Electric Military Vehicles Market Size - By Vehicle Type (Armored Personnel Carriers (APCs), Infantry Fighting Vehicles (IFVs), Light Utility Vehicles (LUVs), Tactical Trucks, Unmanned Ground Vehicles (UGVs), Others), by Propulsion Type (Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), Plug-In Hybrid Electric Vehicles (PHEVs), Fuel Cell Electric Vehicles (FCEVs)), by Application (Combat & Defense, Logistics & Support, Surveillance & Reconnaissance, Others) & Region – Global Forecasts 2024 - 2034
- PUBLISHED ON
- 2024-04-17
- NO OF PAGES
- 231
- CATEGORY
- Aerospace & Defense
Market Overview
The Electric Military Vehicles market is predicted to develop at a compound annual growth rate (CAGR) of 12.6% from 2024 to 2034, when it is projected to reach USD 23,000.54 Million in 2034, based on an average growth pattern. The market is estimated to reach a value of USD 7,024.74 Million in 2024.
SOURCE: We Market Research
Electric
military vehicles are vehicles used by military forces that utilize electric
propulsion systems for power rather than traditional internal combustion
engines. These vehicles leverage electric motors powered by batteries, fuel
cells, or a combination of both to drive their wheels or tracks.
The global
electric military vehicles market was showing promising growth, driven by
several factors including increasing concerns about energy security,
environmental sustainability, and advancements in electric vehicle technology.
While I can't provide real-time statistics beyond that point, I can give you an
overview of the market trends up to that time.
The global
electric military vehicles market is expected to continue growing in the coming
years, driven by technological advancements, government initiatives, and
increasing demand for cleaner and more efficient military transport solutions.
As militaries worldwide seek to modernize their fleets and reduce their
environmental footprint, electric propulsion is likely to play an increasingly
important role in the defense industry.
Market Scope
|
Report Attributes |
Description |
|
Market Size in 2024 |
USD 7,024.74 Million |
|
Market Forecast in 2034 |
USD 23,000.54 Million |
|
CAGR % 2024-2034 |
12.6% |
|
Base Year |
2023 |
|
Historic Data |
2016-2022 |
|
Forecast Period |
2024-2034 |
|
Report USP
|
Production, Consumption, company share, company
heatmap, company production capacity, growth factors and more |
|
Segments Covered |
By Vehicle Type, By Propulsion Type, By Application and By Region |
|
Regional Scope |
North America, Europe, APAC, South America and
Middle East and Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic
Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia;
Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa;
Nigeria |
Electric Military Vehicles Industry: Dynamics & Restrains
We Market Research: Electric Military Vehicles Dashboard
Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.
Electric Military Vehicles
Segmentation
Market- By Vehicle Type Analysis
By Vehicle Type, the Electric Military Vehicles Market is Categories into Armored Personnel Carriers (APCs), Infantry Fighting Vehicles (IFVs), Light Utility Vehicles (LUVs), Tactical Trucks, Unmanned Ground Vehicles (UGVs) and Others. The Armored Personnel Carriers segment accounts for the largest share of around 29% in 2024. Armored personnel carriers are likely to hold a significant share of the electric military vehicles market, given their importance in troop transport and protection. Electric APCs offer advantages such as reduced acoustic signatures, improved fuel efficiency, and lower lifecycle costs compared to conventional APCs.
The
following segments are part of an in-depth analysis of the global Electric
Military Vehicles market:
|
Market Segments |
|
|
By Vehicle Type |
·
Armored Personnel Carriers
(APCs) ·
Infantry Fighting Vehicles
(IFVs) ·
Light Utility Vehicles (LUVs) ·
Tactical Trucks ·
Unmanned Ground Vehicles
(UGVs) ·
Others |
|
By Propulsion Type |
·
Battery Electric Vehicles
(BEVs) ·
Hybrid Electric Vehicles
(HEVs) ·
Plug-In Hybrid Electric
Vehicles (PHEVs) ·
Fuel Cell Electric Vehicles
(FCEVs) |
|
By Application |
·
Combat & Defense ·
Logistics & Support ·
Surveillance &
Reconnaissance ·
Others |
Electric Military Vehicles Industry: Regional Analysis
North America Market Forecast
North America dominate the Electric Military Vehicles Market with the highest revenue generating market with share of more than 43%. The United States, with its significant defense budget and focus on technological innovation, has been at the forefront of electric military vehicle development. The U.S. Army, in particular, has been investing in electric and hybrid-electric vehicle programs to enhance operational capabilities and reduce logistical burdens.
Europe Market Statistics
Europe is
another key region for the electric military vehicles market, characterized by
a strong industrial base, multinational defense cooperation, and a focus on
sustainability. European countries such as the United Kingdom, France, Germany,
and Sweden invest in electric military vehicles to modernize their armed
forces, reduce carbon emissions, and comply with regulatory standards.
