Pune,India., Nov. 30, 2023 (GLOBE NEWSWIRE) -- The global hovercraft market size was valued at USD 161.5 million in 2022 and is expected to be worth USD 164.6 million in 2023. The market is projected to reach USD 183 million by 2030, recording a CAGR of 1.5% during the forecast period.
A hovercraft, also known as an Air Cushion Vehicle (ACV), is an amphibious vehicle that can hover over water or land. It operates on the principle of creating high-pressure air at the bottom of the vehicle, which enables it to lift off the surface of land or water. The increasing number of military operations, which often need amphibious vehicles to carry out high-level land or water-based missions, is expected to boost the hovercraft market growth.
Drivers & Restraints-
Increasing Military Expenditure to Enhance Market Growth
The average spending on the defense sector by governments across the world has increased considerably in recent years due to factors such as growing geopolitical tensions between Russia and Ukraine. In fact, Russia’s invasion of Ukraine prompted both nations to ramp up their defense expenditure to boost their military capabilities. These initiatives will also boost the adoption of advanced military vehicles, such as air cushion vehicles, thereby fueling market development. However, the high costs of purchasing and maintaining these vehicles can hinder market growth.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 1.5% |
| 2030 Value Projection | USD 183 Million |
| Base Year | 2022 |
| Market Size in 2023 | USD 164.6 Million |
| Historical Data for | 2019-2021 |
| No. of Pages | 0 |
Competitive Landscape-
Leading Companies to Diversify Their Product Portfolios to Gain Major Competitive Edge
Some of the top companies operating in the market are trying to implement various strategies, such as expanding sales networks and portfolio diversification to improve their market presence. They are also introducing technologically advanced hovercraft to retain their market dominance and gain a strong competitive edge.
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Segments-
Rising Military Operations to Boost Demand for Vehicles with Above 8 Passenger Capacity
Based on passenger capacity, the market is categorized into up to 4, 5 to 8, and above 8. The above 8 capacity segment is estimated to dominate the hovercraft market share as the number of military operations is increasing across the world, which will also boost the need for large vehicles that transport troops.
Growing Coastal Tourism to Drive Adoption of Above 10 m Hovercraft
Based on length, the market is categorized into up to 10 m and above 10 m. The above 10 m segment may dominate the market as these types of air cushion vehicles are widely used in coastal tourism to transport a large number of passengers.
Rising Spending in Defense to Boost Sales of Commercial Hovercraft
Based on application, the market is divided into recreational & travel and commercial. The commercial segment is set to capture a dominant share of the market as countries across the world are increasing their defense spending to bolster their military strength and respond to rising border tensions. With respect to region, the market covers North America, Europe, Asia Pacific, and the rest of the world.
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Regional Insights-
North America Dominates Due to Increasing Spending on Defense Operations
North America dominates the global hovercraft market as the region is known for its heavy investments in its defense sector. The U.S. has one of the strongest defense sectors in the world as the government allocates a large chunk of its annual budget to the defense sector. This factor is predicted to boost the demand for advanced military equipment and vehicles, including air cushion vehicles.
Asia Pacific will also emerge as a promising market as the region has been a witness to border disputes, which has prompted the governments to increase their defense expenditure.
Report Coverage:
The report offers a detailed study of the market and focuses on several key areas, such as top product types, leading market players, and key product applications. It also gives valuable information on the recent industry developments and the latest market trends. Apart from the above-mentioned factors, the market report also covers several factors that have contributed to the market’s growth in recent years.
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A list of prominent Hovercraft manufacturers operating in the global market:
- Airlift Hovercraft (Australia)
- Christy Hovercraft (Russia)
- Griffon Hoverwork Ltd. (U.K.)
- MAD Hovercraft (Italy)
- Neoteric Hovercraft, Inc. (U.S.)
- The British Hovercraft Company (U.K.)
- Amphibious Marine Inc. (U.S.)
- Hoverstream LLC (U.S.)
