According to the latest report by IMARC Group, titled, “Amphibious Vehicle Market: Global Industry Trends, Share, Size, 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.
An amphibious vehicle is a convertible automobile running on land and water and utilized for transporting passengers and cargo. It is a lightweight automobile manufactured using fiberglass and hard plastics material. It comprises wheels and watertight hulls that help the vehicle function efficiently. It is equipped with a patented hydraulic system to raise the wheels into the wheel wells and allow the vehicles to float on water. It requires less maintenance, offers easy operations, and withstands harsh environmental conditions in a cost-efficient manner.
Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/amphibious-vehicle-market/requestsample
Amphibious Vehicle Market Trends and Drivers:
Amphibious vehicles are employed in the military and defense sectors to provide combat support to armed forces during operations. They are also used as excavators for dredging and reclamations of rivers and water bodies. This, along with the expanding number of cross-border terrorist activities, drug trafficking, and illegal trespassing incidences, represents one of the major factors bolstering the market growth around the world. In addition, the increasing consumer spending on recreational activities and adventure events, like water sports, is favoring the market growth. Moreover, amphibious vehicles are used in the construction sector to enable the execution of several engineering and mining activities in remote and rough environments, including flooded areas and other dangerous and inaccessible terrains. This, coupled with the growing number of construction activities, including bridges, waterways, and land reclamations, is influencing the market positively.
Amphibious vehicles are also utilized in dredging applications, such as the maintenance of riverbeds, swamps, lakes, ponds, and reservoirs. Apart from this, due to rising environmental concerns, governing agencies of numerous countries are implementing regulations to encourage the use of electric vehicles and reduce the carbon footprint. Moreover, the inflating prices of petrol, the rising demand for fuel-efficient and high-performance vehicles, and the growing awareness about the economic and ecological benefits of adopting EVs are propelling key players to introduce the electric amphibious vehicles. They are incorporated with hydrofoil-enhanced technology that provides a smooth ride over the water and optimizes efficiency on both land and water. Furthermore, there is an increase in the need for deep-sea exploration in oceanography, which is creating a positive outlook for the market. Besides this, there is a rise in the adoption of amphibious vehicles for offshore field explorations, monitoring of subsea pipelines, deep-water drilling applications, and installation of new infrastructure. This, in confluence with the expanding number of oil and gas exploratory activities, is strengthening the growth of the market.
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.
Amphibious Vehicle Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape:
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.
The report has segmented the market based on mode of propulsion, application and end use.
Breakup by Mode of Propulsion:
- Waterjet
- Track-based
- Screw Propellers
- Others
Breakup by Application:
- Surveillance and Rescue
- Water Sports
- Water Transportation
- Excavation
- Others
Breakup by End Use:
- Defense
- Commercial
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Ask Customization and Browse full report with TOC & List of Figure: https://www.imarcgroup.com/amphibious-vehicle-market
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact us:
IMARC Group
30 N Gould St, Ste R
Sheridan, WY (Wyoming) 82801 USA
Website: https://www.imarcgroup.com
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas: – +1 631 791 1145 | Africa and Europe: – +44-702-409-7331 | Asia: +91-120-433-0800