Asia Pacific Market Forecasts
The Asia Pacific region presents significant growth opportunities for the electric military vehicles market, driven by rising defense spending, geopolitical tensions, and technological advancements. Countries such as China, India, Japan, South Korea, and Australia invest in electric military vehicles to enhance their military capabilities, improve operational efficiency, and address security challenges in the region.
Key Market Players
The Electric Military Vehicles Market is dominated by a few large companies, such as
· BAE Systems plc
· General Dynamics Corporation
· Rheinmetall AG
· Oshkosh Corporation
· Lockheed Martin Corporation
· Rheinmetall AG
· Northrop Grumman Corporation
· Thales Group
· Leonardo S.p.A.
· Raytheon Technologies Corporation
· SAIC Motor Corporation Limited
· Navistar International Corporation
· Elbit Systems Ltd.
· Hanwha Corporation
· CNH Industrial N.V.
· Other
1.
Global
Radar System Market Introduction and Market Overview
1.1. Objectives of the Study
1.2. Global Radar System Market Scope
and Market Estimation
1.2.1. Global Radar System Overall
Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2024 - 2034)
1.2.2. Global Radar System Market
Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034
1.3. Market Segmentation
1.3.1. Vehicle Type of Global Radar
System Market
1.3.2. Propulsion Type of Global Radar
System Market
1.3.3. Application of Global Radar
System Market
1.3.4. Region of Global Radar System
Market
2.
Executive Summary
2.1. Global Radar System Market Industry Trends under COVID-19 Outbreak
2.1.1. Global COVID-19 Status Overview
2.1.2. Influence of COVID-19 Outbreak
on Global Radar System Market
Industry Development
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Limitations
2.2.3. Opportunities
2.2.4. Impact Analysis of Drivers and
Restraints
2.3. Pricing Trends Analysis &
Average Selling Prices (ASPs)
2.4. Key Mergers & Acquisitions,
Expansions, JVs, Funding / VCs, etc.
2.5. Porter’s Five Forces Analysis
2.5.1. Bargaining Power of Suppliers
2.5.2. Bargaining Power of Buyers
2.5.3. Threat of Substitutes
2.5.4. Threat of New Entrants
2.5.5. Competitive Rivalry
2.6. Value Chain / Ecosystem Analysis
2.7. Russia-Ukraine War Impacts
Analysis
2.8. Economic Downturn Analysis
2.9. Market Investment Opportunity
Analysis (Top Investment Pockets), By Segments & By Region
3.
Global Radar System Market Estimates & Historical Trend Analysis (2019 - 2023)
4.
Global Radar System Market Estimates & Forecast Trend Analysis, by
Vehicle Type
4.1. Global Radar System Market
Revenue (US$ Mn) Estimates and Forecasts, by Vehicle Type, 2019 - 2034
4.1.1. Armored Personnel Carriers
(APCs)
4.1.2. Infantry Fighting Vehicles
(IFVs)
4.1.3. Light Utility Vehicles (LUVs)
4.1.4. Tactical Trucks
4.1.5. Unmanned Ground Vehicles (UGVs)
4.1.6. Others
5.
Global Radar System Market Estimates & Forecast Trend Analysis, by
Platform
5.1. Global Radar System Market
Revenue (US$ Mn) Estimates and Forecasts, by Propulsion Type, 2019 - 2034
5.1.1. Battery Electric Vehicles (BEVs)
5.1.2. Hybrid Electric Vehicles (HEVs)
5.1.3. Plug-In Hybrid Electric Vehicles
(PHEVs)
5.1.4. Fuel Cell Electric Vehicles
(FCEVs)
6.
Global Radar System Market Estimates & Forecast Trend Analysis, by
Application
6.1. Global Radar System Market
Revenue (US$ Mn) Estimates and Forecasts, by Application, 2019 - 2034
6.1.1. Combat & Defense
6.1.2. Logistics & Support
6.1.3. Surveillance &
Reconnaissance
6.1.4. Others
7.
Global Radar System Market Estimates & Forecast Trend Analysis,
by Region
7.1. Global Radar System Market
Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 - 2034
7.1.1. North America
7.1.2. Europe
7.1.3. Asia Pacific
7.1.4. Middle East & Africa
7.1.5. South America
8.
North
America Radar System Market: Estimates & Forecast Trend Analysis
8.1.
North
America Radar System Market Assessments & Key Findings
8.1.1. North America Radar System
Market Introduction
8.1.2. North America Radar System
Market Size Estimates and Forecast (US$ Million) (2019 - 2034)
8.1.2.1. By Vehicle Type
8.1.2.2. By Propulsion Type
8.1.2.3. By Application
8.1.2.4. By Country
8.1.2.4.1. The U.S.
8.1.2.4.2. Canada
8.1.2.4.3. Mexico
9.
