The Global Amphibious Vehicle Market is driven by increasing defense modernization budgets of developing nations
The amphibious vehicle market is witnessing significant growth on account of increasing procurement of amphibious cars, trucks, and other vehicles by defense forces globally. Amphibious vehicles offer troops additional mobility by allowing them to seamlessly transition from land to water. They have high utility in coastal or marshy regions and can be deployed for transportation, surveillance, or combat support missions. Amphibious vehicles are commonly referred as 'anphibs' and carry equipment, troops, and arms while traversing both land and water.
The amphibious vehicle market is estimated to be valued at USD 5.41 Bn in 2024 and is expected to reach USD 9.53 Bn by 2031, growing at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.
The Amphibious Vehicle Market is expanding globally with growing export opportunities. Major manufacturers are partnering with international players to distribute their amphibious vehicles portfolio across international markets. For example, in 2021, Wetland Equipment Company signed a memorandum of cooperation with Turkish defense contractor STM to explore export opportunities in Africa and Middle East for their line of Bullfrog amphibious vehicles.
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