Press Release

Global Amphibious Vehicle Market to Grow at a CAGR of 8.40% During 2024-2032, Driven by Ongoing Developments by Leading Market Players

Global Amphibious Vehicle Market

According to a new report by EMR titled, ‘Global Amphibious Vehicle Market Report and Forecast 2024-2032’, the market attained a value of more than USD 3.46 billion in 2023. The industry is further expected to grow at a CAGR of 8.40% in the forecast period of 2024-2032 to reach a value of over USD 7.10 billion by 2032.

The Asia Pacific region is expected to emerge as the leading region in the global market for amphibious vehicles. This can be associated with the rising investments in the military and defence by countries like China, Japan, and India, among others. There has been an increase in the usage of advanced amphibious combat vehicles due to their characteristics like mobility and survivability. Moreover, the growth of electrically propelled vehicles with advanced characteristics, such as command and control feature and active protection systems, among other features, are expected to stimulate the growth of the market. Furthermore, owing to the presence of key automobile manufacturing companies in countries like Japan and Korea, the market is further expected to contribute towards the development of advanced amphibious vehicles, thereby strengthening the market growth in the region over the forecast period.


General Dynamics European Land Systems (GDELS) recently announced that South Korea has acquired 110 GDELS M3 vehicles in October 2022. The amphibious bridging vehicles have been selected for the Republic of Korea Army, which will be jointly produced with Hanwha Defence Corporation under the Korean Amphibious Bridging Vehicle programme. The amphibious vehicles by GDELS provides load capacity, assembly time, and manoeuvrability both on water and land. Such developments are leading the market growth of amphibious vehicles. The market growth is also augmented by the ongoing developments by the leading market players, such as Hitachi Construction Machinery Co., Ltd. (TYO: 6305).


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Market Analysis by Propulsion, Application, End-Use, and Region:

  • On the basis of propulsion, the market can be divided into water-jet, track-based, and screw propellers. 
  • Based on application, the market can be segmented into surveillance and rescue, water sports, water transportation, and excavation. 
  • The market, based on end-use, can be categorised into defence and commercial.
  • The major regional markets for the product include North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.


Key Findings of the Report:

  • The market is being driven by the rising use of amphibious vehicles for their strength, durability, and power for military and defence applications like surveillance.
  • The emergence of electrically-propelled amphibious vehicles with advanced characteristics, such as command and control features and active protection systems, among other features, is expected to stimulate the growth of the market.
  • The increase in the number of water sport activities and water transportation is augmenting the demand for amphibious vehicles in various countries.
  • Commercial applications of amphibious vehicles, such as water mud removal, land reclamation, excavation, and waterway constructions, among others, is propelling the market growth.


Key Offerings of the Report:

  • The EMR report gives an overview of the global amphibious vehicle industry for the periods (2018-2023) and (2024-2032).
  • The report also offers historical (2018-2023) and forecast (2024-2032) markets for propulsions, applications, end-uses, and major regions.
  • It assesses the regional price trends for the (2018-2023) and (2024-2032) periods. 
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.


The major players in the global amphibious vehicle market are BAE Systems plc, EIK Engineering Sdn Bhd, General Dynamics Corporation, Hitachi Construction Machinery Co., Ltd., Lockheed Martin Corporation, Marsh Buggies Incorporated, Wetland Equipment Company, Wilco Manufacturing LLC, Science Applications International Corporation, and Rheinmetall AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.


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