24 March 2021
Visiongain has published a new report on Amphibious Vehicle Market Report to 2031: Forecasts by Propulsion (Screw propeller, Water jet, Track-based, and Others), by End-User (Defense and Commercial), and by Application (Surveillance & rescue, Water transportation, Sports/Recreation, Excavation, and Others). PLUS, Profiles of Leading Pharma Contract Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Amphibious Vehicles market was valued at US$ xx billion in xx and is projected to reach at a market value of US$ xx billion by 2031.
COVID-19 Impact on Amphibious Vehicles Market
Global Amphibious Vehicles market has been impacted by the coronavirus pandemic owing to the disruption in supply chains across the world. Manufacturers are forced to delay the production or launch of the vehicles and this is causing a nig gap in supply chain in global market.
Assault Amphibious Vehicle Upgrade Program of the Marine Corps
The amphibious vehicles are extensively employed by the armed forces across the world to safeguard the maritime borders from the growing conflicts via waterways. Due to this factor, the armed forces do the procurement of amphibious vehicles for the rescue and surveillance purposes, which is expected to propel the market growth for global amphibious vehicle market over the forecast period.
Increasing Defense Expenditure of Developing Economies
Increasing defense expenditure of developing economies especially in the developing nations across the world is offering a thrust for the growth of the amphibious vehicle market. Prominent countries of the world such as India, and Saudi Arabia, among others are impressively putting in enormous amounts for the development of strong amphibious vehicles for military and commercial applications in order to meet their requirements.
Increase in Research and Development
Amphibious vehicles augment the speed of military operations on both land and water settings. The vehicles are generally robust and are able to withstand harsh weather conditions. They are equipped with long-range machine guns, etc. The research & development initiatives to develop modern and advanced weaponry to stay at par with other nations, is anticipated to boost the growth of amphibious vehicles market.
Increasing Use of Amphibious Landing Craft
The global demand for amphibious vehicles is most-likely to expand over the forecast period owing to an increase in the usage of landing crafts that can work on water as well as land. The amphibious landing crafts are being heavily deployed by the U.S armed forces and several other key defense forces globally. This is expected to propel the growth of the global amphibious vehicles market over the forecast timeline.
Some of the companies profiled in the report include Bae Systems PLC, General Dynamics Corporation, Lockheed Martin Corporation, Rheinmetall AG, Science Applications International, Corporation (SAIC), Griffon Hoverwork Ltd. (GHL), Norinco International Cooperation Ltd., Textron Systems, Renault Trucks Defense, and Kurganmashzavod JSC.
• In February 2020, BAE Systems received a $113.5 million contract from the U.S. Marine Corps. U.S. Marine Corps have ordered more amphibious combat vehicles from BAE Systems
• In April 2020, Textron received $386 Million U.S. Navy Contract For 15 SSC Ship-To-Shore Connectors
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