by The global amphibious vehicle market has been witnessing steady growth over the past few years. Amphibious vehicles, also known as amtracs, are automotive vehicles or aircraft that are able to travel on land as well as in water. They find diverse applications across military, commercial and common use. Military forces worldwide are increasingly deploying amphibious vehicles for combat support, mine-clearing, cargo transport as well as search & rescue operations owing to their ability to maneuver on both land and water. Moreover, the gradual trend of demilitarization has meant increased scope of commercial and civil applications including exploring oil & gas offshore fields, disaster management and coastal patrolling.
The Global Amphibious Vehicle Market is estimated to be valued at US$ 5.08 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the global amphibious vehicle market are Hitachi Construction Machinery Co. Ltd, BAE System, Science Applications International Corporation (SAIC), Wetland Equipment Company, General Dynamics Corporation, Lockheed Martin Corporation, Wilco Manufacturing, L.L.C, EIK Engineering Sdn Bhd, Marsh Buggies Incorporated, Rheinmetall AG, and Griffon Hoverwork Ltd. (GHL). Key players are focused on new product launches and partnerships to strengthen their market position.
The gradually increasing scope of commercial applications of Amphibious Vehicle Market Size across sectors such as oil & gas exploration, coastal security, cargo transportation etc. provides lucrative opportunities for growth of amphibious vehicle market players. Growing focus on R&D for environment-friendly amphibious vehicles also presents new growth avenues.
North America, Europe and Asia Pacific capture a major share of global amphibious vehicle market. However, emerging economies in South America, Middle East and Africa are expected to witness fastest growth during the forecast period on account of rising defense budgets and growing focus on coastal security. Key players are expanding their presence in these regions through strategic partnerships and joint ventures.
Market Drivers
Increased defense spending by developing nations worldwide: Growing political tensions and rising threats have compelled many developing nations to significantly increase their defense budgets in recent years. This is translating to higher procurement of advanced Amphibious Vehicle Market by defense forces globally.
Rising offshore exploration and coastal patrol activities: With increasing exploration of oil & gas reserves from offshore fields as well as heightened maritime security threats, the scope of commercial applications of amphibious vehicles is witnessing steady growth across sectors. This is driving adoption among end-use industries over the forecast period.
PEST Analysis
Political: Government policies related to national security and defense can impact demand for amphibious vehicles. Procurement budgets allocation for defense and homeland security forces determine purchases of these vehicles.
Economic: Macroeconomic factors like GDP growth, foreign trade levels, and fiscal spending influence budget allocation for defense and security forces which drives demand.
Social: Changing needs of defense forces towards vehicles suited for rough and varied terrains drives innovation and adoption of amphibious capabilities.
Technological: Advancements in engine, suspension and hull designs facilitate development of vehicles with higher payload capacity and speeds on land as well as water. Better navigation and driving assist systems enhance operability.
The global amphibious vehicle market in terms of value is concentrated majorly in North America and Europe. Countries like the United States, Canada, United Kingdom, Germany have sizeable defense budgets and developed naval and marine forces which rely on amphibious vehicles. The Asia Pacific region has been witnessing fastest growth for amphibious vehicle market driven by rising defense expenditure of countries like India, China and Southeast Asian nations to modernize their naval and border security capabilities. They are increasingly procuring amphibious vehicles suited for coastal patrol and transportation in the territorial waters.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
