The new report by Expert Market Research titled, ‘Global Amphibious Vehicle Market Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global amphibious vehicle market, assessing the amphibious vehicle market based on its segments like mode of propulsions, applications, end uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-202)
Historical Market Size (2021): About USD 2.91 billion
Forecast CAGR (2023-2028): 35%
Forecast Market Size (2027): Nearly USD 4.71 billion
The growth in the global market for amphibious vehicles can be ascribed to rising military and defence expenditure. Amphibious vehicles are increasingly deployed in military applications owing to their multiple use applicability as they can operate on the ground as well as in water.
In addition, the rising demand for amphibious vehicles in mining and engineering applications has further inflated the market growth. In mining applications, amphibious vehicles are used to safely transport equipment across exposed ground surfaces with ease. In addition, as amphibious vehicles allow easy functioning in remote locations, materials can easily be transported without incurring additional costs. These are some of the factors determining the growth of the market in the historical period.
Industry Definition and Segmentation
Amphibious vehicles are referred to the vehicles capable of operating on both land as well as on a water body. Amphibious vehicles include amphibious bicycles, ATVs, railway vehicles, combat vehicles, and hovercraft, among others.
On the basis of mode of propulsion, the market can be divided into:
Water-jet
Track-based
Screw propellers
The market, based on application, can be categorised into:
Surveillance and rescue
Water Sports
Water Transportation
Excavation
Based on end use, the market can be segmented into:
Defence
Commercial
The regional markets for amphibious vehicle include:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Market Trends
The rise in the global market for amphibious vehicles can be associated with increasing dwellings near water bodies. The increasing urbanisation has led to the increased adoption of amphibious vehicles by localities for leisure and work applications.
In addition, the market is being driven by advancements in-vehicle technologies with unique features to penetrate through shallow areas where it would otherwise be difficult. Moreover, the increasing adoption of amphibious vehicles for commercial applications such as fishing, water-body cleaning, and beach security applications, among others, is further enhancing the growth of the market. These are some of the factors that are expected to invigorate the growth of the market over the forecast period.
Key Market Players
The major players in the market are BAE Systems plc, EIK Engineering Sdn Bhd, General Dynamics Corporation, Hitachi Construction Machinery Co., Ltd., Lockheed Martin Corporation, Marsh Buggies Incorporated, Wetland Equipment Company, Wilco Manufacturing LLC, Science Applications International Corporation, and Rheinmetall AG, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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