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Amphibious Vehicle Market Share, Business Analysis and Major Companies in Industry

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Aashi Kohli
Amphibious Vehicle Market Share, Business Analysis and Major Companies in Industry

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. 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 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.

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.

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 Key Companies in this market:

  • 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.)

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