USD 3.40 billion
Report ID: SQMIG20A2081 | Region: Global | Published Date: February, 2023 | Pages: 242 | Tables: 89 | Figures: 65
Amphibious Vehicle Market size was valued at USD 3.40 billion in 2021 and is poised to grow from USD 3.84 billion in 2022 to USD 10.24 billion by 2030, growing at a CAGR of 13.05% in the forecast period (2023-2030).
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.
Global Market Size
USD 3.40 billion
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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.
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.
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.
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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.
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Evolution and Modernization of Defense System to Boost Market Growth
High Cost to Hinder Market Growth
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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.
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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.
|Market size value in 2021||USD 3.40 billion|
|Market size value in 2030||USD 3.84 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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For the Global 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 Global 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.
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