Hovercraft Market Size
| Study Period | 2018 - 2028 |
| Market Size (2023) | USD 158.68 Million |
| Market Size (2028) | USD 175.20 Million |
| CAGR (2023 - 2028) | 2.00 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hovercraft Market Analysis
The Hovercraft Market size is expected to grow from USD 158.68 million in 2023 to USD 175.20 million by 2028, at a CAGR of 2% during the forecast period (2023-2028).
The heavy load-carrying capacity of the large hovercraft enables the armed forces to transport troops, military supplies, and equipment to carry out humanitarian assistance, rescue, and disaster relief missions. The increasing applications of hovercraft in the commercial sector and growing adoption for recreational purposes are accelerating the growth of the market during the forecast period.
The advantage of hovercraft for traveling over shallow waters and terrains, irrespective of water current direction, and the minimum cost requirement for infrastructure are major factors generating the demand for hovercraft during the forecast period.
The companies are also focusing on developing technologically advanced and lightweight hovercrafts capable of attaining high speeds in harsh industrial environments with better manoeuvrability characteristics to attract new customers for exploring waterways. The development of new models for diversified consumer base is expected to propel the growth of market in the coming years.
Hovercraft Market Trends
This section covers the major market trends shaping the Hovercraft Market according to our research experts:
The Military Segment Accounted for the Largest Share by Revenue in 2020
The military segment is expected to continue its dominance over the market during the forecast period, as the navies and other marine authorities are utilizing large hovercrafts to transport troops, military supplies, or even tanks. Due to their ease of operation over land and sea mines, sand, mud, ice, snow, rocks, weeds, logs, debris, and rapids, they can be used for offensive operations, humanitarian aid, logistics, and security roles. US naval forces have shown interest in newer generation hovercraft in the past few years and have placed an order with Textron. Textron was awarded a contract worth USD 386 million to build an additional 15 hovercrafts for the US Navy. The contract was approved as part of the Ship-to-Shore Connector (SSC) Program, also known as the LCAC 100 class, which is replacing the existing fleet of Landing Craft Air Cushions (LCAC) vehicles that nearing the end of their 30-year service life. Work is being performed in New Orleans, Louisiana, and is expected to be completed by January 2025. Similarly, in early 2019, Griffon Hoverwork delivered 2000TD hovercraft to the Colombian Navy. The model has been refined in design and engineering to meet the demands of the natural features and low infrastructure of winding rivers and creeks to help the Colombian Navy combat its war on drugs. Armed forces in countries like China, Russia, India, and Iran, among others are expected to induct newer-generation military hovercraft over the next decade, which is anticpated to drive the growth of the segment during the forecast period.
Europe is Expected to Experience the Highest Growth During the Forecast Period
Europe region is expected to witness the highest growth during the forecast period due to the increased adoption of hovercraft from both commercial and military end-users due to opportunities arising from an improved standard of living and the effects of climate change. The law enforcement authorities and border forces in the region are utilizing the transportation of goods, surveillance and rescue, and support counter-narcotic activities. The Russian Ministry lists high-priority transport goals in the Arctic region that include the all-season delivery of supplies to ice-resistant platforms on the continental shelf, primarily gas-drilling rigs in the Gulf of Ob, freight deliveries via various size rivers and in coastal sea regions, and unloading freight from supply ships anchored at roadsteads. In this regard, the Russian navy awarded a contract to Central Design Bureau Neptune for two Project 23321 Manul lightweight combat hovercraft in December 2017. The hovercraft is envisioned to be principally used by the Russian military to transport personnel across shallow water at high speed. In addition to this, the demand for hovercraft in the region is expected to witness growth due to several enthusiast events like Hovercraft European Formula 1 event. Such events are anticipated to accelerate the growth of the market in the region.
