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(Transportation-News.com, July 18, 2017 ) The report "Amphibious Vehicle Market by End User (Defense, Commercial), Application (Surveillance & Rescue, Water Transportation, Sports, Excavation), Propulsion (Screw Propeller, Water Jet, Track-Based), and Region - Global Forecasts to 2022", The amphibious vehicles market is projected to grow from USD 2.39 Billion in 2017 to USD 3.70 Billion by 2022, at a CAGR of 9.13% during the forecast period. The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.
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Factors such as increasing demand from defense forces for amphibious combat vehicles owing to rising conflicts, and demand for amphibious excavators for dredging and excavation are some of the factors which are expected to drive the amphibious vehicles market.
Based on application, the excavation segment is projected to witness high growth during the forecast period
Based on application, the excavation segment of the amphibious vehicles market is projected to witness high growth from 2017 to 2022, as these vehicles are used for various purposes such as excavations for bridge or water way constructions, land reclamation, and trash & debris removal.
Based on end user, the commercial segment is projected to witness high growth during the forecast period
Based on end user, the commercial segment of the amphibious vehicles market is projected to witness high growth from 2017 to 2022. This growth can be attributed to the increasing use of amphibious excavators for dredging applications, which are majorly used by governments to carry out maintenance of river beds, swamps, lakes, ponds, and reservoirs.
Based on propulsion, the tack-based segment is projected to witness high growth during the forecast period
Based on propulsion, the track-based segment of the amphibious vehicles market is projected to witness high growth during the forecast period. Tracked armored vehicles enabled with amphibious capabilities are intended for use in amphibious assaults. Such vehicles are used as armored fighting vehicles and personnel carriers and thus reduce dependency on destroyable and easily targeted bridges during conflicts.
Asia-Pacific is expected to be the fastest-growing amphibious vehicles market during the forecast period
The amphibious vehicles market in the Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The prime concern in the Asia-Pacific region is rising terrorism, which drives the demand for the upgradation of surveillance capabilities. This is expected to lead to the growth in demand for amphibious vehicles and is thus expected to drive the market in this region.
Major players in the amphibious vehicles market include BAE Systems (U.K.), General Dynamics Corporation (U.S.), Lockheed Martin Corporation (U.S.), Rheinmetall AG (Germany), Hitachi Construction Machinery (Europe) N.V. (Netherlands), EIK Engineering Sdn. Bhd. (Malaysia), Wetland Equipment Company, Inc. (U.S.), Wilco Manufacturing LLC (U.S.), and Marsh Buggies Incorporated (U.S.).
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