Amphibious Vehicle Global Market Report 2024

The global amphibious vehicle market has grown strongly in recent years. It will grow from $3.82 billion in 2023 to $4.17 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The expansion observed during the historical period can be attributed to several factors, including the increased utilization of amphibious vehicles in military applications, the growth of tourism and recreational activities employing these vehicles, their role in search and rescue operations, facilitation of transportation in remote areas, engagement in amphibious excavation and construction projects, coastal patrol and surveillance activities, as well as their contribution to environmental conservation and research initiatives.

The global amphibious vehicle market is expected to see rapid growth in the next few years. It will grow to $6.11 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The anticipated growth in the forecast period can be attributed to various factors, including the rising interest in amphibious sports, urban development in proximity to water bodies, advancements in materials enhancing amphibious vehicle construction, modernization efforts in commercial fishing, the influence of smart city initiatives, a growing awareness of environmental conservation, and increased public awareness and education regarding amphibious vehicle applications. Major trends expected during the forecast period encompass a focus on environmentally friendly designs, the integration of amphibious vehicles into commercial shipping and logistics, the emergence of autonomous amphibious vehicles, customization tailored for specific applications, continuous technological advancements, and an uptick in collaborations and partnerships within the industry.

The escalation in concerns regarding border security and terrorism is a significant driving force behind the growth of the amphibious vehicle market. The bolstering of border security systems, aimed at fortifying land and maritime surveillance, as well as the overall administration of border-patrol missions, is increasingly imperative. Amphibious vehicles play a crucial role in military operations, facilitating the transfer of troops and supplies across challenging terrains, including flooded areas, and are also instrumental in various engineering and mining applications. As reported in the US Customs and Border Protection Enforcement Statistics 2022, the notable surge in total enforcement action, from 646,822 in 2020 to 2,493,721 in 2022, underscores the rising significance of border security, thus contributing to the advancement of the amphibious vehicle market.

Anticipated growth in military spending is projected to drive the trajectory of the amphibious vehicle market. Military expenditure, designated for defense-related activities and equipping armed forces, often includes allocations for acquiring advanced equipment like amphibious vehicles. Enhancing a military's capability across varied terrains, including water obstacles, these vehicles are pivotal in modern military operations. The Ministry of Defense (MOD) departmental resources 2022, published by gov.UK, revealed an upsurge in defense spending to $76.25 billion (71.4 Euros) for 2021-2022, marking a substantial $46.88 billion (43.9 euros) increase from the prior year. Consequently, the escalation in military spending is a driving factor behind the growth of the amphibious vehicle market.

Product innovation emerges as a prominent trend propelling advancements in the amphibious vehicle market. Key players across industries like defense and excavation are committed to developing inventive solutions, such as multipurpose amphibious vehicles, to maintain their market presence. An illustration of this trend is reflected in the introduction of an amphibious vehicle by DCD Protected Mobility, a South Africa-based company, in May 2021. This innovative vehicle serves diverse purposes, spanning mining, military operations, search and rescue missions, and private use, reflecting the evolving landscape of the amphibious vehicle market.

Major companies within the amphibious vehicle market are spearheading innovative endeavors by introducing groundbreaking products like the Amphibious 8x8 vehicle to elevate their market standing and profitability. This vehicle, characterized by its versatility across land and water, boasts eight wheels enabling exceptional mobility on land, complemented by water-propelling mechanisms like propellers or water jets for fluid navigation through aquatic environments. Hyundai Rotem, a Korea-based defense product manufacturing company, set a remarkable precedent in October 2023 with the introduction of the N-WAV (New-Wheeled Armored Vehicle). Outperforming its predecessor, the K808 Baekho (White Tiger) armored combat vehicle utilized by the Republic of Korea Army (RoKA), the N-WAV integrates advancements such as the Korean Active Protection System (KAPS), dual anti-tank guided missiles (ATGMs), a remote-control weapon station (RCWS), and a concept manned turret with a 30mm automatic gun. Engineered for coastal activities, the vehicle incorporates an elevated snorkel system, a hydrodynamically enhanced hull shape, all empowered by a more robust 700hp engine.

In a strategic collaboration announced in June 2021, Navantia Australia, an Australia-based shipbuilding specialist, joined forces with Rheinmetall Defence Australia to undertake the design and construction of the Australian Army's next-generation amphibious vehicle. This collaboration aimed to pioneer the creation of the world's most resilient and versatile amphibious vehicle specifically tailored for the Australian Army's requirements. Rheinmetall Defence Australia, a prominent manufacturer and supplier of military vehicles catering to the Australian Defence Force, brought forth its expertise in this joint effort with Navantia Australia.

Major companies operating in the amphibious vehicle market report are Bae Systems PLC, General Dynamics Corporation, Lockheed Martin Corporation, Rheinmetall Aktiengesellschaft, Science Applications International Corporation Inc., Textron Inc., The Volvo Group, JSC Kurganmashzavod, Hitachi Construction Machinery, Wilco Manufacturing Limited, Wetland Equipment Company, EIK Engineering Sdn. Bhd., Marsh Buggies Inc., Ultratrex Machinery Sdn. Bhd. - Ultratrex Machinery Sendirian Berhad, Lemac Pty. Ltd., Aquamec Ltd., AmphiCraft Industries, Gibbs Sports Amphibians Inc., Cool Amphibious Manufacturers International LLC, Iguana Yachts, Sealegs International Limited, Explorer Industries Ltd., Kaman Aerospace Corporation, Lomac Nautica S.r.l., Marine Advanced Research Inc., Marine Technology Inc., Nauti-Craft Pty Ltd., Panthera Corporation, Phoenix International Holdings Inc., Polaris Industries Inc., INNESPACE PRODUCTIONS Inc.

Asia-Pacific was the largest region in the amphibious vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the amphibious vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the amphibious vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Amphibious vehicles employ various propulsion methods, including waterjet, track-based systems, screw propellers, and other specialized mechanisms. Waterjet propulsion, for instance, propels a boat forward by creating a propulsive push generated when water is forced into or 'sucked in' to the jet unit and subsequently expelled. This form of propulsion is preferred when a vessel requires swift movement, shallow draught, protected propulsion, excellent maneuverability at all speeds, low noise emissions (especially for military applications), and minimal vibration. These adaptable vehicles find application in a range of sectors, serving purposes such as surveillance and rescue operations, water sports, water transportation, excavation activities, and various other uses in both the defense and commercial sectors.

This report provides amphibious vehicle market statistics, including amphibious vehicle industry global market size, regional shares, competitors with a amphibious vehicle market share, detailed amphibious vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the amphibious vehicle industry. This amphibious vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The amphibious vehicle market consists of sales of amphibious bicycles, cars, buses, trucks, railway vehicles, combat vehicles, and hovercraft. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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