Military Amphibious Vehicle Market Trends

Statistics for the 2023 & 2024 Military Amphibious Vehicle market trends, created by Mordor Intelligence™ Industry Reports. Military Amphibious Vehicle trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Market Trends of Military Amphibious Vehicle Industry

The Amphibious Armored Vehicles Segment Dominates the Market During the Forecast Period

Due to its multifaceted capabilities, the amphibious armored vehicles segment is poised to dominate the market. These vehicles are equipped with advanced armor, enabling them to withstand various threats, both on land and in aquatic environments. Their ability to seamlessly transition between different terrains, coupled with advanced weapon systems, positions them as crucial assets for modern military operations. Furthermore, the integration of cutting-edge communication and surveillance technologies enhances the effectiveness of these vehicles in dynamic combat scenarios, making them indispensable for defense forces globally. Amphibious armored vehicles are equipped with specialized features for amphibious assault operations. Their design allows for efficient troop transport from naval vessels to the shore, enabling amphibious landings in contested areas. The integration of advanced assault capabilities, including firepower and troop-carrying capacity, contributes to the sustained growth of this segment.

For instance, in April 2023, BAE Systems PLC received a USD 400 million contract to deliver an additional 227 BvS10 amphibious all-terrain armored vehicles to Germany. The award is a part of the joint procurement signed by Germany, Sweden, and the United Kingdom in 2022 to seek a collaborative all-terrain vehicle to support Arctic operations. The deliveries of AGV are set to begin in 2024 and continue through 2030. The BvS10 and its unarmored “Beowulf” AGV variants are designed for optimal maneuverability in all terrain, including steep mountain environments, snow, sand, and swamps. Their NATO-standard amphibious capability is expected to enable forces to operate across coastal waters and flooded fields. Such developments are anticipated to drive the growth of the market studied in the coming years.

Military Amphibious Vehicle Market: Land Platforms, By Type, UK Armed Forces, 2022

North America Expected to Witness Highest Growth During the Forecast Period

North America is anticipated to experience the highest growth in the military amphibious vehicle market. This growth can be attributed to increased defense budgets, geopolitical tensions, and the need for rapid response capabilities in the region. The United States is expected to invest significantly in modernizing its military amphibious capabilities to address evolving threats. The presence of key market players, coupled with ongoing research and development activities, further positions North America as a focal point for the expansion of the military amphibious vehicle market.

The United States is investing huge amounts in the development of advanced land-based vehicles. In this regard, the United States is currently working on its Amphibious Combat Vehicle (ACV) intended to replace the 40-year-old Amphibious Assault Vehicles (AAV) with the Marine Corps. For instance, in March 2023, the US Marine Corps (USMC) awarded BAE Systems PLC a USD 256.8 million contract for additional Amphibious Combat Vehicles (ACVs) under a third order for full-rate production (FRP). BAE Systems PLC also has a contract for two other ACV variants: ACV-R and ACV-30. The ACV Recovery (ACV-R) variant will replace the legacy Assault Amphibious Vehicle Recovery variant (AAVR7A1) and will provide direct field support, maintenance, and recovery. The ACV-30 variant mounts a stabilized, medium-caliber remote turret system that provides the lethality and protection the marines need while leaving ample room for troop capacity and payload. The US Marine Corps approved full-rate production on the ACV-P vehicle in 2021, and the ACV is currently being fielded to Marine Corps Fleet Marine Force units. Such programs are expected to help the growth of the market studied in North America during the forecast period.

Military Amphibious Vehicle Market: Market CAGR (%), By Region, Global, 2022

Military Amphibious Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)