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).

An amphibious vehicle is one that can operate on both land and water. These vehicles are mostly used to transport cargo and military personnel. As a result, the vehicle can be used for both defense and commercial purposes. Amphibious vehicles come in a variety of configurations, including water jets, screw propellers, and others. Such vehicles are widely used in a variety of activities including surveillance, water transportation, sports, excavation, and many others. The growing use of amphibious vehicles in water sports, transportation and recreational activities by defense forces, and commercial segments is driving the Amphibious Vehicle Market. The extensive use of these vehicles in defense as a result of rising conflicts, increasing commercial applications, and accessibility in rough terrain is driving the growth of the Amphibious Vehicle Market. Continuous defense spending, increased use of amphibious landing craft, and development of inland waterways are expected to drive the global Amphibious Vehicle Market.

There are certain constraints and challenges that will impede overall market growth. The major factors limiting growth are high entry barriers for the defense sector and the high cost of amphibious vehicles. Furthermore, declining defense budgets, corrosion, and an increase in operational costs, followed by seasonal demand and serviceability, are potential restraints to the global Amphibious Vehicle Market's overall growth.

US Amphibious Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.