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Amphibious ATV Market Research Report Information By Type (6x6 and 8x8), By Application (Personal and Commercial), and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) – Market Forecast Till 2032

ID: MRFR/AM/9200-HCR | 188 Pages | Author: Swapnil Palwe| April 2024

Amphibious ATV Market Overview:

Amphibious ATV Market Size was valued at USD 2.5 Billion in 2022. The Amphibious ATV market industry is projected to grow from USD 2.8 Billion in 2023 to USD 6.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.18% during the forecast period (2023 - 2032). Commercial applications are expanding, and the defence industry is investing more money, are the key market drivers enhancing the market growth.

Amphibious ATV Market

Type: Secondary Research, Primary Research, MRFR Database and Analyst Review

Amphibious ATV Market Trends

  • Rise in commercial applications is driving the market growth

In order to address the surge in demand from the business sectors as water transportation and water activities have become more and more popular, commercial amphibious ATV manufacturers have created technologically superior amphibious vehicles. The demand for amphibious ATVs is also rising as a result of the increased use of these vehicles in a variety of commercial activities, including excavation, mud removal from water, canal construction, and land reclamation. The development of the amphibious ATV market is positively impacted by this factor. For instance, the Swachh Bharat Mission (SBM) called for the purchase of new amphibious equipment, a mini-amphibian, and amphibious robotic excavators by Chennai Municipal Corporation in India in December 2018.

Leading nations in the area like the US, Russia, China, Saudi Arabia, and India are bolstering their defence industries by making significant investments in the development and acquisition of cutting-edge military systems. Additionally, developing economies around the world are modernising their traditional defence systems and equipment to counter the threat as border security and terrorism worries increase. Additionally, powerful engines that deliver tremendous speed and power on all terrains are included in amphibious ATVs. These vehicles also provide strong performance during tactical operations and are dependable, adaptable, can carry weapons and ammo. As a result, nations all over the world are eager to buy these vehicles to bolster their defence systems. This in turn increases the market's demand for amphibious ATVs. For instance, according to the Stockholm International Peace Research Institute (SIPRI), US military spending increased by 5.3% in 2019 to reach USD 732 billion, or 38% of all military spending worldwide. Additionally, China was the second-largest spender on the military in 2019, paying about USD 261 billion, an increase of 5.1% from the previous year.

Leading nations including the United States, Russia, China, Saudi Arabia, and India are bolstering their defence industries by making significant investments in the development and acquisition of cutting-edge military systems. In addition, emerging economies around the world are modernising their traditional defence systems and equipment to combat the adversary due to the rise in border security and terrorism concerns. Both the increase in demand for commercial applications and the increase in expenditure in the defence sector are likely to fuel market expansion. The high initial cost of amphibious vehicles, as well as rising operational expenses and serviceability, restrict market expansion. Additionally, increased demand for amphibious excavators for dredging and excavation as well as an increase in the use of advanced amphibious combat vehicles (ACV) in maritime applications are anticipated to provide profitable prospects for the expansion of the amphibious vehicle market. Due to its growing popularity and technological developments, this type of vehicle is employed for a wide range of commercial purposes, including water sports, recreation, and water transportation. Additionally, amphibious excavators are utilised for dredging tasks including environmental cleanups, maintaining river bottoms, marshes, lakes, ponds, and reservoirs.

 Thus, driving the Amphibious ATV market revenue.

Amphibious ATV Market Segment Insights:

Amphibious ATV Type Insights

The Amphibious ATV Market segmentation, based on type, includes 6x6 and 8x8. 6x6 segment accounted for the largest revenue share in 2022. The 6x6 amphibious ATV is highly manoeuvrable and renowned for its agility. It is appropriate for off-road situations. The 6x6 amphibious vehicle, which has space for tools and equipment on the cargo deck, is ideal for use as a runabout utility vehicle and is built for remote access travel for 2-4 people. The 8x8 amphibious ATV does, however, have a rear cargo bed for supplies and/or people. This all-wheel-drive vehicle can run on or off the tracks.

Amphibious ATV Application Insights

The Amphibious ATV Market segmentation, based on application, includes personal and commercial. Personal segment dominated the Amphibious ATV Market in 2022. For personal use, such as navigating creeks, canals, ditches, ponds, lakes, rivers, or flooded areas from severe rains, amphibious ATVs are appropriate. Commercial uses for amphibious ATVs include surveillance and rescue, water transportation, sports and excavation.

Figure 1: Amphibious ATV Market, by Application, 2022 & 2032 (USD Billion)

Amphibious ATV Market, by Application, 2022 & 2032

Type: Secondary Research, Primary Research, MRFR Database and Analyst Review

Amphibious ATV Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Amphibious ATV Market dominated this market in 2022 (45.80%). The sale of all-terrain vehicles has increased in North America. The amphibious ATV market is anticipated to develop as a result of the expanding US market. Amphibious ATVs are very common in North America since the government there promotes the use of environmentally friendly products. All-terrain vehicles with better designs and increased fuel efficiency are now available from manufacturers. Government initiatives, rising middle-class disposable income, and expanding tourism will all boost market expansion in North America. The region's market share for amphibious ATVs will increase as a result of investments in the creation of updated models of all-terrain vehicles and the integration of production facilities. Further, the U.S. Amphibious ATV market held the largest market share, and the Canada Amphibious ATV market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Amphibious ATV Market Share By Region 2022 (USD Billion)

