Hovercraft Market to Reach $331.5 Million, Globally, by 2031 at 4.1% CAGR: Allied Market Research

Increase in the amount of money for the security sector and the use of hovercrafts in commercial applications to promote the growth of the global market demand.

PORTLAND, Ore., November 23, 2022 /PRNewswire/ – Allied Market Research published a report, titled, Hovercraft Market by size (smaller than 10 min the middle 10 m and 20 m More than that 20 m), by Propulsion (Diesel-powered, working fuel, others), by end-use (Transportation and tourism, car transport, security, search and rescue, others): Opportunity analysis Global and Industry Forecasts, 2021-2031.” According to the report, the global hovercraft company developed $224 million in 2021, it is expected to reach $331.5 million through 2031, witnessing a CAGR of 4.1% from 2022 to 2031. The report provides a detailed analysis of market trends, top segments, investment portfolios, cost chains, regions, and trends competition.

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Drivers, barriers, and opportunities

Increase in the amount of money for the security sector and the use of hovercrafts in commercial applications to promote the growth of the global market demand. Increase in the use of hovercrafts for recreational purposes to boost the global market trend. However, high initial costs and maintenance costs may hinder global market growth. Also, hovercrafts cannot operate on slopes. This may hinder the expansion of the global market. On the other hand, technological advancements and high demand for hovercrafts across emerging economies may create new growth opportunities for the global market in the coming years.

Covid-19 situation

  • The Hovercraft market is expected to expand exponentially, based on the use of hovercrafts in commercial applications such as transportation, search and rescue, and others.

  • Also, a few companies are also focusing on introducing air travel services after the COVID-19 period.

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Less than 10 m sector to maintain revenue growth during the forecast period

Depending on the size, less 10 m The segment is the largest market in 2021, contributing to two-thirds of the global hovercraft market share, and is expected to maintain its leading position during the forecast period. This is due to the great use of this skill in recreational activities such as fishing and running. On the other hand, in between 10 m and 20 m The segment is expected to witness the fastest CAGR of 5.3% from 2022 to 2031, as these types of vehicles are largely used for passenger services.

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The diesel segment is expected to dominate during the forecast period

Based on motivation, the diesel segment has a market share of three-fourths of the global hovercraft market in 2021, and is expected to maintain its dominance during the forecast period. The main reason for driving is that diesel engines in hovercrafts produce more torque, run longer with the same volume of fuel compared to gasoline. In addition, diesel engines do not require a spark plug or electrical system, which improves the efficiency of diesel fuel. Also, other segments are expected to see a significant CAGR of 6.0% from 2022 to 2031. Other segments include electric power, and hovercrafts run on alternative fuels. Also, electric hovercrafts are powered by electric motors that help the hovercraft move forward. Apart from this, growing environmental concerns and introduction of stringent emission norms are driving the growth of this segment.

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North America market to maintain its dominance during the forecast period

Depending on the region, market and North America is the largest in 2021, taking more than two-fifths of the global hovercraft market share, and is expected to lead the way during the forecast period. The increase in the adoption of hovercraft and security will boost the hovercraft market and North America. The US is one of the biggest buyers in the market North America hovercraft market as market leaders such as Textron Inc., Universal Hovercraft of America Inc. and Neoteic Hovercraft operates and provides solutions in the country. However, the market and Asia-Pacific It is likely to exhibit the fastest CAGR of 5.4% during the forecast period. macroeconomic factors such as the increase in defense spending, the rapid increase in water supply due to rapid urban development and the rise in adoption of hovercrafts and offshore operations. In addition, no, like China, Japan and Indiaexpect to see a huge demand for hovercraft market in the near future.

Marketing players

  • Griffon Hoverwork Ltd

  • British Hovercraft Company

  • Vanair Hovercraft

  • Universal Hovercraft Company of America Inc.

  • Neoteic Hovercraft

  • Hovertechnics, Textron Inc.

  • AirLift Hovercraft

  • Shipbuilders and engineers

  • Aerohod Company Ltd.

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