The market witnessed growth at a healthy CAGR even in the previous forecast period of 2018 to 2021. Owing to a wide range of commercial applications including water sports recreation and water transportation due to the rise in popularity and technological advancements combined with various applications in the field of military and surveillance operations is boosting the growth of the market during the forecast period.
For dredging applications such as maintenance of river beds, swamps, lakes, ponds, reservoirs, environmental clean-ups and many more the use of amphibious vehicles takes place at a wider range. This factor is estimated to grow the market during the forecast period.
The surge in the demand for commercial applications combined with the rise in investment in the defense sector to aid amphibious vehicle adoption is estimated to boost the growth of the market during the forecast period.
Also, the surge in demand for amphibious excavators for dredging and excavation along with an increase in the use of advanced amphibious combat vehicles in the marine sector is boosting the growth of the market during the forecast period.
Key Market Trends
The strengthening of the defense sectors by investing huge amounts in the procurement and development of advanced military systems by leading countries such as the U.S., Russia, China, Saudi Arabia, and India are also estimated to drive the growth of the market during the forecast period.
Apart from this, the rise in concern for border security and terrorism, the emerging economies across the globe are modernizing their conventional defense equipment and systems to tackle the enemy is also driving the growth of the market during the forecast period.
Various factors such as being reliable, versatile, equipped with guns and ammunition, and offering high performance during battlefield operations make these vehicles drive the growth at a spectacular rate during the forecast period.
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Segmental Analysis of the Market
By Propulsion Type
- Water-jet
- Track-based
- Screw propellers
It is estimated for the track based category to boost the growth of the market.
By Application Type
- Surveillance Rescue
- Water Sports
- Water Transportation
- Excavation
It is estimated for the water sports category to drive the growth of the market.
By End Use
- Defense
- Commercial
It is estimated for defense category to drive the growth of the market.
North America region to boost the growth of the market
The region of North America with the countries of the U.S., Canada and Mexico. It is estimated for North America to boost the growth of the market. Apart from that, the region of Europe includes the countries of the UK, Germany, France, Russia and the Rest of Europe. Furthermore, the region of Asia Pacific includes the countries of China, Japan, India, South Korea, Australia, Rest of Asia-Pacific. Also, the region of LAMEA includes the countries of Latin America, the Middle East, Africa, Rest of LAMEA.
Competitive Landscape
Some of the prominent companies operating in the market are
- BAE Systems plc
- EIK Engineering Sdn Bhd
- General Dynamics Corporation
- Hydratrek Inc.
- Lockheed Martin Corporation
- Marsh Buggies Inc.
- Remu Oy
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