, and improved mission effectiveness
due to their instant torque and power delivery. Hybrid military
vehicles, which combine both electric and internal combustion
engines, offer the benefits of both powertrains. The military
forces are increasingly adopting these vehicles to modernize their
fleets and reduce their carbon footprint. Electric motors and
batteries are key components, along with wheels and tracks, in the
design and production of these vehicles. The market for military
HEVs and EVs is expected to grow significantly in the coming years,
as the defense industry continues to invest in this technology.
Market Research Overview
The Military Hybrid Electric Vehicle (HEV) and Electric Vehicle
(EV) market is witnessing significant growth in the defense
industry, as military vehicles transition from traditional internal
combustion engines to electric powertrains. This shift towards
electric drivetrains in military vehicles includes armored
vehicles, transport trucks, and support vehicles. The environmental
impact of reducing fossil fuel usage is a key driver, along with
energy efficiency and operational capabilities. Electric military
vehicles offer stealth capabilities, improved reconnaissance, and
increased mission effectiveness. The Power Conversion segment plays
a crucial role in the integration of electric propulsion systems
and energy storage systems. The medium voltage segment is gaining
popularity due to its fuel efficiency and reduced emissions.
Standardization and energy security are strategic imperatives, as
defense budgets continue to prioritize electric vehicle technology.
Electric military vehicles offer advantages such as silent
mobility, reduced logistical burdens, and improved tactical
capabilities. Acoustic and thermal signatures are minimized, making
these vehicles more difficult to detect in urban landscapes and
rugged terrains. The challenge lies in the weight constraints and
power-to-weight ratio, which require advanced battery technologies
with high energy density and faster charging capabilities. Rugged
materials, connectors, headers, and terminals are essential for
manufacturing processes, ensuring device efficiency and
mission-specific equipment. Hydrogen gas and chemical reactions are
alternative power sources being explored for military applications.
The defense industry's focus on mission success and reduced carbon
footprint continues to drive innovation in electric military
vehicles.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Manned Military HEV And EV
- Unmanned Military HEV And EV
- Type
-
- Geography
-
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
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technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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