Amphibious Vehicle Market to Surge at 8.2% CAGR from 2023 to 2030; BAE Systems was Awarded a USD 169 Contract to Produce ACVs

The global amphibious vehicle market size stood at USD 3.71 billion in 2022. The market value is slated to rise from USD 3.77 billion in 2023 to USD 6.56 billion by 2030 at a CAGR of 8.2% during 2023-2030. The growth is being propelled by various factors such as ammunition, enhanced water maneuverability, and the development of advanced military systems.

Fortune Business Insights™ presents this information in its report titled “Amphibious Vehicle Market Size, Share & Russia/Ukraine War Impact Analysis, By Platform (Commercial and Defense), By Mode of Operation (Screw Propellers, Water Jet, Track-based Propulsion, and Others), By Application (Surveillance and Rescue, Transportation, Sports, Excavation, and Others), and Regional Forecast, 2023– 2030”.

Russia-Ukraine War Pushed Industry Growth Impelled by Surging Focus on Defense

The war resulted in an increase in research and development activities. It further led to an escalated focus of defense organizations on enhancing the performance, technology, and design of amphibious vehicles. The conflict also led to an upsurge in military procurement by several countries.  

BAE Systems Secured a USD 169 Contract for ACV Production

In January 2022, BAE Systems was awarded a contract modification for the second lot of full rate production of ACVs (Amphibious Combat Vehicles). Capable of conducting ship-to-objective maneuvers, the vehicles are highly mobile and provide enhanced combat power to the Fleet Marine Forces

The USD 169 million contract was awarded for 33 vehicles by the U.S. Marine Corps.

Soaring Product Demand for Commercial Applications to Impel Market Foothold

The global amphibious vehicle market growth is being impelled by the surging benefits of electric hydroplanes such as modern electronics, durability, superior endurance, and cost-effective propulsion systems.

However, high costs are involved in the maintenance and initial setup of amphibious vehicles. The may hamper industry expansion to a considerable extent.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/amphibious-vehicle-market-101800

Major Industry Players to Ink Strategic Deals to Strengthen Market Position

Leading companies are undertaking research activities for the development and launch of new products. Besides, many market players are undertaking a series of strategic initiatives for strengthening the positions of their businesses. These comprise acquisitions, merger agreements, collaborations, and partnerships.

Key Players Profiled:

• BAE Systems plc (U.K.)


• EIK Engineering Sdn. Bhd. (Malaysia)


• General Dynamics Corporation (U.S.)


• Griffon Hoverwork Ltd. (GHL) (U.K.)


• Iveco Defence Vehicles (Italy)


• Science Applications International Corporation (SAIC) (U.S.)


• Wetland Equipment Company, Inc (U.S.)

Notable Industry Development

• March 2022 – The U.S. Marine Corps awarded USD 34.9 million contract to BAE Systems. The contract was focused on the designing and development of an ACV-R variant.

Further Report Findings

• The increasing government focus on investments in advanced technology propulsion systems is expected to propel the amphibious vehicle market share in North America. The regional market value held a dominating position in the market and is estimated to expand at a commendable rate over the study period.


• The Europe market is poised to expand at a considerable rate over the analysis period. The growth is propelled by the wide adoption of hybrid-based systems.


• The Asia Pacific market is slated to register appreciable growth over the projected period. The expansion is driven by a substantial rise in the demand for advanced ACVs.


• By platform, the market is fragmented into defense and commercial. The defense segment accounted for a leading share in the market and is poised to grow at an appreciable CAGR over the analysis period. The expansion is driven by extensive product deployment in the transportation of troops and surveillance applications.


• Based on mode of operation, the market is segregated into water jet, track-based propulsion, screw propellers, and others. The track-based propulsion segment is set to grow at a substantial rate over the study period. The rise is driven by better fuel efficiency and the presence of advanced technology-based systems.


• By application, the market is subdivided into transportation, sports, excavation, surveillance and rescue, and others. The surveillance and rescue segment is anticipated to expand at a considerable rate over the forecast period. The expansion is due to the wide application of the product for marine-based applications.

Table of Segmentation