Global Amphibious Vehicle Market Report and Forecast 2024-2032

Global Amphibious Vehicle Market Outlook

The global amphibious vehicle market size attained a value of approximately USD 3.46 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 8.40%, reaching a value of around USD 7.10 billion by 2032.

The market for amphibious vehicles is being driven by rising spending on water adventure tourism by travellers worldwide, supported by increasing disposable incomes and growing awareness of amphibious vehicles. Amphibious vehicles are also increasingly being used in the construction sector to make it easier to complete various mining and engineering projects in challenging locations like flooded areas and other hazardous or inaccessible terrains, thus positively influencing the amphibious vehicle market growth. Advancements in technology are anticipated to play a key role in the future market for amphibious vehicles as the speed, manoeuvrability, and accessibility of amphibious vehicles improve. With rising water levels at coastlines worldwide, the demand for amphibious vehicles is expected to increase in the coming years.

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Increasing Applications in Defence Sector are Driving the Market Growth of Amphibious Vehicles

The growth in the global market for amphibious vehicles can be associated with the rising investments in military and defence. The increasing demand for amphibious vehicles, especially from nations with aquatic borders, is bolstering the global amphibious vehicle market.

Amphibious assault vehicles (AAV) are equipped with strong engines that provide high speed and power in both water as well as on land. The specialised amphibious vehicles for military and defence operations are fixed with arms and ammunitions are reliable and versatile, thereby strengthening the country’s defence system. Rising cases of terrorism, smuggling, and illegal entry into international borders, are resulting in various governments increasing spending on defence structures and amphibious vehicles, thereby invigorating the growth of the market.

Amphibious Vehicle Market Segmentation

Amphibious vehicles are vehicles that are capable of operating on both land as well as on a water body. These vehicles are generally available as water jets, track-based vehicles, and screw propellers and are most widely used in commercial and military applications.

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On the basis of mode of propulsion, the market is divided into:

• Water-Jet 

• Track-Based

• Screw Propellers

Based on application, the market is categorised into:

• Surveillance and Rescue

• Water Sports

• Water Transportation

• Excavation

On the basis of end use, the market is bifurcated into:

• Defence

• Commercial

The EMR report looks into the regional markets of amphibious vehicles like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

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Rising Demand for Amphibious Vehicles for Commercial Activities to Augment the Market

The commercial sector is expected to hold a significant share in the overall market of amphibious vehicles over the forecast period. This can be associated with the rising consumer spending on activities like water sports. In addition to this, water transportation is another key application for the market of amphibious vehicles in the commercial sector. Owing to their durability, high speed, and power, certain amphibious vehicles are often used for water mud removal, land reclamation, excavation, and waterway constructions, among others, in the commercial sector, which further boosts the amphibious vehicle market revenue. The rising demand for amphibious vehicles for dredging purposes, such as maintenance of riverbeds, reservoirs, and lakes, among others, is further generating robust growth prospects for the market. Expanding commercial applications are thus expected to drive the growth of the market for amphibious vehicles.

Key Players in the Global Amphibious Vehicle Market

The report presents a detailed analysis of the following global amphibious vehicle market key players, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions:

• 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

• Others

The comprehensive report looks at the micro and macro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.

Key Highlights of the Report