The global amphibious vehicle market comprises of fully tracked or wheeled armored vehicles that have the ability to travel on land as well as float on water. Amphibious vehicles are self-propelled vehicles which find use across defense and commercial sectors. These vehicles are typically equipped with wheels/tracks for land travel and a watertight hull, bilge pumps and water jets enabling seamless transfer between land and water. Key functional features include superior load carrying capacity, high speed and maneuverability both on land and sea. The defense sector represents the major end-use industry owing to amphibious vehicles' capability to operate across diverse topographical and climatic zones.

The Global Amphibious Vehicle Market is estimated to be valued at US$ 10.50 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the global amphibious vehicle market are Hitachi Construction Machinery Co. Ltd, BAE System, Science Applications International Corporation (SAIC), Wetland Equipment Company, General Dynamics Corporation, Lockheed Martin Corporation, Wilco Manufacturing, L.L.C, EIK Engineering Sdn Bhd, Marsh Buggies Incorporated, Rheinmetall AG, EIK Engineering Sdn. Bhd., and Griffon Hoverwork Ltd. (GHL). These players are focusing on developing innovative amphibious vehicles with enhanced payload capacity and defense capabilities.

The rising global defense budgets and increasing instances of cross-border tensions have augmented for Amphibious Vehicle Market Size over the recent years. Amphibious vehicles enable defense forces to gain strategic advantages during combat operations owing to ability to navigate diverse terrains.

The burgeoning demand is further encouraging established as well as emerging players to expand their geographical footprint especially across Asia Pacific and Middle East & Africa. Key players are investing heavily in production facilities, R&D activities and aftermarket services to reinforce their presence across high growth regional markets.

Market drivers

The global amphibious vehicle market is primarily driven by increasing defense spending of major economies. According to data, the global defense budgets have grown consistently over the recent decade with nations increasing spending on naval/marine corps as well as border security management. Amphibious vehicles provide distinct capabilities to defense forces enabling efficient surveillance and patrol of maritime borders. Further, the ongoing upgradation of existing amphibious vehicle fleets along with procurement of new generation platforms will continue fostering the market growth throughout the forecast period.