| Study Period | 2020 - 2030 |
| Market Size (2025) | USD 2.62 Billion |
| Market Size (2030) | USD 3.74 Billion |
| CAGR (2025 - 2030) | 7.34 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
Military Amphibious Vehicle Market Analysis
The Military Amphibious Vehicle Market size is estimated at USD 2.62 billion in 2025, and is expected to reach USD 3.74 billion by 2030, at a CAGR of 7.34% during the forecast period (2025-2030).
Emerging economies ramp up their defense budgets, propelling the global market for amphibious vehicles. With territorial disputes on the rise globally, nations are intensifying their focus on bolstering military capabilities. Key drivers for this market include heightened defense spending and an urgent need for military operations like search and rescue, assaults, and combat support in shallow waters. A global push to secure maritime borders and bolster coastal defenses has amplified the demand for military amphibious vehicles. These adaptable vehicles provide strategic benefits, allowing swift deployment and maneuverability on land and water, effectively tackling the shifting security challenges in coastal areas.
Technological advancements in amphibious vehicle design, propulsion systems, and materials fuel the market's growth. Innovations like enhanced amphibious capabilities, boosted speed, and larger payload capacities are modernizing military fleets, leading to a worldwide embrace of these vehicles by defense forces. Many global armed forces are modernizing to bolster their capabilities, with a pronounced focus on acquiring advanced and versatile equipment, notably amphibious vehicles.
Yet, challenges loom for the market's growth during the forecast period. Issues like limited operability, the need for regular maintenance, and the associated high costs are significant hurdles. Additionally, the complexity of integrating advanced technologies into amphibious vehicles further adds to the operational challenges faced by defense forces.
Military Amphibious Vehicle Market Trends
The Amphibious Armored Vehicles Segment Dominates the Market During the Forecast Period
Global defense spending is bolstering the military amphibious vehicle market. In 2023, SIPRI reported a 6.8% increase in global defense spending, reaching USD 2.44 trillion. Given their versatile capabilities, amphibious armored vehicles are set to lead the market. These advanced armored vehicles can endure threats on both land and water. Their smooth transition across terrains and sophisticated weaponry make them vital for contemporary military missions.
Moreover, state-of-the-art communication and surveillance tech boost their effectiveness in fast-paced combat, solidifying their importance for militaries worldwide. For example, in October 2024, the Indian Ministry of Defence inked a deal with Chowgule & Company Pvt. Ltd. in Goa, securing six Air Cushion Vehicles (ACVs) or hovercrafts for the Indian Coast Guard for INR 387.44 crore (USD 45 million) under the Buy Indian initiative.
In a parallel move, in April 2023, BAE Systems plc clinched a USD 400 million deal to deliver 227 BvS10 amphibious all-terrain armored vehicles to Germany. This contract is part of a collaborative procurement initiated in 2022 by Germany, Sweden, and the UK, aiming for a joint all-terrain vehicle for Arctic missions. Deliveries are slated from 2024 to 2030. The BvS10 and its unarmored counterpart, the "Beowulf" AGV, boast superior maneuverability across diverse terrains, from steep mountains and snow to sand and swamps. Their NATO-standard amphibious design allows operations in coastal waters and flooded fields. Such advancements are poised to fuel the market's growth in the coming years.
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North America Expected to Witness Highest Growth During the Forecast Period
North America is set to lead the military amphibious vehicle market, driven by bolstered defense budgets, rising geopolitical tensions, and an urgent need for rapid response capabilities, particularly from the US. The US is poised to make substantial investments in modernizing its military amphibious assets to counteract evolving threats. Highlighting this commitment, in March 2023, the US Department of Defense earmarked a hefty USD 13.9 billion for land power, focusing on modernizing the Army and Marine Corps. This funding is channeled into procuring land vehicles, prominently featuring amphibious combat vehicles.
Moreover, the US is pouring significant resources into pioneering advanced land-based vehicles. A testament to this is the US's development of the Amphibious Combat Vehicle (ACV), designed to succeed the Marine Corps' four-decade-old Amphibious Assault Vehicles (AAV). In a notable move, in March 2023, the US Marine Corps (USMC) handed BAE Systems plc a substantial USD 256.8 million contract for a fresh batch of ACVs, marking their third full-rate production order. BAE Systems plc has also received contracts for two other variants: the ACV-R and ACV-30. The ACV Recovery (ACV-R) is set to take over from the legacy Assault Amphibious Vehicle Recovery variant (AAVR7A1), offering essential field support, maintenance, and recovery services.
Also, in January 2024, BAE Systems delivered the inaugural Amphibious Combat Vehicle Command and Control (ACV-C) variant to the US Marine Corps. The ACV-C, a product of the full-rate production contract, boasts capabilities ranging from open-ocean and ship-to-objective amphibious operations to land mobility and advanced technology adaptability.
