PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1423611
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1423611
Amphibious Vehicle Market Forecasts to 2030 - Global Analysis By Propulsion Type, Application, End User and By Geography
According to Stratistics MRC, the Global Amphibious Vehicle Market is accounted for $4.08 billion in 2023 and is expected to reach $8.06 billion by 2030 growing at a CAGR of 10.2% during the forecast period. Amphibian vehicles are vehicles that are built to function efficiently on both land and water. Amphibious vehicles are employed for a variety of tasks, including reconnaissance and personnel transport for military and defense targets, as well as tourism and travel to isolated and flood-prone areas. These vehicles incorporate enhancements such as propulsion systems and reduced emissions. As a result, the market for vehicles has experienced growth and expansion.
According to Stockholm International Peace Research Institute (SIPRI), military spending by the U.S grew by 5.3% to a total of $732 billion in 2019 and accounted for 38% of global military spending
Market Dynamics:
Driver:
Transportation in remote areas
Amphibious vehicles offer a unique solution for transportation challenges in remote and inaccessible terrains where conventional vehicles struggle to navigate. In such areas, especially with diverse water bodies, marshlands, or rugged landscapes, amphibious vehicles provide vital connectivity, allowing movement across land and water seamlessly. Furthermore, their ability to traverse various terrains, including swamps, rivers, and rough terrain, addresses the transportation needs of remote areas, fostering their adoption and serving as a key driver in expanding the utility and demand for amphibious vehicles in these specific regions.
Restraint:
Limited infrastructure
The deployment and use of amphibious vehicles may be hampered by the absence of dedicated docking and berthing facilities, especially in urban locations with restricted access to the shoreline. Also, inadequate infrastructure makes it harder to load and unload people or goods, which reduces convenience and efficiency. This restriction may discourage investors and potential users, which would impede market expansion.
Opportunity:
Growing concerns about natural disasters and climate change
Amphibious vehicles are instrumental in disaster response, aiding in search and rescue missions, evacuations, and relief efforts in flood-prone or disaster-affected areas. With climate change intensifying extreme weather events, the need for adaptable vehicles capable of traversing varied terrains becomes crucial. Moreover, they offer a versatile solution, providing access to remote or inaccessible regions affected by natural disasters. The market can capitalise on this demand by offering specialised vehicles designed for disaster response, thereby addressing critical needs and contributing to disaster mitigation and relief efforts.
Threat:
High manufacturing costs
The substantial upfront investment required for these specialised vehicles might deter potential buyers, limiting their market appeal. Also, the maintenance and operational expenses, including specialised repairs and servicing due to their unique design, can be expensive, discouraging long-term ownership and utilization. As a result, it will hamper market growth.
Covid-19 Impact
The COVID-19 pandemic had a negative impact on the market. Global supply chains were disrupted by the pandemic, which delayed the production of amphibious vehicles and their components. This affected the ability of manufacturers to satisfy demand, which delayed delivery and decreased sales. Furthermore, there was a notable drop in tourism and recreational activities as a result of travel restrictions and lockdowns, both of which are significant customers of amphibious vehicles. Budgetary constraints brought on by the pandemic may also have an effect on defence contracts and military modernization initiatives, which are significant drivers of this sector.
The track-based segment is expected to be the largest during the forecast period
The track-based segment is estimated to hold the largest share. These vehicles are ideal for variable terrains where typical wheeled vehicles could lose their grip, like marshes, swamps, or any soft, muddy ground. Amphibian vehicles can travel efficiently on land and in the water due to the track-base design's stability and weight distribution. Furthermore, because of their ability to traverse a range of terrains, they are used in a number of industries, including the military and defence sectors, for jobs like troop transport, reconnaissance, and amphibious assaults.
The surveillance & rescue segment is expected to have the highest CAGR during the forecast period
The surveillance & rescue segment is anticipated to have lucrative growth during the forecast period. Amphibian vehicles are useful in rescue operations as they can reach areas that are inundated or devastated by natural catastrophes that are otherwise unreachable by conventional vehicles. This allows for a prompt and efficient response in the event of a natural disaster, such as floods, storms, or tsunamis. Furthermore, amphibious vehicles can access inaccessible or waterlogged places, and amphibious vehicles can be used as a covert and flexible platform for a variety of surveillance applications, including border security, environmental monitoring, and wildlife conservation.
Region with largest share:
Asia Pacific commanded the largest market share during the extrapolated period owing to its accelerated economic growth and rising defence spending has raised demand for cutting-edge military equipment. Nations are making significant investments in their defence capabilities as long as tensions and territorial conflicts exist in the region, which will increase demand for amphibious vehicles. Furthermore, the prosperous tourism sector in Asia-Pacific draws an increasing number of tourists looking for novel and exciting experiences. An increase in demand for these tour vehicles is anticipated in the next few years due to the growing popularity of amphibious vehicles. This will result in broader market expansion.
