The hovercraft market is anticipated to register a CAGR of approximately 0.3% during the forecast period.
- The heavy load carrying capacity of the large hovercraft enables the armed forces to transport troops, military supplies, and equipment to carry out humanitarian assistance, rescue, and disaster relief missions. Such growing applications of hovercraft may propel the growth of the market during the forecast period.
- The advantage of hovercraft for traveling over shallow waters and terrains, irrespective of water current direction, and the costs saved in building separate harbors for these vehicles are major factors generating the demand for hovercraft during the forecast.
Key Market Trends
The Military Segment is Expected to Experience the Highest Growth During the Forecast Period
The military segment of the market is expected to register the highest CAGR during the forecast period. There has been increasing instances of territorial water zone disputes between countries and other security concerns for sea trade across the world. This led to an increasing emphasis on maritime security. This makes several countries, globally, to invest in the amphibian landing vessels, like hovercraft. Several naval forces across the world are operating these vehicles to carry troops from ships to land and to deploy them for patrolling the territorial waters. With many countries in the world sharing their borders with seas, an increase in the necessity for maritime security and patrol, search, and rescue operations, the military hovercraft market is expected to grow during the forecast period.
Asia-Pacific is Expected to Experience the Highest Growth During the Forecast Period
Countries in Asia-Pacific are facing territorial water zone disputes, as well as terror attacks, which have forced several countries in this region to enhance their maritime capabilities. Due to this, the countries like China, India, Japan, and Indonesia, among others, are using hovercraft for border security along the borders. China has deployed patrol missions at the Xingkai Lake, a China-Russia border lake. Additionally, India announced its plans to deploy a fleet of hovercraft at Rann of Kutch for guarding the international border with Pakistan. Such initiatives by the countries with water border are propelling the growth of hovercraft market.
Some of the few prominent players in the hovercraft market are Neoteric Hovercraft Inc., Textron Inc., Hovertechnics LLC, Griffon Hoverwork Ltd., and Garden Reach Shipbuilders & Engineers Ltd. Most of the hovercraft manufacturers are regional players with a limited geographical presence. With new growth strategies, merges and acquisitions, and expansion plans, companies are looking to improve their market presence in the coming years.
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