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

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.