Amphibious Vehicle Market Size, Share, Growth Analysis, By Propulsion Type(Screw Propellers, Water Jet, Track-Based, Others), By End-User(Defense, Commercial), By Application(Surveillance & Rescue, Water Transportation Sports/Recreation, Excavation, Others), By Region - Industry Forecast 2024-2031

Global Amphibious Vehicle Market size was valued at USD 3.6 billion in 2022 and is poised to grow from USD 3.93 billion in 2023 to USD 7.95 billion by 2031, growing at a CAGR of 9.20% during the forecast period (2024-2031).

Global amphibious vehicle market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Bae Systems PLC (UK) ', 'General Dynamics Corporation (US) ', 'Lockheed Martin Corporation (US) ', 'Rheinmetall AG (Germany) ', 'Science Applications International Corporation (SAIC) (US) ', 'Griffon Hoverwork Ltd. (GHL) (UK) ', 'Norinco International Cooperation Ltd. (China) ', 'Textron Systems (US) ', 'Renault Trucks Defense (France) ', 'Kurganmashzavod JSC (Russia) ', 'KBTM JSC (OMSK) (Russia) ', 'Hanjin Heavy Industries & Construction Co., Ltd. (South Korea) ', 'Hitachi Construction Machinery (Europe) NV (Netherlands) ', 'Eik Engineering SDN. BHD. (Malaysia) ', 'Wetland Equipment Company, Inc. (US) ', 'Wilco Manufacturing LLC (US) ', 'Marsh Buggies, Inc. (US) ', 'TSBC Engineering SDN. BHD. (Malaysia) ', 'Ultratrex Machinery SDN. BHD. (Malaysia) ', 'Lemac Corporation (Canada) ', 'REMU (Finland) ', 'Hefei Sunton Machinery Manufacturing Co., Ltd. (China) ', 'Aquamec OY (Finland) ', 'Wilson Marsh Equipment Company (US)'

Countries all over the world have been modernizing defense systems and equipment in recent years. The increasing importance of border security and terrorism around the world is driving the modernization of traditional equipment and systems for combating the enemy. Countries such as the United States, China, Saudi Arabia, and India are investing heavily in the procurement and development of advanced military systems. As a result, combat vehicles play an important role in both land and sea battles. The marine industry relies heavily on ACVs to transport troops from ships to shore. Furthermore, amphibious assault vehicles (AAV) have powerful engines that provide high speed and power in all terrain. Furthermore, these vehicles are more dependable, versatile, equipped with guns and ammunition, and perform well on the battlefield. As a result, countries all over the world are eager to acquire these vehicles for their robust defense system. As a result, the demand for amphibious excavators is increasing.

Various governments are looking forward to strengthening their marine domains with highly advanced and versatile ACVs in the coming years. For example, the United States Marine Corps (USMC) had a contract with BAE Systems in 2020. The company would develop and supply 116 advanced ACVS equipped with ammunition, command and control systems, medium caliber turrets, and recovery versions under this contract. BAE Systems designs and develops highly advanced combat vehicles that are outfitted with next-generation squad weapons.

North America is expected to account for the largest share and to be the fastest-growing region over the forecast period. In recent years, the United States has significantly increased its spending on modernizing its marine fleets. Furthermore, the presence of key manufacturers such as Kawasaki Robotics and ElectroImpact Inc. is propelling market growth in the United States. Furthermore, government officials are planning to invest in advanced technology propulsion systems in the coming years. Because of the widespread adoption of hybrid-based engines, Europe is expected to play a critical role in market growth.