Market Research Report
Global Hovercraft Market By Design, Application, Regional Forecasts 2021-2027
|Global Hovercraft Market By Design, Application, Regional Forecasts 2021-2027|
Published: January 5, 2022
Bizwit Research & Consulting LLP
Delivery time: 2-3 business days
Global Hovercraft Market is valued approximately at USD 148.8 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 2.1% over the forecast period 2021-2027. Hovercrafts have become one of the most comfortable and profitable means of transportation in many countries around the world. Hovercrafts are known as air cushion vehicles, are widely employed for both military and commercial purposes. For efficient operation, hovercraft requires both propulsion and lift power. This can be accomplished in a number of ways, including the employment of propulsors like engines and lift fans. The market is driven by growing applications of hovercraft in the commercial and military sector and growing adoption for recreational purposes. In recent years, the US Navy has stated interest in newer generation hovercraft and has placed an order with Textron. The US Navy has granted Textron a contract costing USD 386 million to manufacture an extra 15 hovercrafts. The contract was granted as part of the Ship-to-Shore Connector (SSC) Program, also known as the LCAC 100 class, which is replacing a fleet of landing Craft Air Cushions (LCAC) vehicles that are approaching the end of their 30-year service life. Work on the project is now underway in New Orleans, Louisiana, and is projected to be finished in January 2025. However, Lack of lateral control and noisy operation of the vehicle, may impede market growth over the forecast period of 2021-2027.
Europe region is likely to have the fastest development during the projection period due to an improved level of life and the consequences of climate change, also, growing adoption of hovercraft from both commercial and military end-users. Transportation of products, surveillance and rescue, and support for counter-narcotics actions are all used by law enforcement and border troops in the region.
Major market player included in this report are:
Ivanoff Hovercraft AB
Neoteric Hovercraft Inc.
Airlift Hovercraft Pty Ltd
Griffon Hoverwork Ltd
Bill Baker Vehicles Ltd
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Captured Air Bubble Hovercraft
Simple Plenum Chamber Hovercraft
Peripheral Jet Hovercraft
Trunked Annular Hovercraft
Military and Marine
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2018, 2019
Base year - 2020
Forecast period - 2021 to 2027.
Target Audience of the Global Hovercraft Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
List of figures