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 2019Source:https://www.fortunebusinessinsights.com/industry-reports/amphibious-vehicle-market-101800 The coronavirus epidemic has caused severe damage to most of the established industries across the globe.
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The report on the amphibious vehicle market emphasizes on:Latest market trendsAll-encompassing study of all the regionsComprehensive analysis of key playersImportant factors boosting the market;Crucial factors impeding the marketMarket Driver:Increasing Demand for Military Applications to Bolster GrowthThe 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.
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 Market Restrain:High Maintenance Cost to Thwart Market ExpansionThe maintenance cost of combat vehicles is extremely high, which can consequently hinder the growth of the market during the forecast period.
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 AmericaThe 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.