Amphibious ATV Market Share By Region 2022

Type: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Amphibious ATV market accounted for the healthy market share in 2022. The government decided to adopt sustainability standards to limit fuel emissions in response to the expansion of the transport sector in Europe. This is anticipated to have an effect on the all-terrain vehicle standards provided by European OEMs. Additionally, to meet the requirements for ATVs, manufacturers deliberately invest in the development of all-terrain vehicles. ATVs are integrating sophisticated technologies as automation and computerised controls increase along with per capita spending on luxury goods. Further, the German Amphibious ATV market held the largest market share, and the U.K Amphibious ATV market was the fastest growing market in the European region

The Asia Pacific Amphibious ATV market is expected to register significant growth from 2023 to 2032. This is because nations like China, Japan, and Australia are here. The region's tourism industry is expanding because to the spike in demand for recreational and all-terrain vehicles. Automobile sales growth in the area is ascribed to a number of variables, including rising per capita income, enhanced infrastructure spending, measures to encourage FDI, and economic production costs. Moreover, China’s Amphibious ATV market held the largest market share, and the Indian Amphibious ATV market was the fastest growing market in the Asia-Pacific region.

Amphibious ATV Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Amphibious ATV market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Amphibious ATV industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Amphibious ATV industry to benefit clients and increase the market sector. In recent years, the Amphibious ATV industry has offered some of the most significant advantages to medicine. Major players in the Amphibious ATV market, including ARGO, Hydratrek, Mudd-Ox Inc., Terra Jet, Sherp, Tinger, Gibbs Technologies Limited, and MaxATVs, are attempting to increase market demand by investing in research and development operations.

Defence contractor and systems integrator BAE Systems Plc (BAE). The business offers solutions for air, land, and maritime security, aerospace, and defence. Advanced electronics, cybersecurity, and intelligence products are among BAE's offerings, along with information technology solutions and support services. Military aircraft, space systems, surface ships, submarines, avionics, radars, command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR) systems, electronic systems, torpedoes, and guided missile systems are all products that the firm develops, produces, and sells. Both the government and business clients are served. The corporation has operations throughout Central and South America, Africa, the Middle East, North America, and Asia-Pacific. The UK's London serves as the home base for BAE. The U.S. Marine Corps awarded BAE Systems a contract option for USD 184 million in February 2021 for the full-rate manufacturing of additional amphibious combat vehicles (ACVs).

Self-driving goods and services are being created by Argo AI with the goal of securing the world's roads and streets. In order to develop technology that will enable mobility products, the business creates the software, hardware, maps, and cloud-support infrastructure that power self-driving cars. These features include maps, sense, sensor data, engine braking and steering, as well as maps. Leading producer of commercial amphibious Extreme Terrain Vehicles (XTVs), ARGO, revealed that it had engaged into a manufacturing and supply arrangement with SHERP. This announcement was made in November 2020.

Key Companies in the Amphibious ATV market include

  • ARGO

  • Hydratrek

  • Mudd-Ox Inc.

  • Terra Jet

  • Sherp

  • Tinger

  • Gibbs Technologies Limited

  • MaxATVs

Amphibious ATV Industry Developments

February 2021: The Australian government announced intentions to spend USD 620 million to buy new fleets of landing craft and amphibious vehicles made in Australia. These vehicles will be utilised for the faster, more secure transportation of land forces.

August 2020: The Fat Truck Industrial Off-Road Utility Vehicles were created by Zeal Motor Inc. These all-terrain, amphibious vehicles have a payload capacity of 2,200 lbs (997.9 kg) and can transport up to eight persons. To guarantee safety on any job site, they have ISO 3471 ROPS (rollover protection structure) certification.

May 2019: The Armoured Amphibious Offensive Vehicle (ZAHA), a marine amphibious vehicle, is unveiled by FNSS.

Amphibious ATV Market Segmentation:

Amphibious ATV Type Outlook

  • 6x6

  • 8x8

Amphibious ATV Application Outlook

  • Personal

  • Commercial

Amphibious ATV Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2022 USD 2.5 Billion
Market Size 2023 USD 2.8 Billion
Market Size 2032 USD 6.0 Billion
Compound Annual Growth Rate (CAGR) 10.18% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled ARGO, Hydratrek, Mudd-Ox Inc., Terra Jet, Sherp, Tinger, Gibbs Technologies Limited, and MaxATVs
Key Market Opportunities Growing tourism sector
Key Market Dynamics Rise in commercial applications and increasing investment from the defense sector

Frequently Asked Questions (FAQ) :

The Amphibious ATV Market size was valued at USD 2.5 Billion in 2022.

The global market is projected to grow at a CAGR of 10.18% during the forecast period, 2023-2032.

North America had the largest share in the global market

The key players in the market are ARGO, Hydratrek, Mudd-Ox Inc., Terra Jet, Sherp, Tinger, Gibbs Technologies Limited, and Max ATVs

The 6x6 Type dominated the market in 2022.

The Personal Application had the largest share in the global market.

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