The global amphibious vehicle market comprises wheeled and tracked amphibious vehicles that can operate effectively on land as well as water. Amphibious vehicles find major applications in military and civilian areas including border protection, search and rescue operations, law enforcement, construction, and tourism. These vehicles have excellent mobility and can be deployed for surveillance and reconnaissance missions in shallow coastal waters or marshy lands. Amphibious vehicles are integrated with water jets or water screws that aid in propulsion on water. Some common amphibious vehicle types include air-cushioned vehicles, wheeled amphibious vehicles, and airborne amphibious vehicles.

The Global Amphibious Vehicle Market is estimated to be valued at US$ 5.08 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the global amphibious vehicle market are Hitachi Construction Machinery Co. Ltd, BAE System, Science Applications International Corporation (SAIC), Wetland Equipment Company, General Dynamics Corporation, Lockheed Martin Corporation, Wilco Manufacturing, L.L.C, EIK Engineering Sdn Bhd, Marsh Buggies Incorporated, Rheinmetall AG, EIK Engineering Sdn. Bhd., and Griffon Hoverwork Ltd. (GHL). Hitachi Construction Machinery and General Dynamics Corporation hold significant shares in the global market. BAE Systems recently received a contract worth USD 174 million to deliver 73 Amphibious Combat Vehicles to the US Marine Corps as part of the Amphibious Combat Vehicle Program.

The Amphibious Vehicle Market Growth is witnessing high demand owing to rising defense budgets and increasing territorial conflicts globally. Several countries are ramping up their defense capabilities by procuring advanced amphibious vehicle fleets. The market is also driven by rising demands for amphibious vehicles for civil applications in areas with difficult terrains such as swamps, oceans, and rivers.

Stringent environment protection regulations are prompting many companies to focus on developing electric amphibious vehicles. Manufacturers are investing heavily in R&D to introduce new amphibious vehicle prototypes equipped with the latest technologies. The market is expected to witness high growth in North America, Europe, and the Asia Pacific due to increasing procurement of advanced amphibious vehicles by defense forces in these regions.