Amphibious Vehicle Market to Grow at CAGR of 9.13% through 2033; Rising Defense Sector Expenditure to Propel Growth
Amphibious Vehicle market size from USD 4.5 Billion in 2023 to USD 10.92 Billion in 10 years. Rising demand from the Defense sector will drive the Amphibious Vehicle market's growth.
Newark, March 12, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 4.5 Billion Amphibious Vehicle market will reach USD 10.92 Billion by 2033. Increased penetration of AI in the defense sector is one major factor that may create lucrative opportunities for Amphibious Vehicle devices in the market. Increased penetration of AI in the defense sector will not only prevent mishaps but will also help military personnel in preventing life-saving actions. Thus, AI-enabled amphibious vehicle is one major factor that may boost the growth of Amphibious Vehicles in the market.
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Key Insights on Amphibious Vehicle Market
APAC accounts for the largest market size during the forecast period accounting for 45% of the total market. Further, it is also expected to be the fastest-growing region in the period forecasted.
Asia Pacific witnessed the highest share in the market. Acquiring 45% of the share, owing to increasing regional conflicts, and heavy use of Amphibious Vehicles in the defense sector. Whereas, it has also accounted for the highest growth rate in the market owing to its increased spending in the modern marine fleets in the region.
Track-based propulsion dominated the market accounting for 38% of the total market.
Track-based propulsion dominated the market segment, with a market share of 38% in the global market. Further, it is also expected to be the fastest growing in the market, owing to its highest fuel efficiency, varied use in both commercial and defense applications, and its significant use towards advancements in technology.
Defense segment accounted for the largest share of the market share of 43.1% in 2023.
The Defense segment has dominated the Amphibious Vehicle market with a market share of 43.1% in 2023. Owing to the rising defense sector across the globe, increasing investments in R&D expenditure on the product whereas, rising issues with the border security have also increased the demand for Amphibious Vehicles in the market, in the period forecasted.
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Latest Development:
● In October 2023, Hyundai Rotem launched N-WAV (New-Wheeled Armored Vehicle). Main objective of this launch was to handle the coast-lines operations with scrunity. Its snorkel system will help gauge outsider forces action with ease.
● In December 2023, Aquaairx launched AI-Based Amphibious drone. This drone is capable of being in water and air. With this the company opened doors of innovation and more areas to explore in the field of AI Technology.
Market Dynamics
Drivers: Rising demand from the Defense sector
Amphibious Vehicles are heavily used in the Defense sector. The utilization of these vehicles by military forces is the main factor fuelling the growth of Amphibious Vehicles. Additionally, rising cases of smuggling, terrorism, and illegal actions taken by outsiders of the country are some of the major factors that spur the growth of the product in the market.
Restraint: The high initial cost of Amphibious vehicles
Purchase and procurement costs associated with the Amphibious vehicles are very high. Owing to this, under-developed countries and the majority of the developing countries cannot afford its cost. Which in turn hampers the sales of its vehicles.
Opportunity: Increased penetration of AI in the defense sector
Increased penetration of AI in the defense sector will not only prevent mishaps but will also help military personnel in preventing life-saving actions. Thus, AI-enabled amphibious vehicle is one major factor that may boost the growth of Amphibious Vehicles in the market.
Challenge: Major cuts in the defense budget
With the countries still pulling up their sleeves to cope with the recession. Governments across the globe are heavily cutting costs for major sectors and bringing up the level to the break-even to have higher liquidity in hand and meet the countries' unavoidable expenses, For this, major cut is observed for the defense budget which may pose a greater challenge to the Amphibious Vehicle Market.
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Some of the major players operating in the Amphibious Vehicle market are:
• BAE Systems plc
• EIK Engineering Sdn Bhd
• General Dynamics Corporation
• Hitachi Construction Machinery Co., Ltd.
• Lockheed Martin Corporation
• Marsh Buggies Incorporated
• Wetland Equipment Company
• Wilco Manufacturing LLC
• Science Applications International Corporation
• Rheinmetall AG
Key Segments cover in the market:
By Product:
● Screw Propeller propulsion
● Water Jet propulsion
● Track-based propulsion
By Application:
● Defense
● Commercial
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About the report:
The global Amphibious Vehicle market is analysed based on value (USD trillion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
7The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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