Military Amphibious Vehicle Market Size
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2024 - 2028 |
| CAGR | > 6.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Military Amphibious Vehicle Market Analysis
The military amphibious vehicle market is expected to register a CAGR of over 6% during the forecast period.
- Growing defense expenditures and the increasing necessity to perform military search and rescue, assault and combat support operations in shallow waters are the main drivers for the market.
- However, factors such as their limited operability, the requirement of time to time maintenance of the amphibious vehicles, high cost of maintenance, etc., are projected to challenge the market prospects during the forecast period.
Military Amphibious Vehicle Market Trends
This section covers the major market trends shaping the Military Amphibious Vehicle Market according to our research experts:
Growth in Defense Spending Driving the Market
The increase in defense budgets, especially in the emerging economies is currently driving the market globally for amphibious vehicles. As territorial disputes are increasing all over the world, nations are now focusing on enhancing their military capabilities. According to SIPRI, the global military expenditure reached USD 1917 billion in 2019, an increase of 3.6% from 2018, which is the largest annual growth in spending since 2010. Countries such as the United States, Japan, Russia, India, Germany, and South Korea, which are among the largest military spenders in the world, are investing huge amounts in the development of advanced amphibious vehicles to meet the strategic requirements of their respective militaries. For instance, India, the third-largest defense spending nation in the world, is currently working on developing its Future Infantry Combat Vehicle (FICV) to replace its BMP-2 fighting vehicles. According to the Indian Army, FICV will be a Fully Tracked Vehicle that will be capable of operating in any kind of rough terrain with Fully Amphibious capabilities. Around 2,600 such vehicles are expected to be inducted into the country’s military in the future. Thus, the growth in defense budgets is helping the development of such vehicles, thereby supporting the growth of the market during the forecast period.
North America held the Largest Market Share in 2019
The United States has the highest military spending in the world with a spending of USD 732 billion in 2019 according to SIPRI. The US alone accounted for 38% of the total global defense spending in 2019. The country is divesting huge amounts for the development of advanced land-based vehicles. In this regard, the US is currently working on its Amphibious Combat Vehicle (ACV) that is intended to replace the 40-year-old Amphibious Assault Vehicles (AAV) with the Marine Corps. In 2018, the Marine Corps selected BAE Systems to design and produce the ACV. The initial contract awarded in 2019 was valued at USD 198 million for low-rate production of 30 vehicles. The Marine Expeditionary Force will be the first to receive the new ACV when fielding starts in the fourth quarter of 2020. Full operational capability is scheduled for 2023. The US is planning to induct three variants of the ACV, which are in command and control configuration, a recovery and maintenance setup, and ACVs with 30mm medium-caliber cannons. The US Navy is also procuring air cushion vehicles to replace the existing fleet of LCAC vehicles. In April 2020, Textron, Inc., was awarded a USD 386.3 million contract modification for the construction of new landing craft, air cushion vehicles for the Navy. Such programs are expected to help the growth of the market in North America during the forecast period.
Military Amphibious Vehicle Industry Overview
Some of the prominent players in the market are BAE Systems PLC, Griffon Hoverwork, Lockheed Martin Corporation, Textron Inc., and Rheinmetall AG. As several nations are planning to develop next-generation amphibious vehicles for their militaries, players are looking to grab such opportunities through technological innovations driven by continuous R&D. Most of the programs in the industry are long-term, and hence, several large-scale contracts are currently underway, for the development and production of advanced amphibious vehicle variants as per end-user specifications. Gaining such contracts will help the players in terms of continuous cash-inflow, thereby helping their sustained growth during the forecast period.
Military Amphibious Vehicle Market Leaders
BAE Systems PLC
Lockheed Martin Corporation
Griffon Hoverwork
Rheinmetall AG
Textron Inc.
*Disclaimer: Major Players sorted in no particular order
Military Amphibious Vehicle Market News
PLA’s 3rd Type 075 amphibious assault ship has maiden voyage
Rosoboronexport Details AK-203 Rifle Deal, amphibious tank, More Projects with India
Military Amphibious Vehicle 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 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Amphibious Armored Vehicles
5.1.2 Hovercraft
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 Latin America
5.2.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 BAE Systems PLC
6.2.2 Lockheed Martin Corporation
6.2.3 Textron Inc.
6.2.4 Rheinmetall AG
6.2.5 Griffon Hoverwork
6.2.6 Tata Motors
6.2.7 Arquus
6.2.8 Norinco
6.2.9 Krauss-Maffei Wegmann GmbH & Co. KG
6.2.10 Oshkosh Defence
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Military Amphibious Vehicle Industry Segmentation
An amphibious vehicle is a means of transport, which is viable on land as well as on water. Amphibious armored vehicles and hovercraft are the two types of amphibious vehicles that are covered in the study. Their applications include, but are not limited to combat, patrol, surveillance and reconnaissance, and search and rescue operations.
| Type | |
| Amphibious Armored Vehicles | |
| Hovercraft |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle-East and Africa |
Military Amphibious Vehicle Market Research FAQs
What is the current Military Amphibious Vehicle Market size?
The Military Amphibious Vehicle Market is projected to register a CAGR of greater than 6% during the forecast period (2023-2028).
Who are the key players in Military Amphibious Vehicle Market?
BAE Systems PLC, Lockheed Martin Corporation, Griffon Hoverwork, Rheinmetall AG and Textron Inc. are the major companies operating in the Military Amphibious Vehicle Market.
Which is the fastest growing region in Military Amphibious Vehicle Market?
North America is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Military Amphibious Vehicle Market?
In 2023, the North America accounts for the largest market share in the Military Amphibious Vehicle Market.
Military Amphibious Vehicle Industry Report
Statistics for the 2023 Military Amphibious Vehicle market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Military Amphibious Vehicle analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
