Rise in allocation of funds for the defense sector and massive use of hovercrafts in the commercial applications to drive the growth of the global on-demand logistics market.
PORTLAND, Ore., Nov. 23, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Hovercraft Market by Size (Less than 10m, between 10m and 20m Greater than 20m), by Propulsion (Diesel powered, Gasoline powered, Others), by End Use (Passenger Transport and Tourism, Cargo Transportation, Defense, Search and Rescue, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global hovercraft industry generated $224 million in 2021, and is estimated to reach $331.5 million by 2031, witnessing a CAGR of 4.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Rise in allocation of funds for the defense sector and massive use of hovercrafts in the commercial applications to drive the growth of the global on-demand logistics market. Increase in the use of hovercrafts for recreational purposes to boost the global market trends. However, huge initial costs and maintenance charges are likely to hinder the global market growth. Moreover, hovercrafts cannot operate on steep slopes. This can hinder the expansion of the global market. On the other hand, technological breakthroughs and massive demand for hovercrafts across the emerging economies are likely to present new growth opportunities for the global market in the coming years.
Covid-19 Scenario
- Hovercraft market is slated to expand post-pandemic, subject to humungous use of hovercrafts in commercial applications such as passenger transport, search and rescue, and others.
- Furthermore, a few firms are also focusing on introducing new hovercraft-based passenger transport services post-COVID-19 period.
The less than 10 m segment to maintain a progressive revenue growth during the forecast period
Based on size, the less than 10m segment was the largest market in 2021, contributing to two-thirds of the global hovercraft market share, and is expected to maintain its leadership status during the forecast period. This is owing to massive use of hovercrafts of this size in leisure activities such as fishing and racing. On the other hand, the between 10m and 20m segment is projected to witness the fastest CAGR of 5.3% from 2022 to 2031, as these kinds of hovercrafts are used massively for passenger services
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The diesel-powered segment to maintain its dominance during the forecast period
Based on propulsion, the diesel-powered segment held the largest market share of three-fourths of global hovercraft market share in 2021, and is expected to maintain its dominance during the forecast period. The key driving factor being that diesel engines in hovercrafts generate more torque, and run longer on a specific volume of fuel as compared to gasoline engines. In addition, diesel engines do not require spark plugs or electrical ignition system, which in turn improves performance of diesel-powered. Moreover, the others segment is projected to witness the largest CAGR of 6.0% from 2022 to 2031. Others segment include electric hovercrafts, and hovercrafts that run on alternative fuel. Moreover, electric hovercrafts are powered by electric motors which enable the hovercraft to move forward. Apart from this, growing environmental concerns and introduction of stringent emission regulations boost the growth of this segment.
North American market to maintain its dominance over forecast period
Based on region, the market in North America was the largest in 2021, capturing more than two-fifths of the global hovercraft market share, and is expected to lead the trail during the forecast period. The rise in the adoption of hovercraft in defense will boost the hovercraft market in North America. The U.S. is one of the leading consumers in the North America hovercraft market as major market players such as Textron Inc., Universal Hovercraft of America Inc. and Neoteic Hovercraft operate and offer solutions in the country. However, the market in the Asia-Pacific is likely to manifest the fastest CAGR of 5.4% during the forecast period. supportive macroeconomic factors such as increase in defense expenditure, increased marine logistics due rapid urbanization and rise in adoption of hovercrafts in coastal activities. In addition, countries, such as China, Japan and India, are projected to witness significant demand for hovercraft market in the near future.
Leading Market Players
- Griffon Hoverwork Ltd
- The British Hovercraft Company
- Vanair Hovercraft
- Universal Hovercraft of America Inc.
- Neoteic Hovercraft
- Hovertechnics, Textron Inc.
- AirLift Hovercraft
- Garden Reach Shipbuilders and Engineers
- Aerohod Ltd.
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