Amphibious Vehicle Market Revenue, Future Growth, Trends, Top Key Players by 2027
The global amphibious vehicle market size is expected to reach USD 4.98 billion by 2027, exhibiting a CAGR of 13.05% during the forecast period. The ongoing development of high-speed engines with lightweight capabilities by OEMs will spur lucrative opportunities for the market during the forecast period, states Fortune Business Insights in a report, titled “Amphibious Vehicle Market Size, Share & Industry Analysis, By Platform (Commercial and Defense), By Mode of Propulsion (Screw Propellers, Water Jet, Track-based Propulsion, and Others), By Application (Surveillance and Rescue, Combat, Transportation, Sports, Excavation, and Others), and Regional Forecasts, 2020-2027” the market size stood at USD 2.66 billion in 2019
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The report on the amphibious vehicle market emphasizes on:
- Latest market trends
- All-encompassing study of all the regions
- Comprehensive analysis of key players
- Important factors boosting the market;
- Crucial factors impeding the market
Market Driver:
Increasing Demand for Military Applications to Bolster Growth
The high demand for electric propelled amphibious vehicles in commercial applications such as sports activities, mountain climbing, exploration activities, and others will enable speedy expansion of the market during the forecast period. The growing awareness regarding the benefits of amphibious vehicles such as high durability, advanced electronic systems, and high endurance has increased its demand in military applications. Moreover, the rising technological advancement has led to the development of interconnected combat vehicles with innovative features including advanced remote turrets, fire control systems, active protection systems, and counter survivability. Thus, the increasing marine threats and counter-attack strategies will spur demand for the market during the forecast period. Also, the agreement and contracts in the military to consolidate marine domain with advanced technology-based amphibious combat vehicle (ACV) will simultaneously uplift the amphibious vehicle market share in the forthcoming years. For instance, in 2020, the U.S. Marine Corps (USMC) signed a contract with a leader in advanced combat vehicles, BAE Systems for the supply and distribution of 116 advanced ACVs incorporated with ammunitions, command and control systems, medium caliber turret, and recovery versions
Market Restrain:
High Maintenance Cost to Thwart Market Expansion
The maintenance cost of combat vehicles is extremely high, which can consequently hinder the growth of the market during the forecast period. Similarly, the lack of availability and accessibility of spare components can be a major hindrance to the growth of the market. The additional cost involved in the integration of accessories such as safety equipment, fire protection system, payloads owing to the requirement for transportation of troops from ship-to-shore in the defense sector will simultaneously hamper the growth of the market.
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Regional Analysis:
Escalating Marine Expenditure to Promote Growth in North America
The market in North America stood at USD 1.02 billion in 2019 and is expected to witness a rapid growth rate during the forecast period. The growth in the region is attributed to the rising defense budget and military expenditure. The modernization of marine fleets along with the presence of major companies such as Kawasaki Robotics and Electroimpact Inc will further drive the market in the US. The increasing R&D for the development of advanced combat vehicles will accelerate growth in the region. Europe is expected to witness a substantial growth rate due to the high adoption of hybrid-based engines. Asia Pacific is predicted to exhibit a rapid growth rate during the forecast period due to the demand for advanced ACVs from countries such as China, Japan, and India. The rising border disputes between India and China have led to increased procurement of combat vehicles, which, in turn, will boost the market in the region.
Key Development:
July 2018: BAE Systems, a British multinational defense, security, and aerospace company signed an agreement for USD 84 million to produce 36 Assault Amphibious Vehicles for Taiwan. Thus, boosting the marine domain of Taiwan.
Key Players:
- BAE Systems plc (The U.K.)
- EIK Engineering Sdn. Bhd. (Malaysia)
- General Dynamics Corporation (The U.S.)
- Griffon Hoverwork Ltd. (GHL) (The U.K)
- Hanjin Heavy Industry Co. Ltd. (South Korea)
- Lockheed Martin Corporation (The U.S.)
- Science Applications International Corporation (SAIC)
- Wetland Equipment Company, Inc (The U.S.)
- Wilco Manufacturing LLC (The U.S.)
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