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Technavio's military hybrid electric vehicle (HEV) market analysis identifies the need to reduce dependency on conventional sources of energy to be one of the primary growth factors for the military hybrid electric vehicle (HEV) and electric vehicle (EV) market. As the military sector is the primary consumer for fossil fuel source of energy, the depleting natural resources of conventional energy sources will encourage the need to search for alternative energy sources. Several regions are focusing on the development and implementation of alternative and renewable energy sources for military equipment and vehicles in the transportation sector. The market analysts estimate that the market will grow steadily at a CAGR of more than 14% by 2021.
Commercial and defense customers are demanding for enhanced and innovated electric vehicles (EVs) that encourages the vendors to develop lighter batteries with greater capacity. Lithium-ion is used in rechargeable batteries due to its features of being one of the lightest metals and having a high electrochemical potential. This combination enables to create batteries with high energy density and reduced weight. Lithium-ion batteries are steadily evolving in terms of energy density, high-voltage delivery, and fire resistance. The development and use of advanced lithium-ion power sources is identified to be one of the key trends contributing towards the military hybrid electric vehicle market growth.
The military HEV and EV market provides stiff competition due to the established international and regional players developing cost-effective electric propulsion technologies in comparison to the traditional IC vehicles. Governments globally are encouraging the development of new technologies to make EVs and HEVs more user-friendly and financially viable. Hybrid electric vehicle market offers high growth potential for the entry of large and small players. Large players adopt M&A to consolidate their position in the market.
The leading vendors in the market are -
The other prominent vendors in the market are Boeing, General Dynamics, Logos Technologies, Magnet Motor, and Zero Motorcycles.
Homeland security agencies and military forces are increasingly adopting HEVs and EVs due to their energy-efficiency and cost-efficiency provided by these vehicles to the operations. For instance, Ukranian government promote environmentally friendly policies after extensive evaluation of plug-in HEVs (PHEVs) environmental performance.
The Americas armed forces are collaborating with private automotive industries to develop hybrid autonomous vehicles such that they will be able to accommodate large quantity of gear, have sufficient power backup, and be compactly designed. GE is already developing a new technology is that will improve the management of a vehicle's available onboard power.
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The report covers the market for military hybrid electric vehicle and electric vehicles that are used by military forces, paramilitary forces and law enforcement agencies. The upcoming research report on the global military hybrid and electric vehicle market is an integral part of aerospace and defense industry. Technavio provides an extensive collection of research reports on defense sector by gathering business intelligence data across various parameters such as global demand, technological advancements, potential growth, and major geographic markets.
The upcoming research report on the military hybrid electric vehicle and electric vehicle market helps the clients understand business customers and the market in-depth with data collected via qualitative and quantitative research methodologies. This report also discusses the growth prospects of the market in each of the geographic segment by covering regions such as the Americas, APAC, and EMEA. The report also identifies some of the major players as well as other prominent players such as Logos Technologies, General Motors, Ford, BAE Systems, and Magnet Motors. Due to government initiatives of reducing dependency on conventional energy sources, the market could see elevated demand for military hybrid and electric vehicles.
The upcoming research report on the military hybrid electric vehicle and electric vehicle market also covers market potential, growth rate, key drivers, emerging trends, and opportunities and challenges faced by the industry. The report also covers related markets such as general aviation, homeland security, and defense technology.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product type
PART 07: Geographical segmentation
PART 08: Decision framework
PART 09: Drivers and challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
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