(I-BusinessNews.Com, October 16, 2020 ) According to the latest market research report the Amphibious Vehicles Market is projected to grow from an estimated $2.39 Billion in 2017 to $3.70 Billion by 2022, at a CAGR of 9.13% during the forecast period. Amphibious vehicles are employed to provide combat support to defense forces during amphibious military operations or as excavators for dredging and reclamations of rivers, or water bodies.
The demand for amphibious vehicles is expected to be driven by the increasing demand from militaries owing to rising conflicts, increasing commercial applications, accessibility in rough terrain, and the assault amphibious vehicle upgradation program of the U.S. Army.
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The amphibious vehicles market has been segmented on the basis of end user, application, propeller, and region. Based on end user, the amphibious vehicles market has been classified into defense and commercial. The commercial segment is expected to witness high growth from 2017 to 2022, owing to the rising adoption of amphibious excavators for dredging purposes.
Based on application, the amphibious vehicles market has been segmented into surveillance & rescue, water transportation, sports, and excavation. The excavation segment is expected to witness high growth during the forecast period, owing to increasing inland waterway projects and the demand for land reclamation.
Based on propulsion, the market has been segmented into screw propeller, water jet, track-based, and others segments. The track-based segment is estimated to lead the amphibious vehicles market in 2017 as it allows amphibious vehicles to move at high speeds on both, water and land surfaces. This provides military troops with efficient monitoring and inspection of land and water borders.
Based on region, the market has been categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Several countries, such as China, India, and Japan, among others are increasingly investing in the development of defense capabilities. The market in the Asia-Pacific is projected to witness high growth from 2017 to 2022, due to rise in regional conflicts.
Declining defense budgets of advanced economies can restrain the growth of the market. Due to the economic slowdown, major defense spenders such as the U.S. and European countries have reduced their defense expenditure, which is expected to affect the market of amphibious vehicles, globally.
Key Market Players
Major players in the amphibious vehicles market include BAE Systems (U.K.), General Dynamics Corporation (U.S.), Lockheed Martin Corporation (U.S.), Rheinmetall AG (Germany), Hitachi Construction Machinery (Europe) N.V. (Netherlands), EIK Engineering Sdn. Bhd. (Malaysia), Wetland Equipment Company, Inc. (U.S.), Wilco Manufacturing LLC (U.S.), and Marsh Buggies Incorporated (U.S.).
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