Burlingame, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The global Amphibious Vehicle Market Size to Grow from USD 5.08 Billion in 2024 to USD 10.50 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Amphibious vehicles provide unmatched mobility for diverse military operations such as rescue, patrol, surveillance, and counterinsurgency missions that require accessing both land and water theatres. Moreover, growing demand for amphibious vehicles in civil engineering projects such as wetland restorations and coastal protection works will further provide opportunities for market growth over the forecast period.
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Market Dynamics:
The global amphibious vehicle market is witnessing high growth owing to growing defense budgets of various countries and increasing military modernization programs worldwide. According to Stockholm International Peace Research Institute (SIPRI), the global military expenditure witnessed a rise of 6.8% in 2021 to reach US$ 2.1 trillion. Growing government and defense spending on new amphibious vehicles for marine operations is a major factor driving the market growth. Furthermore, increasing upgradation of existing fleets to improve amphibious capabilities is also fueling the market demand.
Global Amphibious Vehicle Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $5.08 billion |
| Estimated Value by 2031 | $10.50 billion |
| Growth Rate | Poised to grow at a CAGR of 10.9% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Mode of Propulsion, By Application, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Military modernization programs • Civil applications and disaster response operations |
| Restraints & Challenges | • Harsh environmental regulations • High manufacturing cost |
Market Trends:
To tackle evolving threats on borders, focus on development of light amphibious vehicles is growing. Light amphibious vehicles have high tactical and strategic value due to their lightweight amphibious capabilities. For instance, in June 2022, BAE Systems was selected by the U.S. Army to deliver Light Amphibious Warships (LAWs). The 85-foot aluminum vessels are capable of transporting Marines and their equipment from sea to shore.
Procurement and modernization of amphibious assault vehicles by military forces worldwide is witnessing significant rise. Amphibious assault vehicles are critical for launching shore assaults from sea. In recent years, various countries have procured advanced amphibious assault vehicles to strengthen their amphibious warfare capabilities. For instance, in May 2022, the U.S. Marine Corps awarded contracts to BAE Systems and SAIC worth US$ 1 billion to supply 200 Amphibious Combat Vehicles (ACV).
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X-ray segment is expected to hold a dominant position over the forecast period, owing to increasing demand for X-ray based amphibious vehicles in military and defense applications. X-ray vehicles are the most commonly used type of amphibious vehicles for their ability to traverse both land and water.
Ancestry testing segment dominated the market in 2023 and is expected to continue its dominance during the forecast period due to rising popularity of ancestry testing services among customers to trace their family history and origins. Amphibious vehicles find significant usage in transporting equipment and samples for ancestry testing applications.
Key Market Takeaways:
The global amphibious vehicle market is anticipated to witness a CAGR of 10.9% during the forecast period 2024-2031, owing to rising defense budgets of countries and increasing utilization of amphibious vehicles in military, patrol and rescue operations.
On the basis of type, X-ray segment is expected to hold a dominant position, owing to its wide application in military and defense organizations.
On the basis of application, ancestry testing segment is expected to hold the largest share owing to increasing popularity of ancestry tracing services.
On the basis of end user, hospitals segment is expected to hold a dominant position over the forecast period, due to growing usage of amphibious vehicles in emergency services.
Regionally, North America is expected to hold a dominant position over the forecast period, due to large defense spends and technological advancements in the region.
Key players operating in the global amphibious vehicle market include Hitachi Construction Machinery Co. Ltd., BAE System, Science Applications International Corporation, Wetland Equipment Company, General Dynamics Corporation, Lockheed Martin Corporation, Wilco Manufacturing, L.L.C, EIK Engineering Sdn Bhd, Marsh Buggies Incorporated, Rheinmetall AG, and EIK Engineering Sdn. Bhd. Strategic partnerships and collaborations between players is expected to help gain momentum in the market.
Recent Development:
In March 2023, BAE Systems received a contact from the U.S. Marine Corps to produce amphibious combat vehicles for personnel and command purposes.
In January 2023, IDV secure a deal with the Italian Navy to supply 36 Amphibious Armored Vehicels VBA personnel carriers.
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Market Segmentation:
By Mode of Propulsion:
- Water-jet
- Track-based
- Screw propellers
By Application:
- Surveillance & Rescue
- Water Sports
- Water Transportation
- Excavation
By End User:
- Defense
- Commercial
By Regional:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Author Bio:
Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
