Growing military expenditures, advantages of amphibious hovercrafts, the wide range of operability and the low costs involved in the manufacturing of hovercrafts are the main factors driving the military hovercraft market.
August 17th, 2018: The military hovercraft market is expected to witness a CAGR of around 0.3% from 2018 - 2023, as per a new report published by Mordor Intelligence, LLP. According to the report, the growth of the market is primarily driven by the growth in military expenditures globally; raising safety concerns regarding national integrities; advantages the hovercrafts offer compared to ships, like their amphibious nature, their capability to travel on different terrains, and their low cost of manufacturing compared to ships of the same size. However, there are also some disadvantages associated with the hovercraft, such as utilization of a huge amount of power, noisy operation, less maneuverability, and high operating costs. These make the use of hovercraft limited to certain application, thus acting as a restraint to the market growth.
Amphibious hovercraft offer many advantages over sidewall hovercraft and have a wide range of capabilities. They can travel over rough and harsh terrains smoothly and also in low water level areas, where ships cannot travel, without affecting the ecology beneath the surface. Their use is being popularized in the military because the situations encountered in the military are more dynamic and unpredictable. Amphibious hovercraft are more suitable for those tasks, and thus they are widely used in military applications. Geographically, North America currently has a large market share, and this trend is expected to continue during the forecast period. The higher market share of North America is attributed to the high military spending by the United States.
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Key Insights from the Report:
The report Military Hovercraft Market - Segmented by Type and Geography
Military Hovercraft Market, Segmented by Type
Military Hovercraft Market, Segmented by Geography
Middle East & Africa
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