Global Amphibious Vehicle Market Insights
The global Amphibious Vehicle market is estimated to grow at a high CAGR during the forecast period. The market for amphibious vehicles is majorly driven due to increased demand from military forces across the globe to secure the sea borders from increasing conflicts through sea. Moreover, the increasing water sports activities along with increasing recreational and transportation activities is expected to propel the growth of amphibious vehicle market. However, the high cost of amphibious vehicles and high entry barriers for the defense sector is expected to hamper the growth of market. Amphibious vehicles are employed during amphibious military operations to provide combat support to defense forces. Increasing conflicts, commercial applications and accessibility in rough terrain boosted the demand of amphibious vehicles. The market of amphibious vehicles is expected to be positively influenced by increasing use of landing craft and development of inland waterways.
Amphibious Vehicle Market: By End User
The global Amphibious Vehicle market can be segmented on the basis of End User into defense and commercial segment. The commercial segment is expected to witness highest growth during the forecasted period. The segment is expected to be positively influenced by growing adoption of amphibious excavators for dredging purposes. Military sector has occupied largest market share, both in terms of value and volume. The market is positively influenced by growing defense expenditures.
Amphibious Vehicle Market: By Propulsion Type
The Amphibious Vehicle market is segmented on the basis of propulsion type into screw propellers, water jet, and track-based among others. The track based propeller segment has occupied largest market share both in terms of value and volume. The segment’s growth is positively influenced by its feature which allows it move at high speeds on both land and water surfaces. Increased demand for track based propulsion for defense applications is expected to drive the segment’s growth. The amphibious vehicles provide military troops with efficient inspection and monitoring of both water and land borders.
Amphibious Vehicle Market: By Application
The market for amphibious vehicle is segmented on the basis of application into surveillance & rescue, water transportation, sports/ recreation, and excavation among others. The excavation segment is expected to grow at a highest CAGR during the forecast period. The segment’s growth is majorly attributed to increasing demand for land reclamation along with increasing waterway projects. Increasing use of amphibious vehicles for dredging applications such as maintenance of swamps, river beds, ponds, lake, and reservoirs is expected to positively influence the growth of amphibious vehicle market
Amphibious Vehicle Market: Regional Insights
On the basis of region the market for Amphibious Vehicle is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America. North Korea is expected to dominate the market of amphibious vehicle, both in terms of value and volume. The market in the region is majorly driven by its high military expenditure along with rapid adoption of amphibious vehicles for commercial applications. Whereas, the Asia Pacific market is expected to grow at a highest CAGR during the forecast period, the region’s growth can be attributed to the rising incidences of conflicts and terrorism in the region.
Amphibious Vehicle Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, Systems manufactured/supplied, and geographical presence of companies.
Amphibious Vehicle Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, Systems, and regional presence of companies who are purchasing or are likely to amphibious vehicle in the coming years. Some companies currently using Amphibious Vehicle and are likely to purchase it in future are American River Transportation Company, Horizon Lines, and Kirby Corporation among others.
Amphibious Vehicle: Market Share & Competitor Analysis
Some of the key players operating in the Amphibious Vehicle Market are General Dynamics Corporation, BAE Systems Plc., NORINCO, Rheinmetall AG, Science Applications International Corporation (SAIC), Griffon Hoverwork Ltd. (GHL), Norinco International Cooperation Ltd., Renault Trucks Defense, Lockheed Martin Corporation, KBTM JSC (OMSK), and Textron Inc. among others
In February 2019, The U.S. Army has awarded General Dynamics Land Systems a contract worth up to USD 402 million for Systems Technical Support (STS) for the Stryker Brigade Combat Team (SBCT)
In June 2018, the United States Marine Corps awarded BAE Systems PLC with a contract for wheeled amphibious combat vehicles in order to transport marines from ship to shore under hostile conditions
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