Market Size of Hovercraft Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 2.04 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hovercrafts Market Analysis
The hovercraft market size is expected to grow from USD 239.03 million in 2023 to USD 264.36 million by 2028, at a CAGR of 2.04% during the forecast period.
The heavy load-carrying capacity of the large hovercraft enables the armed forces to transport troops, military supplies, and equipment to carry out humanitarian assistance, rescue, and disaster relief missions. The increasing applications of hovercraft in the commercial sector and growing adoption for recreational purposes are accelerating the growth of the market during the forecast period.
- The advantage of hovercraft for traveling over shallow waters and terrains, irrespective of the water's current direction, and the minimum cost requirement for infrastructure are major factors generating the demand for hovercraft during the forecast period.
- The companies are also focusing on developing technologically advanced and lightweight hovercrafts capable of attaining high speeds in harsh industrial environments with better maneuverability characteristics to attract new customers for exploring waterways. The development of new models for a diversified consumer base is expected to propel the growth of the market in the coming years.
