Press release
Amphibious Vehicle Market to Portray $585.10 Billion by 2027: Allied Market Research
As per the report published by Allied Market Research, the global amphibious vehicle market is projected to hit $5.02 billion by 2027, growing at a CAGR of 8.5% from 2020 to 2027. The report highlights market characteristics, market potential, and growth by segmentation, and competitive landscape.
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Akshay Jadhav, Lead Analyst, Aerospace & Defense at Allied Market Research, stated, "By end use, the commercial segment dominated the global amphibious vehicle market in 2019, in terms of revenue, and the defense segment is anticipated to witness highest CAGR of 9.7% during the forecast period. By mode of propulsion, the track-based segment incurs the higher share. Presently, North America is the highest revenue contributor, and LAMEA is expected to lead the market during the forecast period, followed by Asia-Pacific."
The global amphibious vehicle market is studied across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across LAMEA is anticipated to register the highest CAGR of 12.2% during the forecast period. However, the market across North America dominated the market in 2019 with more than two-fifths of the total revenue share, and is expected to lead the trail by 2027.
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Covid-19 Scenario
• The government bodies across various regions have focused on spending for healthcare and safeguarding the economy. This in turn may decrease the spending on the defense sector. At the same time, some of the countries had already declared reductions in the defense budget. This would decline the demand for amphibious vehicle.
• The prolonged lockdown, on the other hand, has impacted the manufacturing activities. In addition, the lockdown disrupted the supply chain. Moreover, the manufacturing activities are expected to restart and supply chain would be regulated.
The global amphibious vehicle market is analyzed on the basis of propulsion, application, and end use. Based on end use, the defense segment is expected to manifest the highest CAGR of 9.7% during the forecast period. However, the commercial segment held the highest market share in 2019 with around four-fifths of the total market share and is anticipated to maintain its dominance through 2027.
Based on mode of propulsion, the track-based segment held the maximum market share with more than three-fifths of the market in 2019, and is expected to dominate throughout the forecast period. However, the screw propellers segment is anticipated to showcase the fastest CAGR of 12.9% from 2020 to 2027.
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The global amphibious vehicle market report includes an in-depth analysis of the major market players such as BAE Systems, EIK Engineering Sdn. Bhd., General Dynamics Corporation, Hitachi Construction Machinery, Lockheed Martin Corporation, Marsh Buggies Incorporated, Rheinmetall AG, Science Applications International Corporation (SAIC), Wetland Equipment Company, Inc., and Wilco Manufacturing LLC.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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