Hovercraft Market Size to Reach USD 331.5 Million with a CAGR of 4.1% by 2031

Rise in allocation of funds for the defense sector and massive use of hovercrafts in the commercial applications to drive the growth of the logistics market.

PORTLAND, OREGON, UNITED STATES, October 30, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Hovercraft Market," The hovercraft market was valued at $224.00 million in 2021, and is estimated to reach $331.5 million by 2031, growing at a CAGR of 4.1% from 2022 to 2031.

𝙂𝙚𝙩 𝙞𝙣𝙨𝙞𝙙𝙚 𝙎𝙘𝙤𝙤𝙥 𝙤𝙛 𝙩𝙝𝙚 𝙧𝙚𝙥𝙤𝙧𝙩, 𝙧𝙚𝙦𝙪𝙚𝙨𝙩 𝙛𝙤𝙧 𝙨𝙖𝙢𝙥𝙡𝙚:– https://www.alliedmarketresearch.com/request-sample/31893

The North America region includes the U.S., Canada, and Mexico. The hovercraft market size is anticipated to grow in this region due to continuous development in technology and greater adoption by the defense sector. Hovercrafts are adopted by various sectors such as defense, tourism and transportation due to its variety of functions. Presence of major key players in the U.S. has led to most developments in this region, which results in opportunities for hovercraft market.

𝗧𝗵𝗲 𝗞𝗲𝘆 𝗣𝗹𝗮𝘆𝗲𝗿𝘀

Griffon Hoverwork Ltd
The British Hovercraft Company
Vanair Hovercraft
Universal Hovercraft of America Inc.
Neoteic Hovercraft
Hovertechnics, Textron Inc.
AirLift Hovercraft
Garden Reach Shipbuilders and Engineers
Aerohod Ltd.

The U.S. is one of the leading consumers in the North America hovercraft market industry due to presence of major market players such as Textron Inc., Universal Hovercraft of America Inc. and Neoteic Hovercraft among others. The U.S. Navy has tested and adopted advanced hovercrafts for various purposes in defense applications. In February 2022, The US Navy tested a next-generation hovercraft capable of carrying an Abrams tank. The next-generation landing craft of the United States Navy recently completed well deck interoperability testing, demonstrating its preparedness for fleet integration. The Ship to Shore Connector (SSC) hovercraft completed repeated "well deck entries and departures" from the USS Carter Hall as part of the initial round of ship interface testing and helped validate user requirements.

Hovercrafts are utilized for transporting passengers quickly and directly to destinations. In addition, hovercraft is also utilized for sightseeing purposes in the tourism sector. Some companies are focusing on introducing new hovercraft-based passenger transport services, which boosts the growth of the market. For instance, in September 2022, Hoverlink Ontario Inc. announced a hovercraft service from the Niagara region to Toronto. The service is expected to make up to 48 lake crossings per day with the aid of two vessels such as BHT-130 and BHT-150 model hovercrafts. In addition, hovercraft models will be able to carry up to 180 passengers on each journey.

𝙈𝙖𝙠𝙚 𝙖 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙄𝙣𝙦𝙪𝙞𝙧𝙮: – https://www.alliedmarketresearch.com/purchase-enquiry/31893

Hovercrafts are also used for search and rescue operations at locations where traditional boats or helicopters are unable to carry out search and rescue services. Hovercraft can travel over shallow and tidal areas, frozen seas and lakes, and flood areas. Small-sized search and rescue hovercrafts are indispensable for operational inspection amongst the rubble in flood zones. Small-sized hovercrafts are specifically convenient for visual search of victims under the canopies, and trees.

Factors such as an increase in investment in the defense sector, greater use of hovercrafts in commercial applications, and growing adoption for recreational purposes are expected to drive the hovercraft market growth. However, high initial cost of hovercraft, operational limitations, and high maintenance costs are the factors that hamper the market growth. Furthermore, technological advancements and growing demand from emerging countries are the factors expected to offer lucrative opportunities for market growth.

COVID-19 Impact Analysis

Hovercraft market share is expected to grow post pandemic, owing to increasing use of hovercrafts in commercial applications such as passenger transport, search and rescue, and others. In addition, a few companies are also focusing on introducing new hovercraft-based passenger transport services. For instance, in September 2022, Hoverlink Ontario Inc. announced a hovercraft service from Niagara region to Toronto. The service is expected to make up to 48 lake crossings per day with the aid of two vessels such as BHT-130 and BHT-150 model hovercrafts. In addition, hovercraft models will be able to carry up to 180 passengers on each journey.

𝗔𝗻𝗮𝗹𝘆𝘀𝘁 𝗥𝗲𝘃𝗶𝗲𝘄

Factors such as an increase in investment in the defense sector, greater use of hovercrafts in commercial applications, and growing adoption for recreational purposes are expected to drive the hovercraft market growth. However, high initial cost of hovercraft, operational limitations, and high maintenance costs are the factors that hamper the market growth. Furthermore, technological advancements and growing demand from emerging countries are the factors expected to offer lucrative opportunities for market growth.

By propulsion, the diesel powered segment dominated the global hovercraft market in 2021, in terms of revenue, and is expected to lead the market throughout the forecast period. By size, the less than 10m segment accounted for a major share in 2021. Based on end use, the passenger transport and tourism segment is anticipated to witness lucrative growth over the forecast timeframe. At present, North America is the highest revenue contributor, followed by Europe.

𝙏𝙤 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙩𝙝𝙞𝙨 𝙋𝙧𝙚𝙢𝙞𝙪𝙢 𝙍𝙚𝙥𝙤𝙧𝙩: https://www.alliedmarketresearch.com/hovercraft-market/purchase-options

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 :

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David Correa
Allied Analytics LLP
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