Hovercraft Industry Overview
The hovercraft market is highly fragmented, with the presence of many regional players in the market that caters to hovercraft requirements for leisure, commercial, and military applications. Companies, such as Textron Inc., Griffon Hoverwork Ltd, Universal Hovercraft of America, Inc., Neoteric Hovercraft, Inc., and Ivanoff Hovercraft AB, are prominent players in the hovercraft market. Due to higher fragmentation in the market, the companies are developing new strategies such as mergers and acquisitions and expansion of existing portfolios to proliferate new orders from commercial and military customers. The companies are robustly investing in the development of new hovercraft models and variants of existing models with enhanced performance capabilities. On this note, the British Hovercraft Company Ltd announced that the company invested more than 30% of its turnover over three years into R&D of new design hovercraft that may provide superior performance in a wide range of commercial applications. Similar adoption of expansion strategies by various companies is anticipated to help the companies to tap into new customer bases and expand their geographical presence in coming years.
Hovercraft Market Leaders
Textron Inc.
Griffon Hoverwork Ltd
Universal Hovercraft of America, Inc.
Neoteric Hovercraft, Inc.
Ivanoff Hovercraft AB
*Disclaimer: Major Players sorted in no particular order
Hovercraft Market News
- In October 2021, Christy Hovercraft announced that the company delivered two Christy 463PC to the Border Police of the Republic of Moldova. The procurement was a part of the European Union for border security, a joint project between the Republic of Moldova and Ukraine supported by the European Union. The estimated cost of the hovercraft is over EUR 126 thousand.
- In April 2021, the British Hovercraft Company announced that in collaboration with Keith Smallwood of Vortex Hovercraft Services, the company launched a new addition to the BHC model range, namely, BHC700/750D hovercraft.
- In January 2021, Neoteric Hovercraft announced that the company delivered a hovercraft configured for emergency responder applications to Oak Island Water Rescue.
Hovercraft Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 End User
5.1.1 Military
5.1.2 Commercial
5.2 Geography
5.2.1 North America
5.2.2 Latin America
5.2.3 Europe
5.2.4 Asia-Pacific
5.2.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Aerohod Ltd
6.2.2 Airlift Hovercraft Pty Ltd
6.2.3 CHRISTY HOVERCRAFT
6.2.4 Griffon Hoverwork Ltd
6.2.5 Textron Inc.
6.2.6 MAD Hovercraft
6.2.7 Hovertechnics LLC
6.2.8 Ivanoff Hovercraft AB
6.2.9 Neoteric Hovercraft Inc.
6.2.10 Bill Baker Vehicles Ltd
6.2.11 The British Hovercraft Company Ltd
6.2.12 Universal Hovercraft of America Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Hovercraft Industry Segmentation
A hovercraft, also known as an air-cushion vehicle, is a ground-effect machine due to its principle of operation that involves achieving a significant proportion of its support via a cushion of high-pressure air that is sealed between the base of the machine and the ground. It requires continuous air supply to maintain effective pressure for facilitating smooth movement of the vehicle over land and sea. The market of hovercraft is segmented by end-user into military and commercial. The report also covers the market sizes and forecasts for the market in various regions. The market sizing and forecasts have been provided in value (USD million).
| End User | |
| Military | |
| Commercial |
| Geography | |
| North America | |
| Latin America | |
| Europe | |
| Asia-Pacific | |
| Middle-East and Africa |
Hovercraft Market Research FAQs
How big is the Hovercraft Market?
The Hovercraft Market size is expected to reach USD 158.68 million in 2023 and grow at a CAGR of 2% to reach USD 175.20 million by 2028.
What is the current Hovercraft Market size?
In 2023, the Hovercraft Market size is expected to reach USD 158.68 million.
Who are the key players in Hovercraft Market?
Textron Inc., Griffon Hoverwork Ltd, Universal Hovercraft of America, Inc., Neoteric Hovercraft, Inc. and Ivanoff Hovercraft AB are the major companies operating in the Hovercraft Market.
Which is the fastest growing region in Hovercraft Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Hovercraft Market?
In 2023, the North America accounts for the largest market share in the Hovercraft Market.
Hovercraft Industry Report
Statistics for the 2023 Hovercraft market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hovercraft analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
