Hovercraft Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 202.27 Million |
| Market Size (2029) | USD 237.65 Million |
| CAGR (2024 - 2029) | 3.30 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Hovercraft Market Analysis
The Hovercraft Market size is estimated at USD 202.27 million in 2024, and is expected to reach USD 237.65 million by 2029, growing at a CAGR of 3.30% during the forecast period (2024-2029).
The high load-carrying capacity of the hovercraft helps armed forces transport military troops, supplies, and other defense equipment to carry out humanitarian assistance, rescue, and disaster relief missions. Advanced hoverboards have advanced navigation systems, lightweight material, and powerful propulsion systems that increase efficiency and agility. This advancement promotes the hovercraft's operational capabilities across various terrains and applications. The rising global geopolitical tensions and increased military expenditure enhance the military capability to boost the market. An increased defense budget emphasizes the procurement of advanced hovercraft equipped with various military capabilities such as missiles, radars, and other military systems.
The advantage of a hovercraft for traveling over shallow waters and terrains, irrespective of the water current's direction, and the minimum cost requirement for infrastructure are significant factors expected to generate demand for hovercraft during the forecast period. However, the high initial capital investment and continued operation cost are significant challenges for the growth of the hovercraft market. The high cost will deter potential customers, making their wide-scale adoption in the commercial market of transportation, tourism, and rescue operations difficult. This economic challenge emphasizes the need to develop less expensive technologies and operational strategies to increase the value offered by hovercraft.
Hovercraft Market Trends
The Military Segment Holds the Highest Share in the Market
The navies and other marine authorities utilize large hovercrafts to transport troops, military supplies, and tanks. Due to their ease of operation over land and sea mines, sand, mud, ice, snow, rocks, weeds, logs, debris, and rapids, they can be used for offensive operations, humanitarian aid, logistics, and security. Military hovercrafts have advanced GPS and radar capabilities to provide accurate positioning and situational awareness in challenging environments. The powerful propulsion system also includes ducted fans and air-cushion technology that increase the thrust and maneuverability, allowing rapid transit across various terrains.
For instance, in March 2024, the Indian Coast Guard established the dedicated Hovercraft Maintenance Unit (HMU). The facility will improve hovercraft's operational efficiency and legibility in the region. Strategic infrastructure development is key to the region's military hovercraft market's growth. Also, in August 2023, Textron Systems secured a substantial contract valued at USD 241 million from the United States Department of Defense (DoD). The agreement, announced by the United States DoD, is directed toward procuring LCAC 100 Class material and non-recurring activities to facilitate the construction of five Ship to Shore Connector (SSC) Landing Craft Air Cushion (LCAC) 100 Class vessels.
Armed forces in countries like China, the United States, Russia, India, and Iran plan to induct newer-generation military hovercraft over the next decade. New procurement plans and the development of new hovercrafts to replace the older models will drive segmental growth during the forecast period.
Europe is Expected to Experience the Highest Market Growth During the Forecast Period
In recent years, European countries have registered a growing demand for hovercraft for commercial and military end users. Opportunities arising from an improved standard of living and the effects of climate change are driving demand for hovercraft. The demand for hovercraft is also due to enhanced transportation capabilities and a rise in the adoption of hovercraft by law enforcement and border patrol agencies across the region.
In June 2023, Estonia announced plans for a massive investment of around USD 14.5 billion over the next decade, which involves modernizing its armed forces and military procurement. All these investments are driven by the heightening threat perception following Russia's actions in Ukraine.
European manufacturers are investing in R&D to develop more efficient and eco-friendly hovercraft. For instance, Griffon Hoverwork Ltd has been working on new models with improved performance capabilities, which are expected to cater to commercial and military demand. Furthermore, the Russian Ministry lists high-priority transport goals in the Arctic region that include the all-season delivery of supplies to ice-resistant platforms on the continental shelf, primarily gas-drilling rigs in the Gulf of Ob, freight deliveries via various-size rivers and coastal sea regions, and unloading freight from supply ships anchored at roadsteads.
Hovercraft Industry Overview
The hovercraft market is fragmented, with many regional players that cater to hovercraft requirements for leisure, commercial, and military applications. Companies such as Textron Inc., Griffon Hoverwork Ltd, Neoteric Hovercraft Inc., Airlift Hovercraft Pty Ltd, and The British Hovercraft Company Ltd are prominent players in the market.
