London, UK -- (SBWIRE) -- 10/14/2022 -- The latest thematic research study by GlobalData Plc titled Electric Vehicles in Defense predicts the momentum toward EVs has now been established. By 2025, global electric vehicle production will rise four-fold to more than 10.6 million units, accounting for 10.7% by volume, as per GlobalData Plc analysts. In addition, in terms of regional outlook, China has aggressively built out its EV production capacity, with all the major Chinese automakers now offering multiple electrified models. As a result, China's share of all EVs on the road has risen in 2020 to 48% –this is more than the combined US and Europe figure and is driven by popular, affordable models such as the Wuling Hongguang Mini EV.
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Key Electric Vehicle in Defense Sector Highlights
- The demand for greener military practices is pushing armed forces to look for greener technologies – with electric vehicles (EVs) being a potentially valuable asset.
- Hybrid electric vehicles (HEVs) are leading the way within the electrification arena by offering many of the benefits of fully electric vehicles, without the infrastructural drawbacks.
- Global unit sales of electric vehicles in 2020 grew by 50% compared with 2019. That growth is especially impressive considering the industry overall saw declines in both sales and production of vehicles due to the COVID-19 pandemic. EV's resilience in the face of this market pressure is a promising signal for their future sales.
- Electric vehicles have the potential to transform the capabilities of armored vehicles and logistical and tactical trucks. Their adoption into the armed forces is quickly becoming a reality and whilst there are technical stumbling blocks to be resolved before EVs are used in a combat setting, the new technology is already being utilized in some barracks.
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Key Electric Vehicle in Defense Companies
- General Motors: General Motors (GM) is the first of the big three US automakers to fully commit to moving its entire passenger lineup to electric power. GM has stated that it plans to phase out combustion-powered models by 2035.
- Hyundai: The company was among the first wave of major auto groups to introduce battery-electric powertrains to its lineup. Popular battery-powered models include the Ioniq hatchback, and Kona and Nexo SUVs. It also joined as a shareholder in the European Ionity charging network alongside BMW, Daimler, Ford, and VW.
- Nissan: Nissan currently builds the second-generation Leaf EV in Japan, the US, and the UK. It builds the similar Sylphy Zero Emission in a joint venture with Dongfeng. Nissan also builds the e-NV200 electric van.
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Reasons to Buy
- Determine potential investment opportunities based on trend analysis and market projections.
- Gain an understanding of the market surrounding the electric vehicle theme.
- To strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
- This report provides key themes in electric vehicles in defense development are established, both in terms of defense trends, technology trends, regulatory trends, and macroeconomic trends.
- In particular this report identifies market trends over the next 24 months, outlining which sectors are likely to benefit from increased spending on electric vehicles in defense.
- This report is part of our ecosystem of thematic investment research reports, supported by our "thematic engine".
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