DUBLIN, January 28, 2022--(BUSINESS WIRE)--The "Hovercraft Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Hovercraft Market is anticipated to register a CAGR of 2.1% during the forecast period (2021-2026), to reach a market value of USD 168.6 million by 2026.
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. The increasing applications of hovercraft in the commercial sector and growing adoption for recreational purposes are accelerating 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 minimum cost requirement for infrastructure are major factors generating the demand for hovercraft during the forecast period.
The companies are also focusing on developing technologically advanced and lightweight hovercrafts capable of attaining high speeds in harsh industrial environments with better manoeuvrability characteristics to attract new customers for exploring waterways. The development of new models for diversified consumer base is expected to propel the growth of market in the coming years.
Key Market Trends
The Military Segment Accounted for the Largest Share by Revenue in 2020
The military segment is expected to continue its dominance over the market during the forecast period, as the navies and other marine authorities are utilizing large hovercrafts to transport troops, military supplies, or even tanks.
Due to their ease of operation over land and sea mines, sand, mud, ice, snow, rocks, weeds, logs, debris, and rapids, they can be used for offensive operations, humanitarian aid, logistics, and security roles. US naval forces have shown interest in newer generation hovercraft in the past few years and have placed an order with Textron.
Europe is Expected to Experience the Highest Growth During the Forecast Period
Europe region is expected to witness the highest growth during the forecast period due to the increased adoption of hovercraft from both commercial and military end-users due to opportunities arising from an improved standard of living and the effects of climate change.
The law enforcement authorities and border forces in the region are utilizing the transportation of goods, surveillance and rescue, and support counter-narcotic activities.
The Russian Ministry lists high-priority transport goals in the Arctic region that include the all-season delivery of supplies to ice-resistant platforms on the continental shelf, primarily gas-drilling rigs in the Gulf of Ob, freight deliveries via various size rivers and in coastal sea regions, and unloading freight from supply ships anchored at roadsteads.
The hovercraft market is highly fragmented, with the presence of many regional players in the market that caters to hovercraft requirements for leisure, commercial, and military applications. Companies, such as Textron Inc., Griffon Hoverwork Ltd, Universal Hovercraft of America, Inc., Neoteric Hovercraft, Inc., and Ivanoff Hovercraft AB, are prominent players in the hovercraft market.
Due to higher fragmentation in the market, the companies are developing new strategies such as mergers and acquisitions and expansion of existing portfolios to proliferate new orders from commercial and military customers. The companies are robustly investing in the development of new hovercraft models and variants of existing models with enhanced performance capabilities.
Airlift Hovercraft Pty Ltd
Griffon Hoverwork Ltd
Ivanoff Hovercraft AB
Neoteric Hovercraft Inc.
Bill Baker Vehicles Ltd
The British Hovercraft Company Ltd
Universal Hovercraft of America Inc.
For more information about this report visit https://www.researchandmarkets.com/r/5zol3g
View source version on businesswire.com: https://www.businesswire.com/news/home/20220128005416/en/
Laura Wood, Senior Press Manager
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