The Global Hovercraft Market is Anticipated to Witness High Growth Owing to Increasing Need for Pass

Author : Ishika cmi | Published On : 28 Mar 2024

Hovercraft, also known as air-cushion vehicles, are used for transporting passengers and cargo over land, swamps, marshes, and open water. Hovercraft operates on a magnetic field principle using powerful fans that lift the entire craft on a cushion of trapped air, allowing it to glide smoothly over any water surface or land without any major physical contact. The global hovercraft market is driven by rising demand for high-speed and flexible transportation over water and difficult terrains. Hovercraft provide efficient transportation for passengers and cargo over regions with water obstacles. They are commonly used for coast-guard and military operations for maritime surveillance and rescue missions owing to their amphibious capabilities. Additionally, growing maritime tourism and coastal trading is anticipated to fuel the adoption of hovercraft during the forecast period.

The Global hovercraft Market is estimated to be valued at US$ 268.1 MN in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Global Hovercraft Market are Textron Inc., Universal Hovercraft Of America Inc., Vanair Hovercraft, Griffon Hoverwork Ltd, Garden Reach Shipbuilders And Engineers, Aerohod Ltd., Airlift Hovercraft Pty Ltd, The British Hovercraft Company Limited, Hovertechnics, Neoteric Hovercraft, Inc., Zodiac Milpro , PARMA Hovercraft, Amphibious Marine, Navtek India, Hoverstream, LLC. Textron Inc. is currently dominating the hovercraft market with its advanced models suitable for commercial and military applications.

The rise in maritime tourism and coastal trading has opened new growth avenues for hovercraft manufacturers and component suppliers. Hovercraft offers a flexible mode of transportation ideal for sightseeing tours, passenger transport to offshore infrastructure, and movement of goods along coastal regions.

Global Hovercraft Market Size manufacturers are focusing on expanding their footprint in emerging markets through joint ventures, acquisitions, and distribution agreements to tap the rising maritime activities in countries with long coastlines such as Southeast Asia, South America, and Africa. Additionally, military modernization programs of various nations will further drive the overseas sales of hovercraft companies.

Market Drivers

One of the key drivers for the Global Hovercraft Market is the increasing need for flexible and high-speed transportation over water and difficult terrains for passengers and cargo movement. Hovercraft provides efficient transportation with amphibious capabilities to navigate across regions with water obstacles such as rivers, lakes, and coastlines. This makes hovercraft an important asset for coast-guard operations, passenger transport, and maritime trading activities.

Market Restraints

High maintenance and operational costs associated with hovercraft compared to conventional watercraft are a major restraint. Hovercraft requires precise balancing and maintenance of cushioning components such as inflatable tubes or skirts to prevent leaks and ensure low-level gliding capability over surfaces. Additionally, the components used in hovercraft propulsion systems that enable the hover effect are complex and high-cost. This limits the adoption of hovercraft for commercial applications requiring high-volume transportation.

Segment Analysis
The global hovercraft market is dominated by the military/defense sub segment which accounts for over 35% share. Military/defense application requires hovercraft for transporting cargo, personnel and equipment to remote outposts and across rivers, lakes and sea waters. Hovercrafts have superior maneuverability and ability to operate from unimproved take off and landing sites which makes it vital for defense application. The recreational sub segment is the second largest and is expected to witness highest growth during the forecast period. Increasing recreational activities such as sight-seeing tours over water bodies are driving demand for hovercrafts for commercial passenger transport.

Global Analysis
North America dominates the global hovercraft market with around 30% share backed by strong defense budget and increased defense procurement in US. Presence of key players such as Textron and significant research on amphibious vehicles in the region supports market growth. Europe is the second largest market led by countries such as UK and France. Ongoing projects related to development of advanced military hovercrafts will help sustain Europe's position during the forecast period. Asia Pacific is identified as the fastest growing region due to rising marine border security concerns and growth in maritime tourism industry in countries like China, Japan and Australia. Countries are increasingly procuring hovercrafts to strengthen coastal surveillance.

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