Amphibious Vehicle Market to Reach $5.02 Bn, Globally, by 2027 at 8.5% CAGR: Allied Market Research
According to the report,the global amphibious vehicle industry generated $2.70 billion in 2019, and is expected to garner $5.02 billion by 2027, witnessing a CAGR of 8.5% from 2020 to 2027.
- According to the report,the global amphibious vehicle industry generated $2.70 billion in 2019, and is expected to garner $5.02 billion by 2027, witnessing a CAGR of 8.5% from 2020 to 2027.
- Surge in investment in the defense sector to increase adoption and demand in commercial applications drive the growth of the global amphibious vehicle market.
- However, high initial investment and rise in operational costs along with seasonal serviceability hinder the market growth.
- On the other hand, usage of advanced amphibious vehicles (ACV) in marine applications and demand for amphibious excavators for dredging and excavation present new opportunities in the coming years.