Region with highest CAGR:
North America is expected to witness profitable growth over the projection period, due to its strong demand for amphibious vehicles. This demand is driven by the need for rapid troop deployment, reconnaissance, and maritime security. The United States is particularly intent on modernising its armed forces and preserving a strong presence around the world. The U.S. Marine Corps' performance and readiness depend heavily on their amphibious vehicles. They make it possible to carry out amphibious operations and assaults in difficult terrain and coastal areas. In addition, the U.S. Coast Guard relies heavily on these vehicles for maritime law enforcement, border security, and search and rescue operations.
Key players in the market
Some of the key players in the Amphibious Vehicle Market include Bae Systems PLC, Lockheed Martin Corporation, General Dynamics Corporation, Rheinmetall AG, Griffon Hoverwork Ltd. (GHL), Science Applications International Corporation (SAIC), Textron Systems, Kurganmashzavod JSC, Renault Trucks Defense, KBTM JSC (OMSK), Hanjin Heavy Industries & Construction Co., Ltd., Iveco Defense Vehicles, Hitachi Construction Machinery Co., Ltd., Wilco Manufacturing, L.L.C., EIK Engineering Sdn Bhd, Marsh Buggies Incorporated and Tata Motors.
Key Developments:
In September 2023, BAE Systems and Larsen & Toubro Limited (L&T) have partnered to bring the world-leading all-terrain vehicle, the BvS10, to the Indian market. The two companies have signed a licensing and manufacturing agreement to offer the BvS10 for the Articulated All-Terrain Vehicle (AATV) for the Indian Armed Forces.
In July 2023, BAE partners with IAI to demo MUM-T on amphibious combat vehicle. The joint effort between BAE Systems and IAI will focus on integrating the advanced capabilities of IAI's unmanned systems with BAE's Amphibious Combat Vehicle (ACV).
In March 2023, The U.S. Marine Corps awarded a production contract to BAE Systems. The company would support costs for the Amphibious Combat Vehicle Personnel (ACV-P) and Command variants (ACV-C). The contract would implement existing procurement options, including USD 145.3 million for more than 25 vehicles of the ACVP type and USD 111.5 million for over 15 vehicles of the ACVC type.
Propulsion Types Covered:
- Screw Propellers
- Track-Based
- Water Jet
- Other Propulsion Types
Applications Covered:
- Surveillance & Rescue
- Sports/Recreation
- Water Transportation
- Excavation
- Other Applications
End Users Covered:
- Commercial
- Defense
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Amphibious Vehicle Market, By Propulsion Type
- 5.1 Introduction
- 5.2 Screw Propellers
- 5.3 Track-Based
- 5.4 Water Jet
- 5.5 Other Propulsion Types
6 Global Amphibious Vehicle Market, By Application
- 6.1 Introduction
- 6.2 Surveillance & Rescue
- 6.3 Sports/Recreation
- 6.4 Water Transportation
- 6.5 Excavation
- 6.6 Other Applications
7 Global Amphibious Vehicle Market, By End User
- 7.1 Introduction
- 7.2 Commercial
- 7.3 Defense
8 Global Amphibious Vehicle Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Bae Systems PLC
- 10.2 Lockheed Martin Corporation
- 10.3 General Dynamics Corporation
- 10.4 Rheinmetall AG
- 10.5 Griffon Hoverwork Ltd. (GHL)
- 10.6 Science Applications International Corporation (SAIC)
- 10.7 Textron Systems
- 10.8 Kurganmashzavod JSC
- 10.9 Renault Trucks Defense
- 10.10 KBTM JSC (OMSK)
- 10.11 Hanjin Heavy Industries & Construction Co., Ltd.
- 10.12 Iveco Defense Vehicles
- 10.13 Hitachi Construction Machinery Co., Ltd.
- 10.14 Wilco Manufacturing, L.L.C.
