It was estimated prior to this unanticipated outbreak that the Amphibious Vehicle Market was likely to witness an impressive CAGR of 10.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. The claim for amphibious vehicles is expected to be propelled by the rising demand from militaries owing to the increasing conflicts, rising commercial applications, the assault amphibious vehicle upgradation program of the U.S. Army, and the accessibility in rough terrain.
Amphibious Vehicle Market Segment Insights:
By End-User Type:
The commercial segment is estimated to witness a higher growth during the forecast period, driven by the increasing adoption of amphibious excavators for dredging purposes across the globe.
By Propulsion Type:
The track-based segment was expected to remain dominant in 2018, as it enables amphibious vehicles to travel at high speeds on both, water and land surfaces. This empowers the military troops with efficient monitoring and inspection of land and water borders. The segment is estimated to maintain its dominance during the forecast period as well.
By Application Type:
The excavation segment is estimated to witness the highest growth during the forecast period. This growth can be attributed to the rising inland waterway projects and the demand for land reclamation.
By Region:
In terms of regions, various countries, such as India, China, and Japan, among others are enormously investing to solidify their defense capabilities. The Asia-Pacific market is estimated to depict the highest growth during the forecast period, driven by an increase in the regional conflicts. The North American and the European regions are also expected to offer substantial growth opportunities in the coming five years.