Due to higher fragmentation in the market, the companies are emphasizing continuous innovation and increasing investment in R&D to enhance the efficiency and capability of hovercraft. For instance, in 2023, Griffon Hoverwork Ltd launched the Wyvern class LCAC. The Wyvern class is the most versatile, economical, and advanced Landing Craft Air Cushion Hovercraft. The development will provide military forces with fast and amphibious transportation capabilities in all terrains. Such developments underline the importance of R&D in driving the market. Additionally, companies are incorporating advanced autonomous technology and enhanced propulsion systems to increase operational capability.
Hovercraft Market Leaders
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Textron Inc.
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Griffon Hoverwork Ltd
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Neoteric Hovercraft, Inc.
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The British Hovercraft Company Ltd.
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Airlift Hovercraft Pty Ltd
*Disclaimer: Major Players sorted in no particular order
Hovercraft Market News
March 2024: The Indian Coast Guard established a dedicated Hovercraft Maintenance Unit (HMU). The facility will improve hovercraft's operational efficiency and legibility in the region. Strategic infrastructure development is one key factor in the regional military hovercraft market's growth.
August 2023: Textron Systems secured a substantial contract valued at USD 241 million from the US Department of Defense (DoD). The agreement, announced by the DoD, is directed toward procuring LCAC 100 Class material and non-recurring activities to facilitate the construction of five Ship to Shore Connector (SSC) Landing Craft Air Cushion (LCAC) 100 Class vessels.
Hovercrafts Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Driver
4.3 Market Restraint
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 End User
5.1.1 Military
5.1.2 Commercial
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 Middle East and Africa
5.2.5 Latin America
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Aerohod Ltd.
6.2.2 Airlift Hovercraft Pty Ltd.
6.2.3 CHRISTY HOVERCRAFT TM
6.2.4 Griffon Hoverwork Ltd (GHL)鈥�
6.2.5 Textron Inc.
6.2.6 MAD Hovercraft
6.2.7 Hovertechnics
6.2.8 Ivanoff Hovercraft AB
6.2.9 Neoteric Hovercraft Inc.
6.2.10 Bill Baker Vehicles Ltd
6.2.11 The British Hovercraft Company
6.2.12 Universal Hovercraft of America Inc.鈥�
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Hovercraft Industry Segmentation
A hovercraft, also known as an air-cushion vehicle, is a ground-effect machine due to its principle of operation, which involves achieving a significant proportion of its support via a cushion of high-pressure air sealed between the base of the machine and the ground. It requires continuous air supply to maintain adequate pressure and facilitate smooth vehicle movement over land and sea.
The hovercraft market is segmented by end user and geography. By end user, the market is segmented into military and commercial. By geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Also, the report offers the market size and forecasts for major countries across the regional markets. For each segment, the market sizing and forecasts have been done based on value (USD).
| End User | |
| Military | |
| Commercial |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Middle East and Africa | |
| Latin America |
Hovercrafts Market Research FAQs
How big is the Hovercraft Market?
The Hovercraft Market size is expected to reach USD 202.27 million in 2024 and grow at a CAGR of 3.30% to reach USD 237.65 million by 2029.
What is the current Hovercraft Market size?
In 2024, the Hovercraft Market size is expected to reach USD 202.27 million.
Who are the key players in Hovercraft Market?
Textron Inc., Griffon Hoverwork Ltd, Neoteric Hovercraft, Inc., The British Hovercraft Company Ltd. and Airlift Hovercraft Pty Ltd are the major companies operating in the Hovercraft Market.
Which is the fastest growing region in Hovercraft Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Hovercraft Market?
In 2024, the North America accounts for the largest market share in Hovercraft Market.
What years does this Hovercraft Market cover, and what was the market size in 2023?
In 2023, the Hovercraft Market size was estimated at USD 195.60 million. The report covers the Hovercraft Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Hovercraft Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hovercrafts Industry Report
The Hovercraft Market Report provides a comprehensive industry overview segmented by end user categories including military and commercial, and by geographical regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. This market analysis includes a detailed market forecast, offering insights into market growth and market trends. The market size and market share are thoroughly examined, providing valuable industry information for stakeholders.
The report includes industry reports with a historical overview and a market forecast outlook. It highlights the market leaders and their contributions to the market value. This industry analysis is supported by industry statistics, offering a clear market outlook for the future. The market segmentation allows for a deeper understanding of the various market dynamics.
Additionally, the report includes a free report PDF download, serving as a report example for those interested in further industry research. The market data is crucial for understanding the market predictions and market review. With a focus on market growth and market forecast, the report provides a solid foundation for understanding the industry's trajectory.
Industry trends and industry size are key components of this report, ensuring that all relevant market information is covered. The report also includes details on industry sales and industry research, making it a valuable resource for research companies and other stakeholders. The market report is a vital tool for anyone looking to understand the market segmentation and market value in depth.
