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The global amphibious vehicle market size is expected to reach USD 4.98 billion by 2027. The rising enhancement in the mobility of amphibian vehicles in water and other modes will foster healthy growth of the market, mentioned in a report, titled “Amphibious Vehicle Market Size, Share & Industry Analysis, By Platform (Commercial and Defense), By Mode of Propulsion (Screw Propellers, Water Jet, Track-based Propulsion, and Others), By Application (Surveillance and Rescue, Combat, Transportation, Sports, Excavation, and Others), and Regional Forecasts, 2020-2027” the market size stood at USD 2.66 billion in 2019 and is expected to exhibit a CAGR of 13.05% between 2020 to 2027.
Award Won by GDELS for 159 MUSD Vehicle to Augment Growth
General Dynamics European Land Systems announced that it has been awarded a contract by the German procurement agency BAAINBw for the supply of 80 highly advanced EAGLE 6×6 vehicles for the German Army’s ambulance corps. The vehicle deliveries will be due in 2021 through 2024. The EAGLE was selected owing to its configuration and user compartment payload. The ambulance vehicle program will involve EAGLE 6×6, the latest and most advanced in the EAGLE 6×6 due to its maintenance-friendly design and support solutions compared to the 4×4 version. The contract won by the company will subsequently propel the growth of the market during the forecast period owing to the quality and cost-effectiveness for the delivery of vehicles. Furthermore, the contract will consolidate the company’s capabilities and investment in vehicle maintenance and manufacturing, which, in turn, will foster healthy growth of the market in the forthcoming years. Besides, the growing focus of numerous countries for the deployment of amphibious assault vehicles (AAVs) will have a tremendous impact on the market. For instance, in August 2019, the Philippine Navy (PN) announced that it has plans to deploy four additional amphibious assault vehicles (AAVs) and three more multi-purpose attack craft (MPAC) by the end of 2019. The country’s aim to protect the troops from border attacks with the latest amphibious assault vehicles (AAVs)
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Rising Concerns of Wars will Intensify AAVs Deployment
The rising modernization of defense systems and equipment will consequently enable speedy expansion of the market in the foreseeable future. Similarly, the rising border security and terror threats around the world will simultaneously boost the defense budget, which, in turn, will bode well for the market. The reinforced defense sector with enormous investments in advanced military systems countries such as the U.S., China, Saudi Arabia, and India will aid the expansion of the market. The rising demand for amphibious vehicles in the marine sector owing to the transportation of troops from ships-to-shore. Also, the robust engines of amphibious assault vehicles (AAVs) with high speed and power in all-terrain will make it an essential choice in the military. Likewise, the versatility, reliability of these vehicles along with fortified with guns and ammunition for battlefield operations will spur massive opportunities for the market in the forthcoming years.
High Initial Cost to Dampen Market Adoption
The high cost of amphibious assault vehicles (AAVs) vehicles with advanced technology-based systems will restrict the growth of the market during the forecast period. These vehicles can be custom-made as per the requirement both for land as well as water, thus increasing the cost of the vehicle. The powerful engine employed in the vehicle further increases the maintenance cost, which, in turn, will inhibit the growth of the market.
The Report Lists the Main Companies in the Amphibious Vehicle Market:
Further Report Findings:
This Market is Segmented into:
Value (USD billion)
By Mode of Propulsion