Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Hovercraft Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global hovercraft market is poised to expand from a valuation of USD 239.03 million in 2023 to USD 264.36 million by 2028, marking a Compound Annual Growth Rate (CAGR) of 2.04% over the forecast period. This uptick is attributed to the increased capacity of large hovercraft to transport military equipment and troops, coupled with a rise in adoption for commercial and leisure activities.
Market Dynamics Driving Expansion
- The flexibility of hovercraft to navigate various terrains and water conditions with minimal infrastructure requirements underpins the market's expansion.
- Investments in research and development by key market players are projected to yield lightweight and high-speed hovercraft models.
- Innovations aiming at enhanced maneuverability and a broader consumer appeal are forecasted to diversify the applications of hovercraft, further stimulating market growth.
Military Use to Champion Market Share
The military sector is anticipated to maintain its market dominance through the ongoing procurement and development of advanced military hovercraft models. With the capability to navigate challenging terrains and bolstering operations ranging from offensive missions to humanitarian aid, military hovercraft are integral to modern naval forces around the globe. Key international powers, including those in China, Russia, India, and Iran, are expected to continue their investment in this market segment.
Europe: A Region of Accelerated Market Growth
The European market is expected to experience the highest growth rate, fueled by a combination of commercial demand, enhanced living standards, and climate change impacts. The uptake of hovercraft by law enforcement and border forces for surveillance, transport, and search and rescue operations has particularly contributed to the market's expansion in this region.
Hovercraft Market Framework
The hovercraft market is characterized by its fragmentation, with a spectrum of regional and international players catering to diverse end-user needs. Industry participants are increasingly adopting strategies such as expansion and mergers to establish a commanding presence and capture new opportunities.
With a sharp focus on technological advancements and performance optimization, companies are investing substantially in the development of new hovercraft models. Such strategic R&D initiatives are expected to spearhead the advent of advanced hovercraft solutions, tailored for an array of commercial applications, and consequently drive market growth.
Notable Market Movements
- The recent awarding of a USD 241 million contract to Textron Systems by the Department of Defense signals substantial military investment in hovercraft capabilities.
- The UK's introduction of financial support schemes for hovercraft buyers underpins the market's commercial viability.
- Hovercraft sporting events, such as the Hovercraft European Formula 1 event, exemplify growing enthusiast engagement and are expected to bolster market growth within Europe.
The latest analysis of the hovercraft market provides compelling insights into the sector's future, outlining growth strategies and market trends that are shaping the industry landscape. Stakeholders and market participants can expect comprehensive support with these strategic insights.
A selection of companies mentioned in this report includes
- Aerohod Ltd
- Airlift Hovercraft Pty Ltd
- CHRISTY HOVERCRAFT
- Griffon Hoverwork Ltd
- Textron Inc.
- MAD Hovercraft
- Hovertechnics LLC
- 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/czhhkn
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Attachments
- Hovercraft Market Budget Of The The U S Navy U S D Billion 2018 2022
- Hovercraft Market Hovercraft Market Growth Rate By Region 2023 2028
