An amphibious vehicle is a mode of transportation that can travel on water as well as on land. The various amphibious vehicle commonly is use are busses, trucks, hovercrafts, aircrafts, tanks, and military vehicles among others.
The amphibious vehicles are heavily used by the military forces across the globe in order to secure the sea borders from increasing conflicts via sea. Due to this, the military forces are procuring amphibious vehicles for the surveillance and rescue purpose, which is propelling the market for amphibious vehicle market to grow in future. Moreover, the increasing water transportations and water sports activities have led the commercial amphibious manufacturers to develop technologically latest water vehicles in order to support the surging demand from the commercial sectors. This factor is impacting positively on the growth of amphibious vehicle market.
The major limitation of the amphibious vehicle market is the need for seasonal serviceability. The enhanced technology integrated in an amphibious vehicle requires time to time maintenance, which incurs high cost. Owing to this fact, the commercial sectors are limiting their procurement of amphibious vehicle, which is in turn inhibiting the market to grow in future.
Increase in defense budgets in the emerging economies in the world is acting as a growth opportunity factor for the amphibious vehicle market. Countries such as Russia, Germany, India, Japan, and Saudi Arabia among others are investing huge amounts in development of robust amphibious vehicles for military and commercial sectors in order to meet their demands. The amphibious vehicle market is also poised to expand in future due to increase in usage of landing crafts that can operate on land as well as water. These amphibious landing crafts are being heavily adopted by the U.S army and other major defense forces worldwide, which is propelling the growth of the market.
The amphibious vehicle market is segmented on basis of propulsion systems, application, end users and geography. The different types of propulsion systems in amphibious vehicles are water jet, track based, screw propellers and others. The track based propulsion systems are the most widely used propulsion systems in amphibious vehicle due to their benefit of moving at a faster speed on water and land. Surveillance and rescue, water sports, water transportation, and excavation constitutes the application segment of the amphibious vehicle market. The increasing demand to secure the sea borders, the defense forces across the globe uses the amphibious vehicles heavily for surveillance and rescue purpose, hence the segment dominates the market. Due to increasing land reclamation activities, the excavation segment is witnessing a significant surge in the current scenario. The end users of the amphibious vehicles are military and commercial sectors.
The military segment dominates the market for amphibious vehicle and commercial sector is anticipated to experience a huge demand in the coming years due to surging demand for amphibious excavators. Geographically, the market for amphibious vehicles are split on basis of five strategic regions across the globe as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The most dominating region in 2016 accounted for North America due to extensive research and development as well as huge procurement in the military and commercial sectors. Countries in Europe and Asia Pacific are also investing substantial amounts in development and procurement of amphibious vehicles.
The leading market players operating in the field of amphibious vehicle are categorized as commercial amphibious vehicle manufacturers and military amphibious vehicle manufacturers. The leading players dominating the market in both the verticals includes Hitachi Construction Machinery (Japan), Wilco Manufacturing LLC (U.S), TSBC Engineering SDN. BHD. (Malaysia), Lemac Corporation (U.S), Aquamec OY (Finland), Textron Systems Corporation (U.S), Hanjin Heavy Industries & Construction Co. Ltd. (Korea), Renault Truck Defense (France), Lockheed Martin Corporation (U.S), BAE Systems (U.K) among others.
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