Global Amphibious Vehicle Market Is Driven By Increasing Defense Spending

The global amphibious vehicle market comprises of fully tracked or wheeled armored vehicles that have the ability to travel on land as well as float on water. Amphibious vehicles are self-propelled vehicles which find use across defense and commercial sectors. These vehicles are typically equipped with wheels/tracks for land travel and a watertight hull, bilge pumps and water jets enabling seamless transfer between land and water. Key functional features include superior load carrying capacity, high speed and maneuverability both on land and sea. The defense sector represents the major end-use industry owing to amphibious vehicles' capability to operate across diverse topographical and climatic zones.
The Global Amphibious Vehicle Market is estimated to be valued at US$ 10.50 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.