According to the latest report by IMARC Group, titled " Amphibious Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global amphibious vehicle market reached a value of US$ 3.2 Billion in 2022. An amphibious vehicle refers to an automobile variant that can easily be operated in water as well as on land. It is a convertible vehicle that is generally used for carrying cargo and passengers, wildlife surveying, precision agriculture and pollution monitoring. It is a lightweight automobile that is usually manufactured from fiberglass or hard plastics. It consists of wheels and watertight hulls that allow it to effortlessly function on land and water, and even underwater. It requires less maintenance, is easy to operate and can withstand harsh environmental conditions in a cost-efficient manner.
Global Amphibious Vehicle Market Trends:
The global market is primarily driven by significant growth in the defense sector. Coupled with the increasing utilization of amphibious vehicles for surveillance and monitoring operations, this is providing an impetus to the market growth. In line with this, the rising product adoption for humanitarian aid and disaster relief operations is creating a positive outlook for the market. Moreover, considerable expansion in the travel and tourism industry, along with the increasing preference for water sports and recreational activities among the masses, has propelled the market growth across the globe. Furthermore, significant investments by multiple key players for manufacturing amphibious excavators are positively influencing the market growth. Additionally, the widescale integration of advanced technologies with amphibious vehicles are acting as major growth-inducing factors. Other factors, including continuous product innovations and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 5.4 Billion by 2028, exhibiting a CAGR of 8.63% during 2023-2028.
- Based on the mode of propulsion, the market has been segmented into waterjet, track-based, screw propellers and others.
- On the basis of the application, the market has been categorized into surveillance and rescue, water sports, water transportation, excavation and others.
- Based on the end-use, the market has been bifurcated into defense and commercial.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players are 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. and Wilson Marsh Equipment Company.
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