Amphibious Vehicle Market Size, Share, Growth Analysis, By platform(defence and commercial), By mode of propulsion(screw propellers, water jet, track-based propulsion, and others), By Application(Surveillance & Rescue, Water Sports, Water Transportation and Excavation), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20A2081 | Region: Global | Published Date: February, 2024
Pages: 242 |Tables: 89 |Figures: 65

Amphibious Vehicle Market Insights

Amphibious Vehicle Market size was valued at USD 3.40 billion in 2019 and is poised to grow from USD 3.84 billion in 2023 to USD 10.24 billion by 2031, growing at a CAGR of 13.05% in the forecast period (2024-2031).

An amphibious vehicle is one that can operate on both land and water. These vehicles are mostly used to transport cargo and military personnel. As a result, the vehicle can be used for both defense and commercial purposes. Amphibious vehicles come in a variety of configurations, including water jets, screw propellers, and others. Such vehicles are widely used in a variety of activities including surveillance, water transportation, sports, excavation, and many others. The growing use of amphibious vehicles in water sports, transportation and recreational activities by defense forces, and commercial segments is driving the Amphibious Vehicle Market. The extensive use of these vehicles in defense as a result of rising conflicts, increasing commercial applications, and accessibility in rough terrain is driving the growth of the Amphibious Vehicle Market. Continuous defense spending, increased use of amphibious landing craft, and development of inland waterways are expected to drive the global Amphibious Vehicle Market.

There are certain constraints and challenges that will impede overall market growth. The major factors limiting growth are high entry barriers for the defense sector and the high cost of amphibious vehicles. Furthermore, declining defense budgets, corrosion, and an increase in operational costs, followed by seasonal demand and serviceability, are potential restraints to the global Amphibious Vehicle Market's overall growth.

US Amphibious Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 3.40 billion

Largest Segment

Commercial

Fastest Growth

Commercial

Growth Rate

13.05% CAGR

Global Amphibious Vehicle Market ($ Bn)
Country Share for North America Region (%)

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Amphibious Vehicle Market Segmental Analysis

Global amphibious vehicle market is segmented based on the platform, mode of propulsion, application and region. Based on platform, the market is segmented into defense and commercial. Based on mode of propulsion, the market is segmented into screw propellers, water jet, track-based propulsion, and others. Based on application, the market is segmented into Surveillance & Rescue, Water Sports, Water Transportation and Excavation. Based on Region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Amphibious Vehicle Market Analysis by Platform

Based on platform, Due to increased demand for sports activities, excavation, and transportation, the commercial segment is expected to grow at a faster CAGR than during the forecast period. Furthermore, demand for eco-friendly and hybrid engine-based vehicles is expected to drive market growth during the forecast period. Due to the widespread use of these vehicles in marine-based applications for troop transport and surveillance and rescue missions, the defense sector is expected to hold the largest amphibious vehicle market share.

Amphibious Vehicle Market Analysis by Mode of Propulsion

Based on mode of propulsion, the screw propeller segment is expected to have the largest market share. It is due to the widespread use of defense applications. During the forecast period, the track-based propulsion segment is expected to be the fastest-growing; it consists of advanced technology-based systems that perform various activities for various commercial and defense applications.

Global Amphibious Vehicle Market By Platform

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Amphibious Vehicle Market Regional Insights

North America is expected to account for the largest share and to be the fastest-growing region over the forecast period. In recent years, the United States has significantly increased its spending on modernizing its marine fleets. Furthermore, the presence of key manufacturers such as Kawasaki Robotics and ElectroImpact Inc. is propelling market growth in the United States. Furthermore, government officials are planning to invest in advanced technology propulsion systems in the coming years. Because of the widespread adoption of hybrid-based engines, Europe is expected to play a critical role in market growth.

Europe held the second-largest market share in 2021 as a result of significant investment in the replacement of conventional vehicles with vehicles based on cutting-edge technology. This will help the market in Europe grow. Asia Pacific is expected to be the third-largest region and the fastest-growing region during the forecast period. The region is expected to experience strong market growth during the forecast period due to a significant increase in demand for advanced ACVS from countries such as China, Japan, and India. This market is expected to grow in the region over the long term. Furthermore, the market in the rest of the world, the Middle East, and Africa is expected to grow at a significant CAGR, owing to the large number of vehicle system suppliers and distributors in this region.

Global Amphibious Vehicle Market By Region
  • Largest
  • Fastest

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Amphibious Vehicle Market Dynamics

Amphibious Vehicle Market Drivers

Evolution and Modernization of Defense System to Boost Market Growth

  • Countries all over the world have been modernizing defense systems and equipment in recent years. The increasing importance of border security and terrorism around the world is driving the modernization of traditional equipment and systems for combating the enemy. Countries such as the United States, China, Saudi Arabia, and India are investing heavily in the procurement and development of advanced military systems. As a result, combat vehicles play an important role in both land and sea battles. The marine industry relies heavily on ACVs to transport troops from ships to shore. Furthermore, amphibious assault vehicles (AAV) have powerful engines that provide high speed and power in all terrain. Furthermore, these vehicles are more dependable, versatile, equipped with guns and ammunition, and perform well on the battlefield. As a result, countries all over the world are eager to acquire these vehicles for their robust defense system. As a result, the demand for amphibious excavators is increasing.
  • The benefits of electrically propelled vehicles, such as high endurance, high durability, advanced electronic systems, and cost-effective vehicles, are driving up demand. These vehicles or cars are used for a variety of commercial purposes such as sports, mountain climbing, exploration, and so on. The market is growing due to the wide range of applications of vehicles and the increasing demand from these domains. EIK Engineering SDN is a company that designs and develops all-terrain excavators. With the help of advanced technologies, the company has contracts with key players to design and manufacture amphibious excavators. As a result, these factors will boost market growth.

