Pune, July 13, 2020 (GLOBE NEWSWIRE) -- The global amphibious vehicle market size is expected to reach USD 4.98 billion by 2027, exhibiting a CAGR of 13.05% during the forecast period. The ongoing development of high-speed engines with lightweight capabilities by OEMs will spur lucrative opportunities for the market during the forecast period, states Fortune Business Insights in a report, titled “Amphibious Vehicle Market Size, Share & Industry Analysis, By Platform (Commercial and Defense), By Mode of Propulsion (Screw Propellers, Water Jet, Track-based Propulsion, and Others), By Application (Surveillance and Rescue, Combat, Transportation, Sports, Excavation, and Others), and Regional Forecasts, 2020-2027” the market size stood at USD 2.66 billion in 2019
The coronavirus epidemic has caused severe damage to most of the established industries across the globe. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. Some industries are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
We are continuously working on our data to relieve businesses in this critical time. Our expertise and capability can offer colossal benefits during the global pandemic.
Get Sample PDF Brochure with “Short-Term and Long-Term Impact of COVID-19” on this Market,
Please Visit: https://www.fortunebusinessinsights.com/enquiry/covid19-impact/amphibious-vehicle-market-101800
The report on the amphibious vehicle market emphasizes on:
- Latest market trends
- All-encompassing study of all the regions
- Comprehensive analysis of key players
- Important factors boosting the market;
- Crucial factors impeding the market
Market Driver:
Increasing Demand for Military Applications to Bolster Growth
The high demand for electric propelled amphibious vehicles in commercial applications such as sports activities, mountain climbing, exploration activities, and others will enable speedy expansion of the market during the forecast period. The growing awareness regarding the benefits of these vehicles such as high durability, advanced electronic systems, and high endurance has increased its demand in military applications.
Moreover, the rising technological advancement has led to the development of interconnected combat vehicles with innovative features including advanced remote turrets, fire control systems, active protection systems, and counter survivability. Thus, the increasing marine threats and counter-attack strategies will spur demand for the market during the forecast period. Also, the agreement and contracts in the military to consolidate marine domain with advanced technology-based amphibious combat vehicle (ACV) will simultaneously uplift the amphibious vehicle market share in the forthcoming years.
For instance, in 2020, the U.S. Marine Corps (USMC) signed a contract with a leader in advanced combat vehicles, BAE Systems for the supply and distribution of 116 advanced ACVs incorporated with ammunitions, command and control systems, medium caliber turret, and recovery versions.
Browse Detailed Research Insights with TOC: https://www.fortunebusinessinsights.com/industry-reports/amphibious-vehicle-market-101800
Market Restrain:
High Maintenance Cost to Thwart Market Expansion
The maintenance cost of combat vehicles is extremely high, which can consequently hinder the growth of the market during the forecast period. Similarly, the lack of availability and accessibility of spare components can be a major hindrance to the growth of the market. The additional cost involved in the integration of accessories such as safety equipment, fire protection system, payloads owing to the requirement for transportation of troops from ship-to-shore in the defense sector will simultaneously hamper the growth of the market.
Regional Analysis:
Escalating Marine Expenditure to Promote Growth in North America
The market in North America stood at USD 1.02 billion in 2019 and is expected to witness a rapid growth rate during the forecast period. The growth in the region is attributed to the rising defense budget and military expenditure. The modernization of marine fleets along with the presence of major companies such as Kawasaki Robotics and Electroimpact Inc will further drive the market in the US. The increasing R&D for the development of advanced combat vehicles will accelerate growth in the region. Europe is expected to witness a substantial growth rate due to the high adoption of hybrid-based engines. Asia Pacific is predicted to exhibit a rapid growth rate during the forecast period due to the demand for advanced ACVs from countries such as China, Japan, and India. The rising border disputes between India and China have led to increased procurement of combat vehicles, which, in turn, will boost the market in the region.
Key Development:
July 2018: BAE Systems, a British multinational defense, security, and aerospace company signed an agreement for USD 84 million to produce 36 Assault Amphibious Vehicles for Taiwan. Thus, boosting the marine domain of Taiwan.
List of the Leading Companies Operating in the Amphibious Vehicle Market are:
- BAE Systems plc (The U.K.)
- EIK Engineering Sdn. Bhd. (Malaysia)
- General Dynamics Corporation (The U.S.)
- Griffon Hoverwork Ltd. (GHL) (The U.K)
- Hanjin Heavy Industry Co. Ltd. (South Korea)
- Lockheed Martin Corporation (The U.S.)
- Science Applications International Corporation (SAIC)
- Wetland Equipment Company, Inc (The U.S.)
- Wilco Manufacturing LLC (The U.S.)
Quick Buy - Amphibious Vehicle Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101800
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- COVID-19 Pandemic Impact Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Global Amphibious Vehicle Market
- Impact of the COVID-19 Pandemic on the Market
- Steps Taken by Industry/ Companies/ Governments to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19 pandemic
- Potential Opportunities due to COVID-19 Outbreak
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/amphibious-vehicle-market-101800
Have a Look at Related Research Insights:
Tactical Data Link Market Size, Share and Covid-19 Impact Analysis, by Solution (Hardware, and Software), By Platform (Air, Ground, and Sea), By Application (Command & Control, Intelligence, Surveillance & Reconnaissance (ISR), Electronic Warfare, Radio Communication, and Situational Awareness), and Regional Forecast, 2020 – 2027
Small Arms Market Size, Share and Covid-19 Impact Analysis, By Type (Handgun, Rifle, Shotgun) By Application (Defense & Homeland Security, Self-Defense, Sports, Hunting, and Law Enforcement), and Regional Forecast, 2020-2027
Aircraft Sensors Market Size, Share & Covid-19 Impact Analysis, By Platform (Fixed-Wing Aircraft, Rotary Blade Aircraft, and UAV), By Sensor Type (Temperature, Pressure, Force, Speed, Torque, and Others), By Application (Engine Turbine & APU, Flight Control & Actuation, Landing Gear & Brakes and others), By Connectivity (Wired Sensors and Wireless Sensors), By End Use (OEMs and Aftermarket) and Regional Forecast, 2020-2027
Military Personal Protective Equipment Market Size, Share and COVID-19 Impact Analysis, By Product Type (Advanced Combat Helmet, Life Safety Jacket, Protective Eyewear, Body Armor, Tactical Vest, and Pelvic Protection System), By Application (Ground, Airborne, and Naval), and Regional Forecast, 2020-2027
Advanced Combat Helmet Market Size, Share and Industry Analysis, By Material (Ballistic Fiber, Thermoplastic, and Metal), By Application (Military & Defense, and Law Enforcement), and Regional Forecast, 2020-2027
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1-424-253-0390
UK: +44-2071-939123
APAC: +91-744-740-1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs
Read Press Release:
https://www.fortunebusinessinsights.com/press-release/amphibious-vehicle-market-10079