Market Share of Hovercraft Industry
The hovercraft market is highly fragmented, with the presence of many regional players in the market that caters to hovercraft requirements for leisure, commercial, and military applications. Companies such as Textron Inc., Griffon Hoverwork Ltd, Neoteric Hovercraft, Inc., Ivanoff Hovercraft AB, and Airlift Hovercraft Pty Ltd. are prominent players in the hovercraft market. Due to higher fragmentation in the market, the companies are developing new strategies such as mergers and acquisitions and expansion of existing portfolios to proliferate new orders from commercial and military customers.
The companies are robustly investing in the development of new hovercraft models and variants of existing models with enhanced performance capabilities. On this note, British Hovercraft Company Ltd announced that the company invested more than 30% of its turnover over three years into the R&D of new design hovercraft that may provide superior performance in a wide range of commercial applications. Similar adoption of expansion strategies by various companies is anticipated to help the companies to tap into new customer bases and expand their geographical presence in coming years.
Hovercrafts Market Leaders
Textron Inc.
Griffon Hoverwork Ltd
Neoteric Hovercraft, Inc.
Ivanoff Hovercraft AB
Airlift Hovercraft Pty Ltd.
*Disclaimer: Major Players sorted in no particular order
