AIR CUSHION VEHICLE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
The air cushion vehicle market is estimated to be valued at USD 127.22 Mn in 2024 and is expected to reach USD 174.72 Mn by 2031, growing at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.
Report Description:
The air cushion vehicle market refers to vehicles that use positive pressure to travel over land and sea. Also known as hovercrafts, they have multiple skirt attached to the sides that produce air pressure, making them hover above the ground or water surface without touching it. Benefits like the ability to travel over almost any terrain including marshy areas or sand, high speed, maneuverability, and amphibious capability have made them suitable for both commercial and military purposes like coastal patrol, search and rescue operations, and recreation. In recent years, advancements in engines, material science, and design have improved the fuel efficiency, payload capacity, and overall performance of air cushion vehicles. This is expected to further drive the demand in industrial as well as leisure applications going forward.
Market Dynamics:
The air cushion vehicle market is expected to grow at a steady rate over the next decade owing to various drivers such as increasing defense spending on coastal surveillance, growing demand for amphibious vessels for transportation, emergency response, and tourism. Military superpowers like the U.S., Russia, and China are investing in these vessels for missions in coastal regions. Meanwhile, companies are developing new designs with improved fuel efficiency and control systems to promote their adoption for commercial passenger transport. However, high manufacturing and operational costs pose a major challenge. Also, availability of alternative amphibious vehicles like air boats act as a restraint. Nevertheless, ongoing R&D towards developing electric and hybrid-electric air cushion vehicles offer lucrative opportunities in the coming years by addressing the issues of noise, emissions, and energy-efficiency.
Key Features of the Study:
- This report provides an in-depth analysis of the global air cushion vehicle market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global air cushion vehicle market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Aerohod, ALMAZ, Griffon Hoverwork, Christy Hovercraft, China Hovercraft Ltd, Neoteric Hovercraft, The British Hovercraft Company, Jedy Hovercraft, Hovertechnics, Viper Hovercraft, Mariah Hovercraft, Vanair Hovercraft, Mercier-Jones, and Hoverstream
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global air cushion vehicle market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global air cushion vehicle market
Market Segmentation
Table of Contents
*Browse 60 market data tables and 40 figures on "Global Air Cushion Vehicle Market – Global forecast to 2031”.
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