Electric Hub Drive and Electric Propulsion System for Combat Vehicle Market Likely To Experience A Tremendous Growth In Near Future

According to a new market research report titled Electric Hub Drive and Electric Propulsion System for Combat Vehicle Market, published by Transparency Market Research , the global electric hub drive and electric propulsion system market is expected to reach US$ 103.04 Mn by 2026, expanding at a CAGR of 6.8% from 2018 to 2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at about 7.6% through 2026. Tracked type of military vehicle is anticipated to significantly drive the global electric hub drive market across Middle East & Africa.

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Rise in demand for tracked type of military vehicles

The global electric hub drive and electric propulsion system market shows significant growth due to its increasing adoption in military combat vehicles. This is majorly due to requirement of these highly developed systems in hilly areas and desert regions where high power is required to drive the vehicles. The global electric hub drive and electric propulsion system market is showing significant growth due to increase in military and defense spending. The rising demand and adoption of these advance technologies to obtain faster response, and the rising security concerns of different nations are estimated to contribute to the growth of the electric hub drive and electric propulsion system market during the forecast period. The key players involved in the market are continuously enhancing their research and development expertise to design advanced technology in electric hub drive and electric propulsion systems. Also, demand for light weight military vehicles across the globe has influenced the growth of the electric hub drive and electric propulsion system market.