Electric Hub Drive and Electric Propulsion System for Combat Vehicle Market Size, Share, Growth, and Industry Analysis by Type (Electric Hub Drive and Electric Propulsion System), By Application (Tracked Combat Vehicle and Wheel Combat Vehicle) & Regional Forecast to 2031

REPORT OVERVIEW

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The global electric hub drive and electric propulsion system for combat vehicle market size was USD 58 million in 2022. As per our research, the market is expected to reach USD 73 million in 2028, exhibiting a CAGR of 3.9% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with electric hub drive and electric propulsion system for combat vehicle experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The term "electric hub drive" describes a propulsion system for vehicles, usually cars or bicycles, in which each wheel is powered by an electric motor that is housed right inside the hub of the wheel. With this design, the motor and other essential components are integrated directly into the wheel hub, doing away with the requirement for a conventional centralized powertrain like an internal combustion engine or a driveshaft. Systems using electric hub drives provide a number of benefits over those with traditional propulsion. On the other hand, an "electric propulsion system" is a more general word that refers to a variety of ways to use electric power for propulsion on various kinds of vehicles, such as ships, aircraft, and spacecraft.

It describes a system that uses electric motors or turbines to supplement or replace conventional combustion engines. Energy is often produced by fuel cells or stored in batteries for use in electric propulsion systems to drive electric motors that turn the vehicle's wheels, propellers, or turbines. Both the Electric Hub Drive and the Electric Propulsion System, taken together, are novel methods of vehicle propulsion that make use of electric power to improve performance, efficacy, and environmental advantages.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

The COVID-19 outbreak caused unstable markets, a drop in consumer confidence, and problems with import and export commerce for producers of machinery and equipment. Markets were shuttered as a result of the lockdown, and many people stayed inside. Supply chain breaches, stock market inefficiencies, and vendor instability are the result of this evolution. The market as a whole was impacted by the shutdown of the machinery and equipment industry. Because there was no longer a market for the product, it has become obsolete as those markets closed. In order to maintain stability amidst the disruptions, organizations were forced to redesign their entire operational structures as a result of the pandemic. The financial imbalance brought on by the closure of numerous stores and significant sectors was the primary factor that distorted the entire market. In addition, the outbreak has a negative impact on the business operations of the enterprises, which affects the market as a whole. The electric hub drive and electric propulsion system for combat vehicle industry has been somewhat impacted by this.

LATEST TRENDS

"Electric Vehicles to Boost the Market Growth"

The adoption of electric vehicles (EVs) has continued to grow, and this growth has had a positive impact on the whole market. The EV market has expanded significantly on a global scale. This expansion is fueled by a number of trends, including laws supporting sustainable energy, rising environmental consciousness among consumers, and improvements in battery technology. Electric propulsion systems, such as electric hub drives, are in higher demand as EV sales rise. The energy density and range of EVs have improved as a result of the continual developments in battery technology. One of the biggest worries of prospective EV purchasers, range anxiety, has been solved. Consumer confidence in adopting EVs is growing as they provide longer driving ranges and better performance, which is boosting demand for electric propulsion systems. The market is anticipated to grow as a result. The industry is anticipated to grow during the forecast period thanks to this trend. Thus, it is anticipated that the adoption of electric vehicles will increase overall market sales. These new developments and varieties in product are mostly to blame for the market's overall growth.

SEGMENTATION

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• By Types

Based on type, the market is classified into electric hub drive and electric propulsion system.

• By Application

Based on the market is categorized into tracked combat vehicle and wheel combat vehicle.

DRIVING FACTORS

"Electric Propulsion System that Gives the Market Extra Boost"

Electric propulsion systems offer several advantages in the electric hub drive and electric propulsion system for combat vehicle industry. These benefits help explain why they are being used by more and more sectors. Comparing electric propulsion systems to traditional internal combustion engines, the former is significantly more energy-efficient. They reduce energy waste because they turn a greater portion of the battery's energy into mechanical power. Longer operational ranges and cheaper running costs are the result of this efficiency. Zero tailpipe emissions are produced by electric propulsion systems, which lessens the impact of transportation on the environment and helps to reduce air pollution. This benefit is especially important for addressing climate change and enhancing urban air quality. As a result, the growth, and the electric propulsion system will boost the market. It will contribute to the expansion of the machinery and equipment industry and it will improve the overall electric hub drive and electric propulsion system for combat vehicle market growth.

"Technological Advancement to Encourage Market Expansion"

Technological advancements and innovations in the electric hub drive and electric propulsion system for combat vehicle industry are driving the evolution and adoption of electric propulsion systems in various industries. Electric propulsion systems must include electric motors. Higher motor efficiencies have been achieved thanks to improvements in motor design, including the use of cutting-edge materials, better magnet configurations (such rare-earth magnets), and optimized motor control algorithms. These high-efficiency motors enhance system performance overall and increase system range. The electrical power supplied to the motors must be converted and controlled, and this is where power electronics and motor controllers come in. Power electronics advancements have facilitated the creation of smaller, more effective motor controllers. This will increase demand for the product and help the industry as a whole to expand. The product line expansion is helping the market to grow.

RESTRAINING FACTORS

"High Cost to Impede Market Expansion"

The market is being hampered by excessive costs. The initial cost of electric hub drive and electric propulsion system for combat vehicle is typically higher than that of conventional internal combustion engines. This price covers the cost of the batteries, power electronics, electric motors, and other parts needed to operate them. Potential customers may be put off by the increased upfront cost, especially in cost-sensitive economies. Therefore, during the forecast period, these factors are anticipated to restrain market growth. But as time goes on, this issue will be resolved in some way. If this problem is fixed, the market will start to grow right away.

REGIONAL INSIGHTS

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"North America Dominating the Market Across the Globe"

The market for electric hub drive and electric propulsion system for combat vehicle in North America has benefited from the region's expanding industrial development and a number of driving factors that have boosted the potential sectors because this region is the product's primary user. The rising product used in the tracked combat vehicle and wheel combat vehicle is boosting the electric hub drive and electric propulsion system for combat vehicle market share. Trends toward rapid urbanization will support the market as a whole even more.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

LIST OF TOP ELECTRIC HUB DRIVE AND ELECTRIC PROPULSION SYSTEM FOR COMBAT VEHICLE COMPANIES

• United Technologies Corporation (U.S.)
• General Electric (U.S.)
• Northrop Grumman (U.S.)
• Safran (France)

REPORT COVERAGE

The market segmentation by type and application is covered in great detail in the study. A wide range of participants, including current and potential market leaders, are examined in the study. A number of significant factors are expected to lead to a sizeable market expansion. In order to gain market insights, the research also looks at factors that could raise the share of electric hub drive and electric propulsion system for combat vehicle market. Forecasts for market growth over the anticipated time period are made in the report. Explaining why one region dominates the global market is the goal of regional research. A number of properly considered factors limit the industry's ability to expand. A strategic analysis of the market is also included in the research. It contains comprehensive market data.