Amphibious Vehicle Market Restraints

High Cost to Hinder Market Growth

  • The use of advanced technology-based systems and equipment in amphibious vehicles raises the vehicle's initial cost. The vehicle's design can be tailored to the application. As a result, the vehicle's systems must be compatible with both land and water, resulting in massive expenditure. The engines used in these vehicles are not the same as those used in land-based vehicles. The engine is the most expensive component of the vehicle. Furthermore, the cost of maintaining these vehicles is high. The availability and accessibility of vehicle spare parts is a major issue. Vehicles are used in the defense sector to transport marine troops from ship to shore. Several vehicle accessories, including payloads, safety equipment, fire protection system, and others, ensure the additional cost to the vehicle. Thus, these factors hamper the market expansion.

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Amphibious Vehicle Market Competitive Landscape

Global amphibious vehicle market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.

Amphibious Vehicle Market Top Player's Company Profiles

  • BAE Systems plc
  • EIK Engineering Sdn. Bhd.
  • General Dynamics Corporation
  • Griffon Hoverwork Ltd. (GHL)
  • Hanjin Heavy Industry Co. Ltd.
  • Lockheed Martin Corporation
  • Science Applications International Corporation (SAIC)
  • Wetland Equipment Company, Inc
  • Wilco Manufacturing LLC

Amphibious Vehicle Market Recent Developments

  • In august 2022, Poseidon AmphibWorks Launches to Bring EVs to Land and Sea
  • In February 2021, BAE Systems received a USD 184 million contract option from the U.S. Marine Corps for more Amphibious Combat Vehicles (ACV) under full-rate production.

Amphibious Vehicle Key Market Trends

  • Various governments are looking forward to strengthening their marine domains with highly advanced and versatile ACVs in the coming years. For example, the United States Marine Corps (USMC) had a contract with BAE Systems in 2020. The company would develop and supply 116 advanced ACVS equipped with ammunition, command and control systems, medium caliber turrets, and recovery versions under this contract. BAE Systems designs and develops highly advanced combat vehicles that are outfitted with next-generation squad weapons.

Amphibious Vehicle Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global amphibious vehicle market analysis, in terms of platform, the commercial segment held a larger market share because of a boost in demand for sports activities, excavation, and transportation. In terms of mode of propulsion, the screw propeller segment contributes to the market expansion owing to high use of defense applications. Moreover, The continuous high investment in defense and commercial segments is driving the market growth. Whereas, the high cost of amphibious vehicles is restraining the market growth.

Report Metric Details
Market size value in 2019 USD 3.40 billion
Market size value in 2031 USD 10.24 billion
Growth Rate 13.05%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • platform
    • defence and commercial
  • mode of propulsion
    • screw propellers, water jet, track-based propulsion, and others
  • Application
    • Surveillance & Rescue, Water Sports, Water Transportation and Excavation
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • BAE Systems plc
  • EIK Engineering Sdn. Bhd.
  • General Dynamics Corporation
  • Griffon Hoverwork Ltd. (GHL)
  • Hanjin Heavy Industry Co. Ltd.
  • Lockheed Martin Corporation
  • Science Applications International Corporation (SAIC)
  • Wetland Equipment Company, Inc
  • Wilco Manufacturing LLC
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Amphibious Vehicle Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Amphibious Vehicle Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Amphibious Vehicle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Amphibious Vehicle Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Amphibious Vehicle Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Amphibious Vehicle Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Amphibious Vehicle Market size was valued at USD 3.40 billion in 2019 and is poised to grow from USD 3.84 billion in 2023 to USD 10.24 billion by 2031, growing at a CAGR of 13.05% in the forecast period (2024-2031).

Global amphibious vehicle market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'BAE Systems plc', 'EIK Engineering Sdn. Bhd.', 'General Dynamics Corporation', 'Griffon Hoverwork Ltd. (GHL)', 'Hanjin Heavy Industry Co. Ltd.', 'Lockheed Martin Corporation', 'Science Applications International Corporation (SAIC)', 'Wetland Equipment Company, Inc', 'Wilco Manufacturing LLC'

Countries all over the world have been modernizing defense systems and equipment in recent years. The increasing importance of border security and terrorism around the world is driving the modernization of traditional equipment and systems for combating the enemy. Countries such as the United States, China, Saudi Arabia, and India are investing heavily in the procurement and development of advanced military systems. As a result, combat vehicles play an important role in both land and sea battles. The marine industry relies heavily on ACVs to transport troops from ships to shore. Furthermore, amphibious assault vehicles (AAV) have powerful engines that provide high speed and power in all terrain. Furthermore, these vehicles are more dependable, versatile, equipped with guns and ammunition, and perform well on the battlefield. As a result, countries all over the world are eager to acquire these vehicles for their robust defense system. As a result, the demand for amphibious excavators is increasing.

Various governments are looking forward to strengthening their marine domains with highly advanced and versatile ACVs in the coming years. For example, the United States Marine Corps (USMC) had a contract with BAE Systems in 2020. The company would develop and supply 116 advanced ACVS equipped with ammunition, command and control systems, medium caliber turrets, and recovery versions under this contract. BAE Systems designs and develops highly advanced combat vehicles that are outfitted with next-generation squad weapons.

North America is expected to account for the largest share and to be the fastest-growing region over the forecast period. In recent years, the United States has significantly increased its spending on modernizing its marine fleets. Furthermore, the presence of key manufacturers such as Kawasaki Robotics and ElectroImpact Inc. is propelling market growth in the United States. Furthermore, government officials are planning to invest in advanced technology propulsion systems in the coming years. Because of the widespread adoption of hybrid-based engines, Europe is expected to play a critical role in market growth.

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