by The global hovercraft market provides advantages such as rapid transportation, capabilities to travel on land and water, minimal surface damage due to its pressure distribution, and ability to access remote locations. Hovercrafts find applications in defense, commercial, and recreational activities due to their ability to travel across diverse terrains. The market comprises lightweight and high-performance hovercrafts used for pollution-free transportation.
The Global hovercraft market is estimated to be valued at US$ 382.9 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the global hovercraft market are Textron Inc., Universal Hovercraft Of America Inc., Vanair Hovercraft, Griffon Hoverwork Ltd, Garden Reach Shipbuilders And Engineers, Aerohod Ltd., Airlift Hovercraft Pty Ltd, The British Hovercraft Company Limited, Hovertechnics, Neoteric Hovercraft, Inc., Zodiac Milpro , PARMA Hovercraft, Amphibious Marine, Navtek India, Hoverstream, LLC. The defense sector represents significant opportunities owing to increasing maritime security threats. Technological advancements such as the development of fuel-cell propulsion systems are gaining traction to provide pollution-free operations.
Market Drivers
One of the key drivers for the Global Hovercraft Market Trends is increased defense spending globally. Many countries are procuring hovercrafts to strengthen their naval capabilities due to rising marine security issues. According to Stockholm International Peace Research Institute (SIPRI), global military expenditure reached an all-time high of USD 2 trillion in 2021. This is increasing the procurement of advanced hovercrafts by defense agencies. Additionally, growing tourism activities in coastal regions are augmenting the demand for commercial passenger hovercraft services.
Current challenges in Global Hovercraft Market
The global hovercraft market faces various challenges such as high operational cost, stringent emission norms, and difficulty in infrastructure development. Hovercraft requires specialized facilities for take-off and landing which necessitates heavy investment. Complying with stringent emission norms require upgrading of existing engines which increases development cost.
SWOT Analysis
strength: Fuel efficient and generates less noise pollution. Can move on almost any surface including water bodies.
Weakness: High operational cost. Require specialized infrastructure for operations.
Opportunity: Increasing demand for offshore oil and gas exploration. Growing maritime security applications.
Threats: Stringent emission norms may increase development cost. Substitution threat from Amphibious vehicles and helicopters.
In terms of value, the hovercraft market is concentrated in North America and Europe. North America accounts for over 40% share owing to extensive military applications of hovercraft for patrol and surveillance activities. Europe is another major market led by the UK where various models are developed for commercial passenger transport services.
The fastest growing regional market for hovercraft is Asia Pacific.
Countries like India, China, Australia are increasingly adopting hovercraft for maritime security, offshore oil exploration and passenger transport across islands. Asia Pacific hovercraft market is expected to grow at over 7% during the forecast period driven by maritime infrastructure development and industrialization.
