According to the latest report by IMARC Group, titled, “Amphibious Vehicle Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2022-2027“, The global amphibious vehicle market reached a value of US$ 2.85 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 5.08 Billion by 2027 exhibiting a CAGR of 9.60% during 2022-2027.
Amphibious vehicles refer to the multipurpose convertible vehicles that can be utilized on land and in water to transport passengers and cargo. They include amphibious bicycles, cars, buses, trucks, combat vehicles, railway vehicles, hovercraft, etc. Amphibious vehicles are integral in military missions as they assist in merging maritime and terrain-based operations. They are also convenient to store, affordable, require less maintenance, can be used on harsh terrains, etc. Amphibious vehicles are used for several purposes, such as during disaster relief operations and to distribute humanitarian aid.
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The escalating number of geopolitical conflicts and the increasing investments in the defense sector by government bodies are some of the key factors driving the amphibious vehicle market. Furthermore, the rising popularity of water adventure tourism, owing to the elevating urbanization and disposable income levels, is also catalyzing the market growth. Besides this, the expanding product utilization in the construction industry in engineering and mining projects in remote environments, including flooded areas and inaccessible terrains, is further augmenting the global market. Additionally, the inflating usage of these vehicles for dredging purposes, such as in maintaining riverbeds, swamps, lakes, ponds, reservoirs, etc., is projected to fuel the amphibious vehicle market in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- BAE Systems plc
- EIK Engineering Sdn Bhd
- General Dynamics Corporation
- Hydratrek Inc.
- Lockheed Martin Corporation
- Marsh Buggies Inc.
- Remu Oy
- Science Applications International Corporation
- Ultratrex Machinery Sdn. Bhd.
- Wetland Equipment Company
- Wilco Manufacturing L.L.C.
- Wilson Marsh Equipment Company.
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The report has segmented the market based on mode of propulsion, application and end use.
Breakup by Mode of Propulsion:
- Screw Propellers
Breakup by Application:
- Surveillance and Rescue
- Water Sports
- Water Transportation
Breakup by End Use:
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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