Electric Hub Drive and Electric Propulsion System Market – Snapshot
The electric hub drive and electric propulsion system plays a critical role in military vehicles when fast acceleration and high torque is to be considered. The electric hub drive and electric propulsion system market is witnessing significant technological advancements in military combat vehicles. Electric hub drives have been used in commercial vehicles; however, this technology is new in case of military vehicles and is expected to witness significant growth in the coming years, whereas currently electric propulsion system has a significant role in the space and marine industry. However, in-depth research is being undertaken in military combat vehicles and electric hub drives have been installed in some of the combat vehicles.
With focus on its growing applications in military combat vehicles, the electric hub drive and electric propulsion system market is expected to grow significantly over the forecast period. The market for electric hub drive and electric propulsion system is forecast to quickly grow to US$ 103.04 Mn by 2026 from US$ 58.03 Mn in 2017, recording a CAGR of 6.8%.The market has seen demand traction due to rising applications in tracked military vehicles.
Though electric hub drive and electric propulsion systems have been long in demand, combat vehicles have of late gained momentum. A close study of recent product launches and developments of key industry participants active in the electric hub drive and electric propulsion system market reveals that the use of such technologies in military vehicles would continue to grow throughout the forecast period. Factors such as increasing security and defense expenditure by different countries and the demanding natural conditions is seen as crucial to influence the market growth trends. The electric hub drive and electric propulsion system market however still faces challenges such as lower growth rate in traditional defense markets. The existing technology integration gives way to possible opportunities, such as solar electric propulsion systems.
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The electric propulsion system offers modular design and efficient performance. Any further development and exploration of electric hub drive and electric propulsion systems is expected to open new set of unexplored opportunities, thereby contributing to the market growth.
Attracted by this fast expanding market and underlying latent demand, many players are investing in the electric hub drive and electric propulsion system market. For instance, in August 2016, QinetiQ Group Plc. received a contract worth US$ 2.7 Mn from Defense Advanced Research Projects Agency (DARPA) for electric hub drive technology. However, with competition from established players such as Aerojet Rocketdyne Holdings Inc., Safran S.A., BAE Systems, Magnetic Systems Technology, United Technologies Corporation and others that already have a strong network in the market and technology expertise, new entrants may find it challenging to establish a foothold without a unique value proposition.
Some of the prominent players identified in the electric hub drive and electric propulsion system market and profiled in the study include – QinetiQ Group PLC, Aerojet Rocketdyne Holdings Inc., Safran S.A., BAE Systems, Magnetic Systems Technology, United Technologies Corporation, Raytheon Company, Rolls-Royce Plc, General Electric, and Northrop Grumman Corporation.