Hovercrafts Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 2.04 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hovercrafts Market Analysis
The hovercraft market size is expected to grow from USD 239.03 million in 2023 to USD 264.36 million by 2028, at a CAGR of 2.04% during the forecast period.
The heavy load-carrying capacity of the large hovercraft enables the armed forces to transport troops, military supplies, and equipment to carry out humanitarian assistance, rescue, and disaster relief missions. The increasing applications of hovercraft in the commercial sector and growing adoption for recreational purposes are accelerating the growth of the market during the forecast period.
- The advantage of hovercraft for traveling over shallow waters and terrains, irrespective of the water's current direction, and the minimum cost requirement for infrastructure are major factors generating the demand for hovercraft during the forecast period.
- The companies are also focusing on developing technologically advanced and lightweight hovercrafts capable of attaining high speeds in harsh industrial environments with better maneuverability characteristics to attract new customers for exploring waterways. The development of new models for a diversified consumer base is expected to propel the growth of the market in the coming years.
Hovercrafts Market Trends
The Military Segment Holds Highest Shares in the Market
- The military segment is expected to continue its dominance over the market during the forecast period, as the navies and other marine authorities are utilizing large hovercrafts to transport troops, military supplies, or even 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 roles.
- Over the years, there has been a significant rise in the budget allocated for the US Navy by the DoD. US naval forces have shown interest in newer generation hovercraft in the past few years and have placed an order with Textron. US naval forces have shown interest in newer generation hovercraft in the past few years and have placed an order with Textron.
- In August 2023, Textron Systems secured a substantial contract valued at USD 241 million from the United States Department of Defense (DoD). The contract, announced by the United States DoD, is directed towards the procurement of LCAC 100 Class material and non-recurring activities, with the goal of facilitating the construction of five Ship to Shore Connector (SSC) Landing Craft Air Cushion (LCAC) 100 Class vessels.
- Also, US Navy's Naval Surface Warfare Center Panama City Division (NSWC PCD) is supporting the Republic of Korea (ROK) Navy as they develop the LSF-II Air Cushion Vehicle (ACV). LSF-II crafts 633 and 634 will join two earlier LSFs already in service with the ROK Navy. LSF-II crafts 633 and 634 are serving as prototypes of the redesigned LSF concept. A total fleet of 18 LSF-IIs is planned for induction in ROK Navy. Each of the LSF-II-class hovercraft has a crew of five and is armed with a 12.7 mm machine gun. The class has a full-load displacement of 157 metric tons and can carry either 150 troops or one main battle tank and 24 soldiers.
- Armed forces in countries like China, the United States, Russia, India, and Iran have plans to induct newer-generation military hovercraft over the next decade. New procurement plans and the development of new hovercrafts that will replace the older models will drive the growth of this segment during the forecast period.
Europe is Expected to Experience the Highest Growth During the Forecast Period
- Europe region is expected to witness the highest growth during the forecast period due to the increased adoption of hovercraft from both commercial and military end-users due to opportunities arising from an improved standard of living and the effects of climate change. The law enforcement authorities and border forces in the region are utilizing the transportation of goods, surveillance and rescue, and support counter-narcotic activities. The UK government started a scheme called the Standard Buyer Loan Guarantee (SBLG) in 2021 in order to support hovercraft buyers.
- 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 in coastal sea regions, and unloading freight from supply ships anchored at roadsteads. In addition to this, the demand for hovercraft in the region is expected to witness growth due to several enthusiast events like Hovercraft European Formula 1 event. Such events are anticipated to accelerate the growth of the market in the region.
Hovercrafts Industry Overview
The hovercraft market is highly fragmented, with the presence of many regional players in the market that caters to hovercraft requirements for leisure, commercial, and military applications. Companies such as Textron Inc., Griffon Hoverwork Ltd, Neoteric Hovercraft, Inc., Ivanoff Hovercraft AB, and Airlift Hovercraft Pty Ltd. are prominent players in the hovercraft market. Due to higher fragmentation in the market, the companies are developing new strategies such as mergers and acquisitions and expansion of existing portfolios to proliferate new orders from commercial and military customers.
The companies are robustly investing in the development of new hovercraft models and variants of existing models with enhanced performance capabilities. On this note, British Hovercraft Company Ltd announced that the company invested more than 30% of its turnover over three years into the R&D of new design hovercraft that may provide superior performance in a wide range of commercial applications. Similar adoption of expansion strategies by various companies is anticipated to help the companies to tap into new customer bases and expand their geographical presence in coming years.
Hovercrafts Market Leaders
Textron Inc.
Griffon Hoverwork Ltd
Neoteric Hovercraft, Inc.
Ivanoff Hovercraft AB
Airlift Hovercraft Pty Ltd.
*Disclaimer: Major Players sorted in no particular order
Hovercrafts Market News
- January 2023: Aeroauto Aeromalls and VonMercier Hovercraft announced that they signed a strategic partnership agreement during the Washington DC Auto Show. According to the agreement, Aeroauto will become the Exclusive Dealership for VonMercier Hovercraft in the United States.
- September 2022: Hoverlink Ontario Inc. announced that it is planning to start a 30-minute hovercraft service between the Niagara region and the Greater Toronto Area (GTA) and expects the first trip during the summer of 2023.
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 Drivers
4.3 Market Restraints
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 Latin America
5.2.3 Europe
5.2.4 Asia-Pacific
5.2.5 Middle-East and Africa
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
6.2.4 Griffon Hoverwork Ltd
6.2.5 Textron Inc.
6.2.6 MAD Hovercraft
6.2.7 Hovertechnics LLC
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 Ltd
6.2.12 Universal Hovercraft of America, Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Hovercrafts Industry Segmentation
A hovercraft, also known as an air-cushion vehicle, is a ground-effect machine due to its principle of operation that involves achieving a significant proportion of its support via a cushion of high-pressure air that is sealed between the base of the machine and the ground. It requires continuous air supply to maintain effective pressure for facilitating smooth movement of the vehicle 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, and Rest of the World.
The market sizing and forecasts have been provided in value (USD).
| End User | |
| Military | |
| Commercial |
| Geography | |
| North America | |
| Latin America | |
| Europe | |
| Asia-Pacific | |
| Middle-East and Africa |
Hovercrafts Market Research FAQs
What is the current Hovercraft Market size?
The Hovercraft Market is projected to register a CAGR of 2.04% during the forecast period (2024-2029)
Who are the key players in Hovercraft Market?
Textron Inc., Griffon Hoverwork Ltd, Neoteric Hovercraft, Inc., Ivanoff Hovercraft AB 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?
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
Statistics for the 2024 Hovercrafts market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hovercrafts analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
