The global amphibious vehicle market size is expected to reach USD 4.98 billion by 2027, exhibiting a CAGR of 13.05% during the forecast period. The ongoing development of high-speed engines with lightweight capabilities by OEMs will spur lucrative opportunities for the market during the forecast period, states Fortune Business Insights in a report, titled “Amphibious Vehicle Market Size, Share & Industry Analysis, By Platform (Commercial and Defense), By Mode of Propulsion (Screw Propellers, Water Jet, Track-based Propulsion, and Others), By Application (Surveillance and Rescue, Combat, Transportation, Sports, Excavation, and Others), and Regional Forecasts, 2020-2027” the market size stood at USD 2.66 billion in 2019

Source:

https://www.fortunebusinessinsights.com/industry-reports/amphibious-vehicle-market-101800 

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The report on the amphibious vehicle market emphasizes on:

• Latest market trends
• All-encompassing study of all the regions
• Comprehensive analysis of key players
• Important factors boosting the market;
• Crucial factors impeding the market

Regional Analysis:

Escalating Marine Expenditure to Promote Growth in North America

The market in North America stood at USD 1.02 billion in 2019 and is expected to witness a rapid growth rate during the forecast period. The growth in the region is attributed to the rising defense budget and military expenditure. The modernization of marine fleets along with the presence of major companies such as Kawasaki Robotics and Electroimpact Inc will further drive the market in the US. The increasing R&D for the development of advanced combat vehicles will accelerate growth in the region.

Europe is expected to witness a substantial growth rate due to the high adoption of hybrid-based engines. Asia Pacific is predicted to exhibit a rapid growth rate during the forecast period due to the demand for advanced ACVs from countries such as China, Japan, and India. The rising border disputes between India and China have led to increased procurement of combat vehicles, which, in turn, will boost the market in the region.

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