Allied Market Research published a report, titled, “Amphibious Vehicle Market by Mode of Propulsion (Water-Jet, Track-Based and Screw Propeller), Application (Surveillance & Rescue, Water Sports, Water Transportation and Excavation), and End Use (Defense and Commercial): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global amphibious vehicle industry generated $2.70 billion in 2019, and is expected to garner $5.02 billion by 2027, witnessing a CAGR of 8.5% from 2020 to 2027.
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Prime determinants of growth
Surge in investment in the defense sector to increase adoption and demand in commercial applications drive the growth of the global amphibious vehicle market. However, high initial investment and rise in operational costs along with seasonal serviceability hinder the market growth. On the other hand, usage of advanced amphibious vehicles (ACV) in marine applications and demand for amphibious excavators for dredging and excavation present new opportunities in the coming years.
Covid-19 Scenario
- Governments across various countries have shifted their focus toward spending on healthcare and safeguarding the economy. This might result in reduced spending on the defense sector. Some of the countries had already announced reductions in the defense budget. This would affect the demand for amphibious vehicle.
- Manufacturing activities were stopped during the lockdown in many countries. In addition, the lockdown disrupted the supply chain. During the post-lockdown, manufacturing activities would begin and supply chain would be regulated. In addition, R&D activities would gain pace and the trend of innovation will take place.
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North America to maintain its dominant share throughout the forecast period
Based on region, North America accounted for the largest market share in terms of revenue in 2019, holding more than two-fifths of total share, and will maintain its dominant share throughout the forecast period. This is due to rise in defense budget and military expenditure in countries such as U.S. and Canada. However, LAMEA is expected to portray the largest CAGR of 12.2% from 2020 to 2027, owing to technological developments in the field of defense systems and rise in investments by governments and military agencies.
Leading market players
- BAE Systems
- EIK Engineering Sdn. Bhd.
- General Dynamics Corporation
- Hitachi Construction Machinery
- Lockheed Martin Corporation
- Marsh Buggies Incorporated
- Rheinmetall AG
- Science Applications International Corporation (SAIC)
- Wetland Equipment Company, Inc.
- Wilco Manufacturing LLC.
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