Hovercraft Market: Current Analysis and Forecast (2022-2030)

Hovercraft is a vehicle with the ability to travel over ice, mud, water, and land. The vehicle is explicitly planned, to be entirely or to some extent upheld, at any rate, a portion of the time during their movement over the surface with the assistance of a film of vaporous liquid or slender pad. The use of this vehicle in the military or the defense sector across the globe is one of the major factors driving the market growth.

The Hovercraft Market is expected to grow at a strong CAGR of 4% during the forecast period owing to the rise in demand for commercial applications, and its growing adoption for recreational purposes. Moreover, increasing investment and product launches by the key players are also positively impacting the growth of the market. For instance, in August 2022, Hammacher Schlemmer, an Illinois-based company launched a new hovercraft namely, 'The Flying Hovercraft' which can glide over land as well as water with a 130-hp twin cylinder.

Based on propulsion, the market is segmented into diesel-powered, gasoline-powered, and others. Amongst these, the diesel-powered segment is anticipated to hold a higher CAGR during the forecast period. The factors such as diesel-powered engines produce more torque and have the ability to run longer on a specific volume of fuel as compared to gasoline. Moreover, the gasoline engine does not require spark plugs or an electrical ignition system, which in turn improves efficiency and performance. Hence, these are the factors driving the growth of the segment.

By End-use, the market is segmented into passenger transport and tourism, cargo transportation, defense, search and rescue, and others. Among these, the defense segment is anticipated to grow with a higher CAGR during the forecast period. The factors such as the growing use by navies and other marine authorities utilizing large hovercrafts to transport troops, military suppliers, and tanks from one place to another. In addition, due to the rise in concern about security and terrorism, emerging economies across the globe are advancing their conventional defense equipment and system. For instance, according to Stockholm international peace research (SIPRI), military spending by the U.S. amounted to a total of $801 billion in 2021.

For a better understanding of the market adoption of the Industrial Relay industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Korea, and Rest of Asia-Pacific), Rest of World. Due to opportunities provided by an improved standard of living and the effects of climate change, the European region is anticipated to experience lucrative growth over the forecast period. This is due to commercial and military end-users increased adoption of hovercraft. The region's border forces and law enforcement agencies are supporting counternarcotics efforts by supporting goods transportation, surveillance, and rescue.

Some of the major players operating in the market include: Aerohod Ltd; Airlift Hovercraft Pty Ltd.; CHRISTY HOVERCRAFT; Griffon Hoverwork; Textron Inc.; Lucchini RS S.p.A.; MAD Hovercraft; Hovertechnics; Ivanoff Hovercraft AB; Neoteric Hovercraft Inc., Bill Baker Vehicles Ltd.