GLOBAL AMPHIBIOUS VEHICLE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Concentration and Competitive Landscape

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Many governments are taking initiatives to switch commuting from petrol or diesel vehicles to more sustainable electric vehicles. These are pushing adoption of electric vehicles through various policies and schemes. For instance, some countries offer purchase incentives on electric Tuk-Tuks to encourage drivers to go electric. The incentives can make electric tuk-tuks a more affordable option as compared to internal combustion engine models. Some nations also provide subsidies on purchasing charging infrastructure for owners of electric tuk-tuks. This helps address range anxiety among drivers and boosts the adoption of electric variants.

Many cities and local authorities in Asia Pacific are also formulating policies to restrict or ban conventionally-fueled tuk-tuks in the near future. These want to lower air pollution levels and carbon emissions from transport sector. Some major cities have announced that it will allow registration of only electric tuk-tuks from a certain future date. While this puts pressure on the existing drivers, it also creates a huge business prospect for electric tuk-tuks. Manufacturers are aiming to cater to this impending demand. The governments are also coming up with specific schemes to reskill drivers of traditional Tuk-Tuks so that these can smoothly switch to electric vehicles. With supportive regulations, a controlled transition seems possible which will accelerate the electric tuk-tuks market growth.

• Hitachi Construction Machinery Co. Ltd
• BAE System
• Science Applications International Corporation (SAIC)
• Wetland Equipment Company
• General Dynamics Corporation
• Lockheed Martin Corporation
• Wilco Manufacturing, L.L.C
• EIK Engineering Sdn Bhd
• Marsh Buggies Incorporated
• Rheinmetall AG
• EIK Engineering Sdn. Bhd.
• Griffon Hoverwork Ltd. (GHL)