The global amphibious vehicle market size is expected to reach USD 4.98 billion by 2027, exhibiting a CAGR of 13.05% during the forecast period. The ongoing development of high-speed engines with lightweight capabilities by OEMs will spur lucrative opportunities for the market during the forecast period, states Fortune Business Insights in a report, titled “Amphibious Vehicle Market Size, Share & Industry Analysis, By Platform (Commercial and Defense), By Mode of Propulsion (Screw Propellers, Water Jet, Track-based Propulsion, and Others), By Application (Surveillance and Rescue, Combat, Transportation, Sports, Excavation, and Others), and Regional Forecasts, 2020-2027” the market size stood at USD 2.66 billion in 2019
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List of the Leading Companies Operating in the Amphibious Vehicle Market are:
- BAE Systems plc (The U.K.)
- EIK Engineering Sdn. Bhd. (Malaysia)
- General Dynamics Corporation (The U.S.)
- Griffon Hoverwork Ltd. (GHL) (The U.K)
- Hanjin Heavy Industry Co. Ltd. (South Korea)
- Lockheed Martin Corporation (The U.S.)
- Science Applications International Corporation (SAIC)
- Wetland Equipment Company, Inc (The U.S.)
- Wilco Manufacturing LLC (The U.S.)
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With tables and figures helping analyse worldwide Amphibious Vehicle Market Forecast provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
As stated in the report North America holds a significant share in the market. The trend is unlikely to change and North America may continue holding its position. The growth witnessed is attributable to high presence of key developers in nations such as Canada and U.S.
The Asia Pacific Amphibious Vehicle Market is expected to expand at a promising CAGR during the forecast period. The constantly improving healthcare infrastructure in the region is expected to contribute to Asia Pacific market expansion.
The analysis conducted in the report is based on industry leading tools and techniques. The report prepared by Fortune Business Insights, offers innovative strategies based on various analysis. The information offered is collected from reliable primary and secondary sources. The report also provides information about key companies operating in the market.
The report on the amphibious vehicle market emphasizes on:
- Latest market trends
- All-encompassing study of all the regions
- Comprehensive analysis of key players
- Important factors boosting the market;
- Crucial factors impeding the market
Increasing Demand for Military Applications to Bolster Growth
The high demand for electric propelled amphibious vehicles in commercial applications such as sports activities, mountain climbing, exploration activities, and others will enable speedy expansion of the market during the forecast period. The growing awareness regarding the benefits of these vehicles such as high durability, advanced electronic systems, and high endurance has increased its demand in military applications.
Moreover, the rising technological advancement has led to the development of interconnected combat vehicles with innovative features including advanced remote turrets, fire control systems, active protection systems, and counter survivability. Thus, the increasing marine threats and counter-attack strategies will spur demand for the market during the forecast period. Also, the agreement and contracts in the military to consolidate marine domain with advanced technology-based amphibious combat vehicle (ACV) will simultaneously uplift the amphibious vehicle market share in the forthcoming years.
For instance, in 2020, the U.S. Marine Corps (USMC) signed a contract with a leader in advanced combat vehicles, BAE Systems for the supply and distribution of 116 advanced ACVs incorporated with ammunitions, command and control systems, medium caliber turret, and recovery versions.
Award Won by GDELS for 159 MUSD Vehicle to Augment Growth
General Dynamics European Land Systems announced that it has been awarded a contract by the German procurement agency BAAINBw for the supply of 80 highly advanced EAGLE 6×6 vehicles for the German Army’s ambulance corps. The vehicle deliveries will be due in 2021 through 2024. The EAGLE was selected owing to its configuration and user compartment payload. The ambulance vehicle program will involve EAGLE 6×6, the latest and most advanced in the EAGLE 6×6 due to its maintenance-friendly design and support solutions compared to the 4×4 version. The contract won by the company will subsequently propel the growth of the market during the forecast period owing to the quality and cost-effectiveness for the delivery of vehicles. Furthermore, the contract will consolidate the company’s capabilities and investment in vehicle maintenance and manufacturing, which, in turn, will foster healthy growth of the market in the forthcoming years. Besides, the growing focus of numerous countries for the deployment of amphibious assault vehicles (AAVs) will have a tremendous impact on the market. For instance, in August 2019, the Philippine Navy (PN) announced that it has plans to deploy four additional amphibious assault vehicles (AAVs) and three more multi-purpose attack craft (MPAC) by the end of 2019. The country’s aim to protect the troops from border attacks with the latest amphibious assault vehicles (AAVs)
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High Maintenance Cost to Thwart Market Expansion
The maintenance cost of combat vehicles is extremely high, which can consequently hinder the growth of the market during the forecast period. Similarly, the lack of availability and accessibility of spare components can be a major hindrance to the growth of the market. The additional cost involved in the integration of accessories such as safety equipment, fire protection system, payloads owing to the requirement for transportation of troops from ship-to-shore in the defense sector will simultaneously hamper the growth of the market.
Escalating Marine Expenditure to Promote Growth in North America
The market in North America stood at USD 1.02 billion in 2019 and is expected to witness a rapid growth rate during the forecast period. The growth in the region is attributed to the rising defense budget and military expenditure. The modernization of marine fleets along with the presence of major companies such as Kawasaki Robotics and Electroimpact Inc will further drive the market in the US. The increasing R&D for the development of advanced combat vehicles will accelerate growth in the region. Europe is expected to witness a substantial growth rate due to the high adoption of hybrid-based engines. Asia Pacific is predicted to exhibit a rapid growth rate during the forecast period due to the demand for advanced ACVs from countries such as China, Japan, and India. The rising border disputes between India and China have led to increased procurement of combat vehicles, which, in turn, will boost the market in the region.
July 2018: BAE Systems, a British multinational defense, security, and aerospace company signed an agreement for USD 84 million to produce 36 Assault Amphibious Vehicles for Taiwan. Thus, boosting the marine domain of Taiwan.
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Reasons to Purchase this Report:
- Comprehensive analysis of the Amphibious Vehicle Market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
KEY QUESTIONS ANSWERED:
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the Implantable Cardioverter Defibrillator Market growth?
- What are the key technological and market trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
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