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 concerned market, 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 type, platform, system and regions, 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, Middle East & Africa, and Latin America.
This primary data was collected through questionnaires, emails, and telephonic interviews.
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 includes the following details:
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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 of leaders, including CEOs, directors, and marketing executives.
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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 inputs, 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.
Bottom Up Market Size Estimation Methodology
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Step 1
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Mapped deliveries of military electric vehicles
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Mapped deliveries of all types of electric military vehicles considered under military vehicle electrification segments from 2023 to 2030
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Step 2
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Classified the components required for each vehicle type
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Each vehicle technology considered in the scope (fully electric and hybrid) requires different types of electric components, in which the penetration of each technology is different.
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Step 3
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Identified the total cost of manufacturing electric military vehicle
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Identified and mapped the total cost of manufacturing vehicles for each electric military vehicle considered in the study.
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Step 4
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Listing contracts for military electric vehicles
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Listing all the contracts for military electric vehicles to validate the market size.
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Step 5
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Arriving at the global market size (2023)
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Global market 2023 = (electric military vehicle delivery for 2023 * Cost of electric military vehicle derived from contract ).
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Step 6
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Arriving at the global market size (2023-2030)
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The global market was 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.
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Market Size Estimation Methodology: Bottom-Up Approach
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 arrived at by assigning a weight to the contracts for military electric vehicles by these companies for the stages of electrification.
Market Size Estimation Methodology: Top-Down Approach
Data Triangulation
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Country-wise military electric vehicle deliveries were considered for base data. Data was taken from the OEM manufacturers of military electric vehicles and various governing bodies of each country.
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Military vehicle technology type and penetration are considered to calculate the upcoming trends of the market.
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 type and region, was used to determine the size of the military vehicle electrification market.
Market Definition
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Military vehicle electrification is the method of adapting new technologies for the use of electrical power for the operation of automotive drivetrains, auxiliary systems, turret motors/drives, and other mechanical subsystems in military vehicles. It involves the use of hybrid engines, battery technologies, fuel cells, and other primary power sources for military tactical and combat vehicles. It helps in increased efficiency, power, and performance in critical missions and operations. Military vehicle electrification can be categorized based on technologies such as hybrid drive and fully electric. It has applications in surveillance & stealth modes, combat vehicles, utility trucks, logistics & transportation, and armored vehicles, among others
Key Stakeholders
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Military Vehicle Electrification Solution Providers
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Military Vehicle Electrification Platform Providers
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Military Vehicle Electrification System Providers
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Technology Providers
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Armed Forces
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Military Vehicle Electrification Product Manufacturers
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Component Manufacturers
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Distributors and Suppliers
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Investors and Venture Capitalists
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Component Manufacturers
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Distributors and Suppliers
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Universities, Research Organizations, Forums, Alliances, and Associations
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Ministries of Defense
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Original Equipment Manufacturers (OEMs)
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Regulatory Bodies
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R&D Companies
Report Objectives
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To define, describe, and forecast the size of the military vehicle electrification market based on platform, system, technology, mode of operation, voltage type, and region from 2023 to 2030
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To forecast the size of various segments of the market with respect to major regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
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To identify and analyze key drivers, restraints, opportunities, and challenges influencing the growth of the Military vehicle electrification market across the globe
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To strategically analyze micromarkets 1 with respect to individual growth trends, prospects, and their contribution to the military vehicle electrification market
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To analyze opportunities for stakeholders in the market by identifying key market trends
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To analyze competitive developments such as contracts, acquisitions and expansions, agreements, partnerships, new product launches, and Research & Development (R&D) activities in the military vehicle electrification market
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To provide a detailed competitive landscape of the -market, in addition to an analysis of business and corporate strategies adopted by leading market players
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To strategically profile key market players and comprehensively analyze their core competencies
1. Micromarkets refer to segments and subsegments of the Military Vehicle Electrification market included in the report.
2. Core competencies of the companies were captured in terms of their key developments and strategies to sustain their position in the market
Available customizations
Along with the market data, MarketsandMarkets offers customizations as per the specific needs of companies. The following customization options are available for the report:
Product Analysis
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Product matrix, which gives a detailed comparison of the product portfolio of each company
Regional Analysis
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Further breakdown of the market segments at the country level
Company Information
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Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Military Vehicle Electrification Market