Additionally, major industry players and active research and development endeavors further underscore North America's prominence in the military amphibious vehicle market. For instance, General Dynamics Land Systems–Canada is a global leader championing land and amphibious combat vehicle solutions. Given these dynamics, North America is poised for significant growth in the market in the coming years.
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Military Amphibious Vehicle Industry Overview
A handful of key players dominate the military amphibious vehicle market, holding substantial market shares. Notable names include BAE Systems plc, General Dynamics Corporation, Lockheed Martin Corporation, Textron Inc., and Rheinmetall AG.
With numerous nations eyeing the development of next-gen amphibious vehicles for their armed forces, these players are seizing the moment, pushing forward with technological innovations fueled by relentless R&D. The market also sees a robust presence of regional players, each addressing specific local demands. Product performance, reliability, and cost-effectiveness are paramount in this competitive arena. Market players are heavily investing in R&D and adapting to the shifting defense needs to bolster their standings in this ever-evolving landscape of development and production.
Given the industry's long-term program nature, many significant contracts focus on developing and producing advanced amphibious vehicle variants tailored to end-user specifications. Securing these contracts promises players a steady cash flow, ensuring their growth trajectory remains upward during the forecast period. A case in point: In January 2024, Hyundai Mobis integrated healthcare technology into the amphibious assault vehicles of the Republic of Korea Marine Corps, aiming to reduce motion sickness among soldiers.
The agreement supports efforts to enhance the performance of expeditionary warfighters traveling and operating across maritime and terrestrial domains.
Military Amphibious Vehicle Market Leaders
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Lockheed Martin Corporation
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Rheinmetall AG
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Textron Inc.
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BAE Systems plc
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General Dynamics Corporation
- *Disclaimer: Major Players sorted in no particular order
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Military Amphibious Vehicle Market News
- February 2024: The Japanese MoD announced its involvement in research programs aimed at the development of a new amphibious assault vehicle to support its country's various needs.
- July 2023: The Romanian government disclosed its plans to acquire 16 Assault Amphibious Vehicles (AAVs) from the US Department of Defense (DoD) for USD 120.5 million under a foreign military sales agreement. Romania ordered 16 AAV-7A1 (Personnel Variant), three AAVC-7A1 (Command Variant), and two AAVR-7A1 (Recovery Variant).
Military Amphibious Vehicle Industry Segmentation
Amphibious vehicles can traverse both land and water. This study focuses on two main types: amphibious armored vehicles and hovercraft. These vehicles serve various purposes, including combat, patrol, surveillance, reconnaissance, and search and rescue operations.
The military amphibious vehicle market is segmented by vehicle type, vehicle wheel type, and geography. By vehicle type, the market is segmented into amphibious armored vehicles and hovercraft. By vehicle wheel type, the market is classified as wheeled and tracked. The report also covers the market sizes and forecasts for the military amphibious vehicle market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
| Vehicle Type | Amphibious Armored Vehicles | ||
| Hovercraft | |||
| Vehicle Wheel Type | Wheeled | ||
| Tracked | |||
| Geography | North America | North America | |
| Canada | |||
| Europe | United Kingdom | ||
| France | |||
| Germany | |||
| Russia | |||
| Rest of Europe | |||
| Asia-Pacific | China | ||
| India | |||
| Japan | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| Latin America | Brazil | ||
| Mexico | |||
| Rest of Latin America | |||
| Middle East and Africa | United Arab Emirates | ||
| Saudi Arabia | |||
| Qatar | |||
| South Africa | |||
| Rest of Middle East and Africa | |||
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Military Amphibious Vehicle Market Research Faqs
How big is the Military Amphibious Vehicle Market?
The Military Amphibious Vehicle Market size is expected to reach USD 2.62 billion in 2025 and grow at a CAGR of 7.34% to reach USD 3.74 billion by 2030.
What is the current Military Amphibious Vehicle Market size?
In 2025, the Military Amphibious Vehicle Market size is expected to reach USD 2.62 billion.
Who are the key players in Military Amphibious Vehicle Market?
Lockheed Martin Corporation, Rheinmetall AG, Textron Inc., BAE Systems plc and General Dynamics Corporation are the major companies operating in the Military Amphibious Vehicle Market.
Which is the fastest growing region in Military Amphibious Vehicle Market?
North America is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Military Amphibious Vehicle Market?
In 2025, the North America accounts for the largest market share in Military Amphibious Vehicle Market.
What years does this Military Amphibious Vehicle Market cover, and what was the market size in 2024?
In 2024, the Military Amphibious Vehicle Market size was estimated at USD 2.43 billion. The report covers the Military Amphibious Vehicle Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Military Amphibious Vehicle Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Military Amphibious Vehicle Industry Report
Statistics for the 2025 Military Amphibious Vehicle market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Military Amphibious Vehicle analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
