According to a new market research report published by Credence Research “Amphibious Vehicles Market (By Type: Wheeled Vehicles, Tracked Vehicles and Hovercrafts; By Propulsion: Propellers and Jet Propulsion; By Application: Surveillance & Rescue, Transportation, Sports/Recreation, and Others; By End-use: Defense and Commercial) – Growth, Future Prospects, and Competitive Landscape, 2017-2025”, the amphibious vehicles market was valued at US$ 2.30 Bn in 2016 and is estimated to grow at a CAGR of 8.4% from 2017 to 2025.
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A noteworthy ascent in the interest of amphibious vehicles has been seen from a past few years. In the 20th century, amphibious vehicles were utilized only for a limited application such as military and defense. However, even in the present times, amphibious vehicles are considered as an essential part in reinforcing the defense capacities and are incorporated extensively by numerous military and defense agencies across the world. Apart from military applications, rising popularity of amphibious vehicles for commercial applications such as sports, recreational activities and transportations have boosted the growth in the amphibious vehicle’s market. One of the most prominent factor fuelling the interest for amphibious vehicles is in its adventure sports application. Amphibious vehicle manufacturers have been introducing new variants these vehicles combining the features of both jet skis and all-terrain bikes. Furthermore, manufacturers are overhauling their existing designs to extend the capabilities of amphibious vehicles such as achieving a speed of more than 200 km/hr on land surface and more than 90 km/hr on water. Promotion of amphibious vehicles as a novel mode of tourist transportation such as amphibious tourist bus on the Thames waterway in London and several others are expected to encourage the growth of the overall amphibious vehicles market.
Amphibious vehicles market is fragmented in nature and is characterized by a number of international players. The companies have been facing intense competition with increasing number of new entrants in this highly dynamic market. Product innovation and affordability have been some of the key factors focused on by manufacturers while introducing their new variants of amphibious vehicles in the market. Furthermore, companies have been engaged in acquiring military and defense contracts from the various military and defense agencies for the provision of amphibious vehicles. Major players in the amphibious vehicles market include BAE Systems AB, General Dynamics Corporation, Lockheed Martin Corporation, Rheinmetall AG, Hitachi Construction Machinery Co., Ltd., Griffon Hoverwork Ltd. (GHL), Gibbs Sports Amphibians, Inc., Rinspeed AG, Cool Amphibious Manufacturers International, LLC, WaterCar, Science Applications International Corporation (SAIC), Textron, Inc., Kurganmashzavod JSC, and Hanjin Heavy Industries & Construction Co., Ltd.
- Growing usage of amphibious vehicles for numerous defense, surveillance, excavation and rescue applications
- Research and development towards manufacturing of more dependable and proficient amphibious vehicles
- Rising prominence of amphibious vehicles for sports and recreational activities