Military Vehicle Electrification Market worth $17.6 billion by 2030, at a CAGR of 15.4% – MENAFN.COM

Military Vehicle Electrification Market worth $17.6 billion by 2030, at a CAGR of 15.4% – MENAFN.COM

The report "Military Vehicle Electrification Market by Technology (Hybrid and Fully Electric), by System(Power Generation, Cooling System, Energy Storage, Traction Drive System and Power Conversion) by Platform, by Operation and by Region – Forecast to 2030"³ , size is estimated to be valued at USD 4. 8 billion in 2020. It is projected to reach USD 8. 6 billion by 2025, recording a CAGR of 13. 0% and USD 17. 6 billion by 2030 at a CAGR of 15. 4% in terms of value. The increasing number of procurement of new vehicles are also boosting the market growth. Hybrid and fully electric vehicles offer alternatives to power solutions. These solutions enable as an external source for power generation in the vehicles. The Military Vehicle Electrification market is developing further as the concept of alternative sources such as batteries and fuel cells. This requires a strong partnership between governments and private players which is expected to be witnessed during the forecast period.. The new emerging security scenarios across the globe are trans-national in nature and warrant a unified approach among nations. Industries having a global presence and undergoing partnerships with local and international military vehicle industry participants and governments are