- Airflow Hovercraft NZ (New Zealand)
- MARIAH INTERNATIONAL HOVERCRAFT AUSTRALIA PTY LTD. (Australia)
COVID-19 Impact:
COVID-19 Slowed Market Growth Due to Supply Chain Disruptions
The market experienced a major decline in its growth due to factors, such as supply chain disruptions. Similar to other manufacturers, the producers of air cushion vehicles also rely on smooth supply chain operations to enable faster production of their goods. However, the supply chain disruptions caused by the pandemic led to severe raw material shortages, which delayed the production of air cushion vehicles. This scenario adversely affected the market's progress.
Notable Industry Development:
• January 2021 – Viper Hovercraft unveiled a new four-stroke model featuring fully remanufactured engines ranging from 125hp to 140hp, designed for extended service life with regular maintenance and achieving an average fuel consumption of 9L per hour.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- Technological Developments
- Impact of Covid-19
- Global Hovercraft Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Passenger Capacity
- Upto 4
- 5 to 8
- Above 8
- Market Analysis, Insights and Forecast – By Length
- Upto 10 m
- Above 10 m
- Market Analysis, Insights and Forecast – By Application
- Recreation & Travel
- Commercial
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
- North America Hovercraft Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Passenger Capacity
- Upto 4
- 5 to 8
- Above 8
- Market Analysis, Insights and Forecast – By Length
- Upto 10 m
- Above 10 m
- Market Analysis, Insights and Forecast – By Application
- Recreation & Travel
- Commercial
- Market Analysis – By Country
- The U.S.
- Market Analysis, Insights and Forecast – By Application
- Canada
- Market Analysis, Insights and Forecast – By Application
- Mexico
- Market Analysis, Insights and Forecast – By Application
- The U.S.
- Market Analysis, Insights and Forecast – By Passenger Capacity
- Europe Hovercraft Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Passenger Capacity
- Upto 4
- 5 to 8
- Above 8
- Market Analysis, Insights and Forecast – By Length
- Upto 10 m
- Above 10 m
- Market Analysis, Insights and Forecast – By Application
- Recreation & Travel
- Commercial
- Market Analysis – By Country
- Germany
- Market Analysis, Insights and Forecast – By Application
- UK
- Market Analysis, Insights and Forecast – By Application
- France
- Market Analysis, Insights and Forecast – By Application
- Rest of Europe
- Market Analysis, Insights and Forecast – By Application
- Germany
- Market Analysis, Insights and Forecast – By Passenger Capacity
- Asia Pacific Hovercraft Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Passenger Capacity
- Upto 4
- 5 to 8
- Above 8
- Market Analysis, Insights and Forecast – By Length
- Upto 10 m
- Above 10 m
- Market Analysis, Insights and Forecast – By Application
- Recreation & Travel
- Commercial
- Market Analysis – By Country
- China
- Market Analysis, Insights and Forecast – By Application
- Japan
- Market Analysis, Insights and Forecast – By Application
- India
- Market Analysis, Insights and Forecast – By Application
- South Korea
- Market Analysis, Insights and Forecast – By Application
- Rest of Asia Pacific
- Market Analysis, Insights and Forecast – By Application
- China
- Market Analysis, Insights and Forecast – By Passenger Capacity
- Rest of the World Hovercraft Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Passenger Capacity
- Upto 4
- 5 to 8
- Above 8
- Market Analysis, Insights and Forecast – By Length
- Upto 10 m
- Above 10 m
- Market Analysis, Insights and Forecast – By Application
- Recreation & Travel
- Commercial
- Market Analysis, Insights and Forecast – By Passenger Capacity
- Competitive Analysis
- Key Industry Developments
- Global Market Ranking Analysis (2022)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- Airlift Hovercraft
- Christy Hovercraft
- Griffon Hoverwork Ltd.
- MAD Hovercraft
- Neoteric Hovercraft, Inc.
- The British Hovercraft Company
- Amphibious Marine Inc.
- Hoverstream LLC
- Airflow Hovercraft NZ
- MARIAH INTERNATIONAL HOVERCRAFT AUSTRALIA PTY LTD
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