The air cushion vehicle market popularly known as hovercraft consists of amphibious vehicles that function on a cushion of air and are capable of traveling on both water and land. These vehicles have aluminum or fiberglass hulls that generate a plenum of air using powerful turbofan engines located at the rear. The air cushion generated allows the vehicles to glide effortlessly over both land and water at moderately high speeds without any friction or impact. Due to their amphibious capabilities, air cushion vehicles are currently being utilized worldwide for both commercial and military applications for transporting passengers and cargo.
The Global Air Cushion Vehicle Market is estimated to be valued at US$ 127.22 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Air Cushion Vehicle market are Aerohod, ALMAZ, Griffon Hoverwork, Christy Hovercraft, China Hovercraft Ltd, Neoteric Hovercraft, The British Hovercraft Company, Jedy Hovercraft, Hovertechnics, Viper Hovercraft, Mariah Hovercraft, Vanair Hovercraft, Mercier-Jones, and Hoverstream.
The growing demand for high-speed transport across water bodies as well as areas impacted by natural calamities is fueling the growth of the Air Cushion Vehicle Market Demand Some of the key end-use industries adopting air cushion vehicles include defense, tourism, freight transport, and passenger transport. The manufacturers are focusing on geographical expansion strategies across emerging markets to tap the increasing demand.
Market Key Trends
One of the major trends gaining traction in the global air cushion vehicle market is the increasing focus of manufacturers on innovation and development of customized air cushion vehicles to meet the dynamic transportation needs. Several manufacturers are installing advanced navigational controls, collision avoidance systems, and upgraded seating configurations to enhance the capabilities as well as the riding experience. For instance, companies such as ALMAZ and Aerohod have developed amphibious models capable of carrying heavy cargo and crossing terrains challenging for conventional vehicles. The innovation trends are expected to further increase the adoption of air cushion vehicles, especially in defense and freight transport sectors. This will significantly drive the revenues in the global market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low barriers to Anti-Drone Market entry as the manufacturing process is not complex. However, high capital requirement for R&D and manufacturing acts as a deterrent.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, customized offerings create switching costs.
Bargaining power of suppliers: Supply of raw materials is commoditized. Suppliers have low bargaining power due to availability of substitutes.
Threat of new substitutes: Threat is moderate as specialized application areas require high customization. However, conventional surface transport offers substitutes.
Competitive rivalry: Intense as players compete on technology, quality, service and pricing. However, niche application areas allow personalized client relationships.
The geographical region where the air cushion vehicle market is currently concentrated in terms of value is North America. This is mainly due to developed navies and significant defense budgets of the US and Canada for military applications.
The fastest growing region for the air cushion vehicle market is expected to be Asia Pacific. This is attributed to rising defense budgets of developing economies like China and India. Increasing investments towards coastal security, regular patrolling and surveillance are driving demand.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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