Global Amphibious Vehicle Market Research Report 2022 to 2027
The global amphibious vehicle market to reach a value of US$ 5.08 Billion by 2027 exhibiting a CAGR of 9.60% during 2022-2027.
SHERIDAN, WYOMING, UNITED STATES, November 21, 2022 /EINPresswire.com/ — The latest research study “Amphibious Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“ by IMARC Group
Is amphibious vehicle market industry good for investment or future trend?
The global amphibious vehicle market reached a value of US$ 2.85 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 5.08 Billion by 2027 exhibiting a CAGR of 9.60% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
What is Amphibious vehicle?
An amphibious vehicle is a convertible automobile running on land and water and utilized for transporting passengers and cargo. It is a lightweight automobile manufactured using fiberglass and hard plastics material. It comprises wheels and watertight hulls that help the vehicle function efficiently. It is equipped with a patented hydraulic system to raise the wheels into the wheel wells and allow the vehicles to float on water. It requires less maintenance, offers easy operations, and withstands harsh environmental conditions in a cost-efficient manner.
Impact of Covid-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What is drivers of change in trends for amphibious vehicle market:
Amphibious vehicles are employed in the military and defense sectors to provide combat support to armed forces during operations. They are also used as excavators for dredging and reclamations of rivers and water bodies. This, along with the expanding number of cross-border terrorist activities, drug trafficking, and illegal trespassing incidences, represents one of the major factors bolstering the market growth around the world. In addition, the increasing consumer spending on recreational activities and adventure events, like water sports, is favoring the market growth. Moreover, amphibious vehicles are used in the construction sector to enable the execution of several engineering and mining activities in remote and rough environments, including flooded areas and other dangerous and inaccessible terrains. This, coupled with the growing number of construction activities, including bridges, waterways, and land reclamations, is influencing the market positively.
Amphibious vehicles are also utilized in dredging applications, such as the maintenance of riverbeds, swamps, lakes, ponds, and reservoirs. Apart from this, due to rising environmental concerns, governing agencies of numerous countries are implementing regulations to encourage the use of electric vehicles and reduce the carbon footprint. Moreover, the inflating prices of petrol, the rising demand for fuel-efficient and high-performance vehicles, and the growing awareness about the economic and ecological benefits of adopting EVs are propelling key players to introduce the electric amphibious vehicles. They are incorporated with hydrofoil-enhanced technology that provides a smooth ride over the water and optimizes efficiency on both land and water. Furthermore, there is an increase in the need for deep-sea exploration in oceanography, which is creating a positive outlook for the market. Besides this, there is a rise in the adoption of amphibious vehicles for offshore field explorations, monitoring of subsea pipelines, deep-water drilling applications, and installation of new infrastructure. This, in confluence with the expanding number of oil and gas exploratory activities, is strengthening the growth of the market.
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Amphibious Vehicle Market 2022-2027 Competitive Analysis and Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global amphibious vehicle market report, along with forecasts for growth at the global and regional level from 2022-2027. Our report has categorized the market based on mode of propulsion, application and end use.
Breakup by Mode of Propulsion:
Waterjet
Track-based
Screw Propellers
Others
Breakup by Application:
Surveillance and Rescue
Water Sports
Water Transportation
Excavation
Others
Breakup by End Use:
Defense
Commercial
Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa
List of Major Key Players:
The major players in the market are
BAE Systems plc
EIK Engineering Sdn Bhd
General Dynamics Corporation
Hydratrek Inc.
Lockheed Martin Corporation
Marsh Buggies Inc.
Remu Oy
Science Applications International Corporation
Ultratrex Machinery Sdn. Bhd.
Wetland Equipment Company
Wilco Manufacturing L.L.C.
Wilson Marsh Equipment Company.
Key Highlights of the Report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
Frequently Asked Questions (FAQs):
1. How big is the global amphibious vehicle market?
Answer: According to IMARC Group, the market was valued at US$ 2.85 billion in 2021.
2. What is the estimated growth scenario for the global amphibious vehicle market by 2027?
Answer: By 2027, the global amphibious vehicle market is expected to reach a value of US$ 5.08 billion.
3. What is the key factor contributing to the growth of the global amphibious vehicle market?
Answer: The global amphibious vehicle market is primarily driven by mode of propulsion, application and end use.
4. Who are the major players in the global amphibious vehicle market?
Answer: BAE Systems plc, EIK Engineering Sdn Bhd, General Dynamics Corporation, Hydratrek Inc., Lockheed Martin Corporation, Marsh Buggies Inc., Remu Oy, Science Applications International Corporation, Ultratrex Machinery Sdn. Bhd., Wetland Equipment Company, Wilco Manufacturing L.L.C. and Wilson Marsh Equipment Company.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
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