Pune, India, Aug. 31, 2021 (GLOBE NEWSWIRE) -- The global amphibious aircraft market size is expected to reach USD 358.1 million by 2028 by exhibiting an impressive CAGR of 11.71% between 2021 and 2028. Fortune Business Insights in its latest report, titled, “Amphibious Aircraft Market, 2021-2028.”, mentions that the market stood at USD 159.2 million in 2020. Factors such as the increasing demand for these type of aircrafts for commercial purposes and the growing demand for lightweight seaplanes is projected to favor the market’s demand during the forecast period. For instance, in October 2020, the first-ever seaplane service was launched in India that is operational between Ahmedabad and Kevadia.
Market to Exhibit -41.06% CAGR in 2020 amid COVID-19
As per the General Aviation Manufacturers Association (GAMA) report 2020, the deliveries of ICON A5 aircraft were 41 in 2019, whereas in 2020 it stood at 26. The major disruption in the supply chain has led to reduced production capability and delayed deliveries of seaplanes. Moreover, due to the lockdown there has been a striking decline in the number of air passengers worldwide. These factors are expected to lead to the market exhibiting a CAGR of about -41.06% in 2020.
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List of the Top Companies Operating in the Global Amphibious Aircraft Market:
- Aviat Aircraft, Inc. (The U.S.)
- AVIC (China)
- Beriev Aircraft Company (Russia)
- Bombardier (Canada)
- Dornier Seawings GmbH (Germany)
- Glasair Aviation (The U.S.)
- ICON Aircraft, Inc. (The U.S.)
- ShinMaywa Industries, Ltd. (Japan)
- Textron Inc. (The U.S.)
- VIKING Air Ltd. (Canada)
Market Segmentation:
We have segmented the market based on engine, application, seating capacity, and region.
On the basis of engine, the market is divided into piston and turboprop. Based on application, the market is categorized into civil and military. Furthermore, on the basis of seating capacity, the market is segregated into less than 10 and more than 10.
Based on seating capacity, the less than 10 segment is expected to hold the largest global amphibious aircraft market share during the forecast period. This is attributable to the increasing demand for lightweight seaplanes for commercial purposes such as firefighting, maritime monitoring, and ambulance.
Lastly, on the basis of region, the market is bifurcated into North America, Europe, Asia-Pacific, and Rest of the World.
What does the Report Include?
The global market for amphibious aircraft provides an in-depth analysis and focuses on the key aspects such as seaplanes product type, key players, applications, engine type, and seating capacity. Furthermore, the report offers insights on market trends, competitive landscape, competition, product pricing, market status, and highlights key industry developments by adopting several research methodologies. It also includes several direct and indirect factors that have contributed to the growth of the market over recent years.
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Increasing Demand for Seaplanes for Commercial Purposes to Augment Growth
In December 2020, Sydney Seaplanes announced its collaboration with electric aviation company, magniX and Dante Aeronautical, to convert a Cessna Caravan into the first-ever all-electric aircraft. The growing demand for these type of aircrafts for commercial applications such as transportation, sea tourism, search and rescue operation, and others has propelled the companies to innovate their products. Moreover, the growing application of seaplanes in several government operations is expected to boost the global amphibious aircraft market growth in the forthcoming years. For instance, Russia has in its repository Be-200 amphibious seaplanes capable of handling several firefighting missions.
REGIONAL INSIGHTS
North America – The region is expected to hold the highest position in the global amphibious aircraft market during the forecast period. This is attributable to the high defense spending by countries such as the U.S. that will boost the adoption of advanced amphibious aircraft for several military applications in the region. North America stood at USD 58.0 million in 2020.
Europe – The market in the region is expected to showcase exponential growth backed by the presence of established players such as Dornier Seawings GmbH, Beriev Aircraft, and others that are proactively focusing on introducing new seaplanes in the region between 2021 and 2028.
Major Companies Focus on Investment in R&D Activities to Strengthen Their Market Positions
The global market is consolidated by prominent companies focusing on investing in the development of advanced seaplanes to cater to the growing industrial demand. Additionally, adoption of organic and inorganic strategies by other key players to gain a major chunk of the market share is projected to bode well for the market growth during the forecast period.
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