Amphibious Vehicle Market Growth, Demand and Challenges of the Key Industry Players 2023-2028

Author: Elena Anderson

Marketing Manager

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Global Amphibious Vehicle Market Research Report 2023-2028:

According to the latest report by IMARC Group, titled " Amphibious Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

," the global amphibious vehicle market size reached US$ 3.2 Billion in 2022.

An amphibious vehicle refers to an automobile variant that can easily be operated in water as well as on land. It is a convertible vehicle that is generally used for carrying cargo and passengers, wildlife surveying, precision agriculture and pollution monitoring. It is a lightweight automobile that is usually manufactured from fiberglass or hard plastics.

It consists of wheels and watertight hulls that allow it to effortlessly function on land and water, and even underwater. It requires less maintenance, is easy to operate and can withstand harsh environmental conditions in a cost-efficient manner.

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Global Amphibious Vehicle Market Trends:

The global market is primarily driven by significant growth in the defense sector. Coupled with the increasing utilization of amphibious vehicles for surveillance and monitoring operations, this is providing an impetus to the market growth. In line with this, the rising product adoption for humanitarian aid and disaster relief operations is creating a positive outlook for the market. Moreover, considerable expansion in the travel and tourism industry, along with the increasing preference for water sports and recreational activities among the masses, has propelled the market growth across the globe.

Furthermore, significant investments by multiple key players for manufacturing amphibious excavators are positively influencing the market growth. Additionally, the widescale integration of advanced technologies with amphibious vehicles are acting as major growth-inducing factors. Other factors, including continuous product innovations and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth.

Looking forward, IMARC Group expects the market to reach US$ 5.4 Billion by 2028, exhibiting at a CAGR of 8.63% during 2023-2028.

View Report TOC, Figures and Tables: https://www.imarcgroup.com/amphibious-vehicle-market

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Key Market Segmentation

The research report includes the following segments:

Breakup by Mode of Propulsion:

• Waterjet

• Track-based

• Screw Propellers

• Others

Breakup by Application:

• Surveillance and Rescue

• Water Sports

• Water Transportation

• Excavation

• Others

Breakup by End Use:

• Defense

• Commercial

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Breakup by Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

Competitive Landscape with Key Players:

• BAE Systems plc

• EIK Engineering Sdn Bhd

• General Dynamics Corporation

• Hydratrek Inc

• Lockheed Martin Corporation

• Marsh Buggies Inc

• Remu Oy

• Science Applications International Corporation

• Ultratrex Machinery Sdn. Bhd

• Wetland Equipment Company

• Wilco Manufacturing L.L.C

• Wilson Marsh Equipment Company

1. What was the size of the global amphibious vehicle market in 2022?

2. What is the expected growth rate of the global amphibious vehicle market during 2023-2028?

3. What are the key factors driving the global amphibious vehicle market?

4. What has been the impact of COVID-19 on the global amphibious vehicle market?

5. What is the breakup of the global amphibious vehicle market based on the mode of propulsion?

6. What are the key regions in the global amphibious vehicle market?

7. Who are the key players/companies in the global amphibious vehicle market?

Click here to visit the complete table of content with list of figures and tables: https://www.imarcgroup.com/amphibious-vehicle-market/toc

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