Military Vehicle Electrification Market Size, Share & Analysis

This research study involved the extensive use of secondary sources, directories, and databases, such as the Stockholm International Peace Research Institute (SIPRI), Department of Defense (DoD), UN Comtrade, Organization for Economic Cooperation and Development (OECD), and Factiva, to identify and collect relevant information on the military vehicle electrification market. Primary sources included industry experts from the market concerned, preferred suppliers, manufacturers, solution providers, technology developers, alliances, and organizations related to all segments of the value chain. All primary sources were interviewed to obtain and verify critical qualitative and quantitative information, as well as assess the prospects of the market.

In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among others, to obtain and verify critical qualitative and quantitative information and to assess future prospects of the market.

Secondary Research

The market share of companies in the military vehicle electrification market was determined using secondary data made available through paid and unpaid sources and by analyzing product portfolios of major companies operating in the market. These companies were rated based on the performance and quality of their products. These data points were further validated by primary sources.

Secondary sources that were referred to for this research study on the military vehicle electrification market included government sources such as the US Department of Defense (DoD), defense budgets, military modernization program documents, corporate filings such as annual reports, investor presentations, and financial statements, and trade, business, and professional associations. This secondary data was collected and analyzed to arrive at the overall size of the military vehicle electrification, which was further validated by primary respondents.

Secondary research was primarily used to obtain critical information about the value and supply chain of the market. It was also used to identify key players by various products, market classifications, and segmentation per their offerings. Secondary information helps understand industry trends related to Military vehicle electrification technology, mode of operation, voltage, platform, system, and region, and developments from the market and technology-oriented perspectives.

Primary Research

In the primary research process, various sources from the supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. Primary sources from the supply side included industry experts such as vice presidents, directors from business development, marketing, and product development/innovation teams, related key executives from the EV industry, manufacturers, integrators, and key opinion leaders. Extensive primary research was conducted after obtaining information about the current scenario of the military vehicle electrification market through secondary research. Several primary interviews were conducted with the market experts from the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East, and the Rest of the World.

Note: Tiers of companies are based on their revenue in 2021–2022.

Tier 1: Company revenue greater than USD 1 billion; Tier 2: Company revenue between USD 100 million and USD 1 billion; and Tier 3: Company revenue lower than USD 100 million.

Others include Sales Managers, Marketing Managers, and Product Managers.

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both the top-down and bottom-up approaches were used to estimate and validate the size of the market. The research methodology used to estimate the market size also included the following details:

• Key players were identified through secondary research, and their market ranking was determined through primary and secondary research. This included a study of annual and financial reports of the top market players and extensive interviews with leaders, including CEOs, directors, and marketing executives.
• All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated, enhanced with detailed input, analyzed by MarketsandMarkets, and presented in this report.

Bottom-Up Approach

The bottom-up approach was employed to arrive at the overall size of the military vehicle electrification market.

Market Size Estimation Methodology: Bottom-up Approach

Step 1	Mapped deliveries of military electric vehicles	Mapped deliveries of all types of electric military vehicles considered under military vehicle electrification segments from 2025 to 2030
Step 2	Classified the components required for each vehicle type	Each vehicle technology considered in the scope (fully electric and hybrid) requires different types of electric components, and the penetration of each technology is different
Step 3	Identified the total cost of manufacturing electric military vehicle	Identified and mapped the total cost of manufacturing vehicles for each electric military vehicle considered in the study
Step 4	Listing contracts for military electric vehicles	Listing all the contracts for military electric vehicles to validate the market size
Step 5	Arriving at the global market size (2025)	Global market 2025 (Electric military vehicle delivery for 2025 * cost of electric military vehicle derived from contract)
Step 6	Arriving at the global market size (2025-2030)	Global market estimated based on data on existing and upcoming projects announced by OEMs, average digital readiness Index percentage of commercial electric vehicles, and average defense growth rate

Top-Down Approach

In the top-down approach, military electric vehicle manufacturers were identified. The revenue of players as per their revenue specific to the market was identified. The base market number for each player was determined by assigning a weight to the contracts for military electric vehicles by these companies for the stages of electrification.

Military Vehicle Electrification Market : Top-Down and Bottom-Up Approach

Data Triangulation

The following figure indicates the market breakdown structure and the data triangulation procedure implemented in the market engineering process to develop this report.

The figure above demonstrates the core data triangulation procedure used in this report for every market, submarket, and subsegment. The percentage split for various market segments, including system, platform, technology, mode of operation, voltage, and region, was used to determine the size of the military vehicle electrification market.