Europe
Radar System Market: Estimates & Forecast Trend Analysis
9.1. Europe Radar System Market
Assessments & Key Findings
9.1.1. Europe Radar System Market
Introduction
9.1.2. Europe Radar System Market Size
Estimates and Forecast (US$ Million) (2019 - 2034)
9.1.2.1. By Vehicle Type
9.1.2.2. By Propulsion Type
9.1.2.3. By Application
9.1.2.4.
By
Country
9.1.2.4.1. Germany
9.1.2.4.2. U.K.
9.1.2.4.3. France
9.1.2.4.4. Italy
9.1.2.4.5. Spain
9.1.2.4.6. Russia
9.1.2.4.7. Rest of Europe
10. Asia Pacific Radar
System Market: Estimates & Forecast
Trend Analysis
10.1. Asia Pacific Market Assessments
& Key Findings
10.1.1. Asia Pacific Radar System Market
Introduction
10.1.2. Asia Pacific Radar System Market
Size Estimates and Forecast (US$ Million) (2019 - 2034)
10.1.2.1. By Vehicle Type
10.1.2.2. By Propulsion Type
10.1.2.3. By Application
10.1.2.4. By Country
10.1.2.4.1. China
10.1.2.4.2. Japan
10.1.2.4.3. India
10.1.2.4.4. Australia
10.1.2.4.5. South Korea
10.1.2.4.6. ASEAN
10.1.2.4.7. Rest of Asia Pacific
11. Middle East & Africa Radar
System Market: Estimates & Forecast
Trend Analysis
11.1. Middle East & Africa Market
Assessments & Key Findings
11.1.1. Middle
East & Africa Radar
System Market Introduction
11.1.2. Middle
East & Africa Radar
System Market Size Estimates and Forecast (US$ Million) (2019 - 2034)
11.1.2.1. By Vehicle Type
11.1.2.2. By Propulsion Type
11.1.2.3. By Application
11.1.2.4. By Country
11.1.2.4.1. U.A.E.
11.1.2.4.2. Saudi Arabia
11.1.2.4.3. Egypt
11.1.2.4.4. South Africa
11.1.2.4.5. Rest of Middle East & Africa
12. South America
Radar System Market: Estimates & Forecast
Trend Analysis
12.1. South America Market Assessments
& Key Findings
12.1.1. South America Radar System
Market Introduction
12.1.2. South America Radar System
Market Size Estimates and Forecast (US$ Million) (2019 - 2034)
12.1.2.1. By Vehicle Type
12.1.2.2. By Propulsion Type
12.1.2.3. By Application
12.1.2.4. By Country
12.1.2.4.1. Brazil
12.1.2.4.2. Argentina
12.1.2.4.3. Colombia
12.1.2.4.4. Rest of South America
13. Competition Landscape
13.1. Global Radar System Market
Competition Matrix & Benchmarking, by Leading Players / Innovators /
Emerging Players / New Entrants
13.2. Global Radar System Market
Competition White Space Analysis, By End-user
13.3. Global Radar System Market
Competition Heat Map Analysis, By End-user
13.4. Global Radar System Market
Concentration & Company Market Shares (%) Analysis, 2023
14. Company Profiles
14.1.
BAE Systems
14.1.1. Company Overview & Key Stats
14.1.2. Financial Performance & KPIs
14.1.3. Product Portfolio
14.1.4. Business Strategy & Recent
Developments
* Similar details would be provided
for all the players mentioned below
14.2. General
Dynamics
14.3. Rheinmetall AG
14.4. Oshkosh
Corporation
14.5. Lockheed
Martin Corporation
14.6. Thales Group
14.7. Northrop
Grumman Corporation
14.8. Leonardo
S.p.A.
14.9. Raytheon
Technologies Corporation
14.10. SAIC Motor
Corporation Limited
14.11. Navistar
International Corporation
14.12. Elbit Systems
Ltd.
14.13. Hanwha
Corporation
14.14. CNH Industrial
N.V.
14.15. Textron Inc.
14.16. Others
15. Research
Methodology
15.1. External Transportations /
Databases
15.2. Internal Proprietary Database
15.3. Primary Research
15.4. Secondary Research
15.5. Assumptions
15.6. Limitations
15.7. Report FAQs
16. Research Findings & Conclusion
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Market Estimates and Forecast
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Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size of Electric Military Vehicles Market in 2024?
Electric Military Vehicles Market was valued at USD 7,024.74 Million in 2024.
What is the growth rate for the Electric Military Vehicles Market?
Electric Military Vehicles Market size will increase at approximate CAGR of 12.6% during the forecasted period.
Which are the top companies operating within the market?
Major companies operating within the Electric Military Vehicles Market Are BAE Systems, General Dynamics, Rheinmetall AG, Oshkosh Corporation, Lockheed Martin Corporation, Thales Group, Northrop Grumman Corporation, Leonardo S.p.A. and Other.
Which region dominates the Electric Military Vehicles Market?
North America dominates the market with an active share of 43%.
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