Overview of the global military hybrid electric vehicle (HEV) and electric vehicle (EV) market
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.
Competitive landscape and key vendors
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 -
- AeroVironment
- BAE Systems
- Ford Motor Company
- General Motors
- Lockheed Martin
The other prominent vendors in the market are Boeing, General Dynamics, Logos Technologies, Magnet Motor, and Zero Motorcycles.
Segmentation by product type and analysis of the military HEV and EV market
- Manned HEV and EV
- Unmanned HEV and EV
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.
Geographical segmentation and analysis of the military HEV and EV market
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.
Key questions answered in the report include
- What will the market size and the growth rate be in 2021?
- What are the key factors driving the global military hybrid electric vehicle (HEV) and electric vehicle (EV) market?
- What are the key market trends impacting the growth of the global military hybrid electric vehicle (HEV) and electric vehicle (EV) market?
- What are the challenges to market growth?
- Who are the key vendors in the global military hybrid electric vehicle (HEV) and electric vehicle (EV) market?
- What are the market opportunities and threats faced by the vendors in the global military hybrid electric vehicle (HEV) and electric vehicle (EV) market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global military hybrid electric vehicle (HEV) and electric vehicle (EV) market?
Technavio also offers customization on reports based on specific client requirement.
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.
Our market research methodology for the global military hybrid electric vehicle and electric vehicle market
Technavio also offers clients the option to customize every report to suit their specific requirements and offers attractive discounts on all upcoming reports and future purchases.