Amphibious ATV Market to Witness High Growth during the Forecast Period
The global amphibious ATV market is expected to grow at ~9% cagr during the forecast period, 2021–2027.
Industry News
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- February 2021: The Australian government announced plans to invest USD 620 million to acquire new fleets of Australian-built amphibious vehicles and landing crafts. These vehicles will be used for transporting land forces with enhanced speed and protection.
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- February 2021: BAE Systems received a USD 184 million contract option from the US Marine Corps for more Amphibious Combat Vehicles (ACV) under full-rate production.
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- November 2020: ARGO, a global leader in offering amphibious Extreme Terrain Vehicles (XTVs), announced that it entered into a manufacturing and supply agreement with SHERP to expand its current offering of commercial amphibious XTVs.
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- August 2020: Zeal Motor Inc. developed its Fat Truck Industrial Off-Road Utility Vehicles. These all-terrain, amphibious vehicles can carry up to eight people or a payload of material weighing up to 2,200 lbs. (997.9 kg). Furthermore, they are ISO 3471 ROPS (rollover protection structure) certified to ensure safety on any job site.
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- May 2019: FNSS unveil edits Zırhlı Amfibi Hücum Araçları (Armoured Amphibious Offensive Vehicle, ZAHA) marine amphibious vehicle.
In 2020, the commercial segment held the largest market share
Based on type, the global market is divided into 6×6 and 8×8. The 6×6 segment is expected to hold the larger share of the market. The 6×6 segment is expected to grow at the faster rate during the study period as these are known for their agility and have ideal maneuvering capabilities. These are designed for remote access travel for 2–4 people.
Based on application, the global market is divided into personal and commercial. The commercial segment is expected to hold the largest share of the market share, and it is expected to grow at the fastest rate during the forecast period. Amphibious ATVs are very effective in commercial applications such as surveillance & rescue, water transportation, sports, and excavation.
North America has witnessed an increase in the sale of all-terrain vehicles. The growing US market is expected to lead to the improvement of the amphibious ATV market. The authorities in North America are encouraging the adoption of eco-friendly products, which leads to the popularity of Amphibious ATVs in the region. Manufacturers are offering all-terrain vehicles with improved fuel efficiency and improved designs. Growing tourism and rising disposable income among the middle-class population coupled with government policies will support the market growth in North America. Investments in the development of new and improved versions of all-terrain vehicles and the integration of production operations will boost the region’s share in the amphibious ATV market.
With the growth in the transport sector in Europe, the government agreed to target an emission reduction and set sustainability criteria to control fuel emission. This is expected to impact the all-terrain vehicle specifications offered by OEMs in Europe. Additionally, manufacturers strategically make investments in the development of all-terrain vehicles to meet the standard specification regarding ATVs. With the increase in per capita expenditure on luxury ATVs are becoming integrated with intelligent technologies due to a rise in automation and computerized controls. Moreover, the presence of prominent automotive OEMs, stringent government norms regarding emission control, and increased investment in the development of all-terrain vehicles are expected to boost the share of Europe in the amphibious ATV market during the forecast period.
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The key players operating in the global amphibious ATV market are ARGO (Canada), Hydratrek (US), Mudd-Ox Inc. (Indiana), Terra Jet (US), Sherp (Ukraine), Tinger (Russia), Gibbs Technologies Limited (UK), and MaxATVs (Australia).
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global amphibious ATV market, including high-growth regions and/or countries and political and economic environments. The project report further provides both – historical market values and pricing and cost analysis.