The increasing demand for military vehicles from the defense sector is predicted to be a key factor boosting the global amphibious vehicle market, says Fortune Business Insights™ in a report, titled “Amphibious Vehicle Market Size, Share & Industry Analysis, By Drive System (Jet Propulsion, Track Propulsion, Propeller), By Application (Surveillance & Rescue, Transportation, Excavation), By Type (Hovercrafts, Tracked Vehicles, Wheeled Vehicles), By End-Use (Commercial, Defense) and Regional Forecast, 2019-2026” The increasing concern regarding terrorism and homeland security is expected to accelerate the growth of the amphibious vehicle market.
List of the Major Companies in the Amphibious Vehicle Market Include:
- Aquamec Ltd. (Finland)
- BAE Systems PLC (United Kingdom)
- EIK Engineering Sdn. Bhd. (Malaysia)
- General Dynamics Corporation (USA)
- Griffon Hoverwork Ltd. (United Kingdom)
- Hanjin Heavy Industries & Construction Co. Ltd. (Korea)
- Hefei Sunton Machinery Manufacturing Co. Ltd. (China)
- Hitachi Construction Machinery (Europe) N.V. (The Netherlands)
- Kurganmashzavod JSC (Russia)
- Lemac Corporation (USA)
- Lockheed Martin Corporation (USA)
- Marsh Buggies Inc. (USA)
- NORINCO International Cooperation Ltd. (China)
- Remu Oy (Finland)
- and among others.
According to the report, based on the application the amphibious vehicle market is divided into surveillance & rescue, transportation and excavation the excavation segment is predicted to witness high growth during the forecast period owing to its use for maintenance of ponds, swamps, lakes, river beds, and reservoirs. The increasing demand for amphibious excavators for excavation and dredging is predicted to boost the amphibious vehicle market growth during the forecast period.
The amphibious vehicle market report focuses on portraying a complete valuation of the market. It contains facts, thoughtful insights, historical information, industry-validated market information, and projections with a suitable set of assumptions and methodology. It offers valuable insights into all the notable developments of the market.
It shares a complete overview of all the segments & parts of the market and also provides statistical data on all the regions. It is created after extensive research followed by an all-encompassing analysis to benefit companies, stakeholders, financers, and potential investors. Moreover, it also includes product launches, acquisitions, collaborations & partnerships, and industry developments.
Furthermore, the surge in defense expenditure is expected to spur growth opportunities for the market in the forthcoming years. Moreover, the rising need for amphibious land-craft and development of inland waterways is likely to bolster the healthy growth of the market in the foreseeable future.
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Contract Between U.S. Marine Corps and BAE Systems to Propel Growth
The agreement between BAE Systems and the U.S. Marine Corps for test support of three Amphibious Combat Vehicle (ACV) is likely to accelerate the growth of the market in the forthcoming years. For instance, in 2019-BAE Systems made a contract with U.S. Marine Corps having a valuation of US$ 67 million for test support of three Amphibious Combat Vehicle (ACV) command and control Mission Role Variants (MRVs).
Furthermore, the bond of Iveco Defence Vehicles with the US Marine Corps is expected to stimulate the growth of the market during the forecast period. For instance, in 2018, Iveco Defence Vehicles signed an agreement with the US Marine Corps with a valuation of US$ 400 million to deliver 8×8 amphibious armored platform design, core components, and services. Additionally, growing concern regarding homeland security and surge terrorist activities around the world is a vital factor predicted to boost the amphibious vehicle market in the forthcoming years.
Advanced Military Technologies to Boost Market Revenue in North America
Geographically, the Amphibious vehicle market is classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is predicted to dominate the amphibious vehicle market during the forecast period owing to the rising military technologies, which, in, turn will enhance the capability of naval vessels, military aircraft, and advanced and armored vehicles used for safety purposes. Growing investments in military up-gradation programs which include procurement of advanced military tanks, military vehicles, and hovercraft, is predicted to boost the amphibious vehicle market revenue during the forecast period.
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