- 10.15 EIK Engineering Sdn Bhd
- 10.16 Marsh Buggies Incorporated
- 10.17 Tata Motors
List of Tables
- Table 1 Global Amphibious Vehicle Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Amphibious Vehicle Market Outlook, By Propulsion Type (2021-2030) ($MN)
- Table 3 Global Amphibious Vehicle Market Outlook, By Screw Propellers (2021-2030) ($MN)
- Table 4 Global Amphibious Vehicle Market Outlook, By Track-Based (2021-2030) ($MN)
- Table 5 Global Amphibious Vehicle Market Outlook, By Water Jet (2021-2030) ($MN)
- Table 6 Global Amphibious Vehicle Market Outlook, By Other Propulsion Types (2021-2030) ($MN)
- Table 7 Global Amphibious Vehicle Market Outlook, By Application (2021-2030) ($MN)
- Table 8 Global Amphibious Vehicle Market Outlook, By Surveillance & Rescue (2021-2030) ($MN)
- Table 9 Global Amphibious Vehicle Market Outlook, By Sports/Recreation (2021-2030) ($MN)
- Table 10 Global Amphibious Vehicle Market Outlook, By Water Transportation (2021-2030) ($MN)
- Table 11 Global Amphibious Vehicle Market Outlook, By Excavation (2021-2030) ($MN)
- Table 12 Global Amphibious Vehicle Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 13 Global Amphibious Vehicle Market Outlook, By End User (2021-2030) ($MN)
- Table 14 Global Amphibious Vehicle Market Outlook, By Commercial (2021-2030) ($MN)
- Table 15 Global Amphibious Vehicle Market Outlook, By Defense (2021-2030) ($MN)
- Table 16 North America Amphibious Vehicle Market Outlook, By Country (2021-2030) ($MN)
- Table 17 North America Amphibious Vehicle Market Outlook, By Propulsion Type (2021-2030) ($MN)
- Table 18 North America Amphibious Vehicle Market Outlook, By Screw Propellers (2021-2030) ($MN)
- Table 19 North America Amphibious Vehicle Market Outlook, By Track-Based (2021-2030) ($MN)
- Table 20 North America Amphibious Vehicle Market Outlook, By Water Jet (2021-2030) ($MN)
- Table 21 North America Amphibious Vehicle Market Outlook, By Other Propulsion Types (2021-2030) ($MN)
- Table 22 North America Amphibious Vehicle Market Outlook, By Application (2021-2030) ($MN)
- Table 23 North America Amphibious Vehicle Market Outlook, By Surveillance & Rescue (2021-2030) ($MN)
- Table 24 North America Amphibious Vehicle Market Outlook, By Sports/Recreation (2021-2030) ($MN)
- Table 25 North America Amphibious Vehicle Market Outlook, By Water Transportation (2021-2030) ($MN)
- Table 26 North America Amphibious Vehicle Market Outlook, By Excavation (2021-2030) ($MN)
- Table 27 North America Amphibious Vehicle Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 28 North America Amphibious Vehicle Market Outlook, By End User (2021-2030) ($MN)
- Table 29 North America Amphibious Vehicle Market Outlook, By Commercial (2021-2030) ($MN)
- Table 30 North America Amphibious Vehicle Market Outlook, By Defense (2021-2030) ($MN)
- Table 31 Europe Amphibious Vehicle Market Outlook, By Country (2021-2030) ($MN)
- Table 32 Europe Amphibious Vehicle Market Outlook, By Propulsion Type (2021-2030) ($MN)
- Table 33 Europe Amphibious Vehicle Market Outlook, By Screw Propellers (2021-2030) ($MN)
- Table 34 Europe Amphibious Vehicle Market Outlook, By Track-Based (2021-2030) ($MN)
- Table 35 Europe Amphibious Vehicle Market Outlook, By Water Jet (2021-2030) ($MN)
- Table 36 Europe Amphibious Vehicle Market Outlook, By Other Propulsion Types (2021-2030) ($MN)
- Table 37 Europe Amphibious Vehicle Market Outlook, By Application (2021-2030) ($MN)
- Table 38 Europe Amphibious Vehicle Market Outlook, By Surveillance & Rescue (2021-2030) ($MN)
- Table 39 Europe Amphibious Vehicle Market Outlook, By Sports/Recreation (2021-2030) ($MN)
- Table 40 Europe Amphibious Vehicle Market Outlook, By Water Transportation (2021-2030) ($MN)
- Table 41 Europe Amphibious Vehicle Market Outlook, By Excavation (2021-2030) ($MN)
- Table 42 Europe Amphibious Vehicle Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 43 Europe Amphibious Vehicle Market Outlook, By End User (2021-2030) ($MN)
- Table 44 Europe Amphibious Vehicle Market Outlook, By Commercial (2021-2030) ($MN)
- Table 45 Europe Amphibious Vehicle Market Outlook, By Defense (2021-2030) ($MN)
- Table 46 Asia Pacific Amphibious Vehicle Market Outlook, By Country (2021-2030) ($MN)
