Posted on June 15, 2017
The amphibious vehicles market is projected to grow from an estimated $2.39 billion in 2017 to $3.70 billion by 2022, at a CAGR of 9.13% during the forecast period.
“The increasing use of the dredging application by amphibious excavators is one of the key factors expected to drive the amphibious vehicles market”
The growth of amphibious vehicles market is mainly driven by the increasing demand from militaries for amphibious combat vehicles owing to rising conflicts and demand for amphibious excavators for dredging and excavation purposes. However, declining defense budgets of advanced economies is a major restraint in the amphibious vehicles market.
The excavation segment is estimated to lead the amphibious vehicles market in 2017
Based on application, the excavation segment of the amphibious vehicles market is projected to witness high growth from 2017 to 2022. Amphibious excavators are used for dredging, wherein and reclamation is a major application of dredging.
Water bodies are cleared of waste materials, and excess mud is removed and are thus cleaned. Various sites in cities such as Mumbai, coastlines of mainland China, and Hong Kong have been reclaimed and this factor acts as a driver for the growth of the amphibious vehicles market.
Based on enduser, the commercial segment of the amphibious vehicles market is projected to witness high growth from 2017 to 2022. The commercial sector has discovered the benefits of deploying amphibious vehicles for several applications across several industries such as water sports & transportation, and recreational activities, among several others.
This is expected to lead to the high growth of the market for amphibious vehicles in commercial applications in the coming years.
The propulsion segment is estimated to lead the amphibious vehicles market in 2017
Based on propulsion, the track-based segment of the amphibious vehicles market is projected to witness high growth during the forecast period as there is an increased demand for track-based propulsion systems that enable the movement of amphibious vehicles at high speeds on both, water and land for military troops.
North America is expected to lead the amphibious vehicles market during the forecast period
North America is estimated to lead the amphibious vehicle market in 2017 and is expected to maintain this position during the forecast period. This region is implementing the latest military technologies, which can improve detection capabilities, surveillance duration & resolution, incoming projectile defense capabilities, base & area protection capabilities, and early warning system capabilities of various types of military aircraft, naval vessels, and ground-based forward forces.
North America is one of the major regions expected to procure highly advanced armored vehicles for the safety of the army.
Source: WhaTech
