Contracts was the Key Strategy Adopted by Market Players to Enhance Business Prospects in the Amphibious Vehicles Market
The amphibious vehicles market is projected to reach USD 3.70 Billion by 2022, at a CAGR of 9.13% from 2017 to 2022. The demand for amphibious vehicles is expected to be driven by the increasing demand from militaries owing to rising conflicts, increasing commercial applications, accessibility in rough terrain, and the assault amphibious vehicle upgradation program of the U.S. Army.
Amphibious Vehicles (AVs) for defense are employed to provide combat support to defense forces during amphibious military operations or commercial applications as excavators for dredging and reclamation for rivers, or other water bodies. This is expected to fuel the demand for amphibious vehicles from defense and commercial amphibious vehicle manufacturers. Key combat amphibious vehicle manufacturers include BAE Systems (U.K.), General Dynamics Corporation (U.S.), Lockheed Martin Corporation (U.S.), and Rheinmetall AG (Germany), among others. Key manufacturers in the commercial amphibious vehicles market include Hitachi Construction Machinery (Europe) N.V. (Netherlands), EIK Engineering Sdn. Bhd. (Malaysia), Wetland Equipment Company, Inc. (U.S.), and Wilco Manufacturing LLC (U.S.), among others.
These companies accounted for a major share of the amphibious vehicles market in 2017. The companies have manufacturing facilities in regions, such as North America, Europe, and Asia-Pacific, and adopted strategies, such as contracts, and agreements, among others to increase their market shares.
BAE Systems Plc (U.K.) focuses on maintaining and growth of its defense business along with connected markets including cybersecurity. The company also focuses on new product development as their key strategy, and is thus investing to a high extent on R&D for innovations and development of new products. In 2016, the company invested 8.12% of its total revenue on R&D. BAE Systems delivered a prototype of the Amphibious Combat Vehicle (ACV) 1.1, in 2016, to the U.S. Marine Corps which has a 700HP engine and has an all-terrain mobility. In 2017, BAE Systems Plc (U.K.) signed a contract worth USD 149 million with the Japanese Ground Self-Defense Force (JGSDF) for the supply of AAV7A1 Reliability, Availability, and Maintainability/Rebuild to Standard (RAM/RS) vehicles.
Marsh Buggies, Inc. (U.S.) signed a contract with J.F. Brennan Company, Inc. (U.S.), in 2017, for the execution of drainage and wildlife restoration projects using marsh excavators. In 2017, the company also gained contracts from Ducks Unlimited, Inc. (U.S.) and J.F. Brennan Company, Inc. (U.S.).
Related Reports:
Amphibious Vehicle Market by End User (Defense, Commercial), Application (Surveillance & Rescue, Water Transportation, Sports, Excavation), Propulsion (Screw Propeller, Water Jet, Track-Based), and Region - Global Forecasts to 2022
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