Hovercraft Market Growing at 5.6% CAGR to Hit USD 331.5 million by 2031

The global Hovercraft Market was valued at $224 million in 2021, and is projected to reach $331.5 million by 2031, growing at a CAGR of 4.1% from 2022 to 2031. Rise in allocation of funds for the defense sector and massive use of hovercrafts in the commercial applications to drive the growth of the global on-demand logistics market. Increase in the use of hovercrafts for recreational purposes to boost the global market trends. However, huge initial costs and maintenance charges are likely to hinder the global market growth. Moreover, hovercrafts cannot operate on steep slopes. This can hinder the expansion of the global market. On the other hand, technological breakthroughs and massive demand for hovercrafts across the emerging economies are likely to present new growth opportunities for the global market in the coming years.

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The U.S. is one of the leading consumers in the North America hovercraft market due to presence of major market players such as Textron Inc., Universal Hovercraft of America Inc. and Neoteic Hovercraft among others. The U.S. Navy has tested and adopted advanced hovercrafts for various purposes in defense applications. In February 2022, The US Navy tested a next-generation hovercraft capable of carrying an Abrams tank. The next-generation landing craft of the United States Navy recently completed well deck interoperability testing, demonstrating its preparedness for fleet integration. The Ship to Shore Connector (SSC) hovercraft completed repeated "well deck entries and departures" from the USS Carter Hall as part of the initial round of ship interface testing and helped validate user requirements.

Based on size, the less than 10m segment was the largest market in 2021, contributing to two-thirds of the global hovercraft market share, and is expected to maintain its leadership status during the forecast period. This is owing to massive use of hovercrafts of this size in leisure activities such as fishing and racing. On the other hand, the between 10m and 20m segment is projected to witness the fastest CAGR of 5.3% from 2022 to 2031, as these kinds of hovercrafts are used massively for passenger services

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Hovercrafts are utilized for transporting passengers quickly and directly to destinations. In addition, hovercraft is also utilized for sightseeing purposes in the tourism sector. Some companies are focusing on introducing new hovercraft-based passenger transport services, which boosts the growth of the market. For instance, in September 2022, Hoverlink Ontario Inc. announced a hovercraft service from the Niagara region to Toronto. The service is expected to make up to 48 lake crossings per day with the aid of two vessels such as BHT-130 and BHT-150 model hovercrafts. In addition, hovercraft models will be able to carry up to 180 passengers on each journey.

The key players profiled in this report include

Griffon Hoverwork Ltd
The British Hovercraft Company
Vanair Hovercraft
Universal Hovercraft of America Inc.
Neoteic Hovercraft
Hovertechnics, Textron Inc.
AirLift Hovercraft
Garden Reach Shipbuilders and Engineers
Aerohod Ltd.

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Hovercrafts are also used for search and rescue operations at locations where traditional boats or helicopters are unable to carry out search and rescue services. Hovercraft can travel over shallow and tidal areas, frozen seas and lakes, and flood areas. Small-sized search and rescue hovercrafts are indispensable for operational inspection amongst the rubble in flood zones. Small-sized hovercrafts are specifically convenient for visual search of victims under the canopies, and trees.

Based on propulsion, the diesel-powered segment held the largest market share of three-fourths of global hovercraft market share in 2021, and is expected to maintain its dominance during the forecast period. The key driving factor being that diesel engines in hovercrafts generate more torque, and run longer on a specific volume of fuel as compared to gasoline engines. In addition, diesel engines do not require spark plugs or electrical ignition system, which in turn improves performance of diesel-powered. Moreover, the others segment is projected to witness the largest CAGR of 6.0% from 2022 to 2031. Others segment include electric hovercrafts, and hovercrafts that run on alternative fuel. Moreover, electric hovercrafts are powered by electric motors which enable the hovercraft to move forward. Apart from this, growing environmental concerns and introduction of stringent emission regulations boost the growth of this segment.

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Factors such as an increase in investment in the defense sector, greater use of hovercrafts in commercial applications, and growing adoption for recreational purposes are expected to drive the hovercraft market growth. However, high initial cost of hovercraft, operational limitations, and high maintenance costs are the factors that hamper the market growth. Furthermore, technological advancements and growing demand from emerging countries are the factors expected to offer lucrative opportunities for market growth.

Regional Analysis:

Based on region, the market in North America was the largest in 2021, capturing more than two-fifths of the global hovercraft market share, and is expected to lead the trail during the forecast period. The rise in the adoption of hovercraft in defense will boost the hovercraft market in North America. The U.S. is one of the leading consumers in the North America hovercraft market as major market players such as Textron Inc., Universal Hovercraft of America Inc. and Neoteic Hovercraft operate and offer solutions in the country. However, the market in the Asia-Pacific is likely to manifest the fastest CAGR of 5.4% during the forecast period. supportive macroeconomic factors such as increase in defense expenditure, increased marine logistics due rapid urbanization and rise in adoption of hovercrafts in coastal activities. In addition, countries, such as China, Japan and India, are projected to witness significant demand for hovercraft market in the near future.

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