- Table 47 Asia Pacific Amphibious Vehicle Market Outlook, By Propulsion Type (2021-2030) ($MN)
- Table 48 Asia Pacific Amphibious Vehicle Market Outlook, By Screw Propellers (2021-2030) ($MN)
- Table 49 Asia Pacific Amphibious Vehicle Market Outlook, By Track-Based (2021-2030) ($MN)
- Table 50 Asia Pacific Amphibious Vehicle Market Outlook, By Water Jet (2021-2030) ($MN)
- Table 51 Asia Pacific Amphibious Vehicle Market Outlook, By Other Propulsion Types (2021-2030) ($MN)
- Table 52 Asia Pacific Amphibious Vehicle Market Outlook, By Application (2021-2030) ($MN)
- Table 53 Asia Pacific Amphibious Vehicle Market Outlook, By Surveillance & Rescue (2021-2030) ($MN)
- Table 54 Asia Pacific Amphibious Vehicle Market Outlook, By Sports/Recreation (2021-2030) ($MN)
- Table 55 Asia Pacific Amphibious Vehicle Market Outlook, By Water Transportation (2021-2030) ($MN)
- Table 56 Asia Pacific Amphibious Vehicle Market Outlook, By Excavation (2021-2030) ($MN)
- Table 57 Asia Pacific Amphibious Vehicle Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 58 Asia Pacific Amphibious Vehicle Market Outlook, By End User (2021-2030) ($MN)
- Table 59 Asia Pacific Amphibious Vehicle Market Outlook, By Commercial (2021-2030) ($MN)
- Table 60 Asia Pacific Amphibious Vehicle Market Outlook, By Defense (2021-2030) ($MN)
- Table 61 South America Amphibious Vehicle Market Outlook, By Country (2021-2030) ($MN)
- Table 62 South America Amphibious Vehicle Market Outlook, By Propulsion Type (2021-2030) ($MN)
- Table 63 South America Amphibious Vehicle Market Outlook, By Screw Propellers (2021-2030) ($MN)
- Table 64 South America Amphibious Vehicle Market Outlook, By Track-Based (2021-2030) ($MN)
- Table 65 South America Amphibious Vehicle Market Outlook, By Water Jet (2021-2030) ($MN)
- Table 66 South America Amphibious Vehicle Market Outlook, By Other Propulsion Types (2021-2030) ($MN)
- Table 67 South America Amphibious Vehicle Market Outlook, By Application (2021-2030) ($MN)
- Table 68 South America Amphibious Vehicle Market Outlook, By Surveillance & Rescue (2021-2030) ($MN)
- Table 69 South America Amphibious Vehicle Market Outlook, By Sports/Recreation (2021-2030) ($MN)
- Table 70 South America Amphibious Vehicle Market Outlook, By Water Transportation (2021-2030) ($MN)
- Table 71 South America Amphibious Vehicle Market Outlook, By Excavation (2021-2030) ($MN)
- Table 72 South America Amphibious Vehicle Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 73 South America Amphibious Vehicle Market Outlook, By End User (2021-2030) ($MN)
- Table 74 South America Amphibious Vehicle Market Outlook, By Commercial (2021-2030) ($MN)
- Table 75 South America Amphibious Vehicle Market Outlook, By Defense (2021-2030) ($MN)
- Table 76 Middle East & Africa Amphibious Vehicle Market Outlook, By Country (2021-2030) ($MN)
- Table 77 Middle East & Africa Amphibious Vehicle Market Outlook, By Propulsion Type (2021-2030) ($MN)
- Table 78 Middle East & Africa Amphibious Vehicle Market Outlook, By Screw Propellers (2021-2030) ($MN)
- Table 79 Middle East & Africa Amphibious Vehicle Market Outlook, By Track-Based (2021-2030) ($MN)
- Table 80 Middle East & Africa Amphibious Vehicle Market Outlook, By Water Jet (2021-2030) ($MN)
- Table 81 Middle East & Africa Amphibious Vehicle Market Outlook, By Other Propulsion Types (2021-2030) ($MN)
- Table 82 Middle East & Africa Amphibious Vehicle Market Outlook, By Application (2021-2030) ($MN)
- Table 83 Middle East & Africa Amphibious Vehicle Market Outlook, By Surveillance & Rescue (2021-2030) ($MN)
- Table 84 Middle East & Africa Amphibious Vehicle Market Outlook, By Sports/Recreation (2021-2030) ($MN)
- Table 85 Middle East & Africa Amphibious Vehicle Market Outlook, By Water Transportation (2021-2030) ($MN)
- Table 86 Middle East & Africa Amphibious Vehicle Market Outlook, By Excavation (2021-2030) ($MN)
- Table 87 Middle East & Africa Amphibious Vehicle Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 88 Middle East & Africa Amphibious Vehicle Market Outlook, By End User (2021-2030) ($MN)
- Table 89 Middle East & Africa Amphibious Vehicle Market Outlook, By Commercial (2021-2030) ($MN)
- Table 90 Middle East & Africa Amphibious Vehicle Market Outlook, By Defense (2021-2030) ($MN)
