Market overview
The global amphibious vehicles market is expected to register a CAGR of 10.18% from 2022 to 2030. Professionals, and people in general, use amphibious all-terrain vehicles when they are traveling through muddy, swampy, and waterlogged areas. They can even travel underwater with these vehicles.
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Market opportunities
Global tourism is on the rebound now that a vaccine and booster shots for COVID-19 have been developed. In fact, the tourist sector is currently one of the world’s fastest-growing economic sectors.
Modern tourism is very water intensive. This is especially true in The Asia-Pacific region and the European Union. It’s also true in the North American region. It’s in these regions that water sports and adventures as a form of tourism that has become popular in recent years. Hence, the demand for amphibious all-terrain vehicles has increased recently.
Many government agencies are encouraging water tourism around the world. Good examples are the European Travel Commission and the European Tour Operators Association Limited. They’re also lowering taxes associated with water tourism.
The global defense industry uses these vehicles the most because of their waterproof properties. That said, many private companies use these vehicles. The general population also uses these vehicles when playing water sports or traveling through watery areas. Many water treatment facilities use these amphibious all-terrain vehicles when maintaining watery environments.
Market segmentation
By type
This segment can be further categorized into 6x6 and 6x8. These types of amphibious all-terrain vehicles are agile and very flexible. You can drive and operate them very well on rough terrains that are found off established roads. Many tourists use them either to store items or other people. It turns out that these vehicles make for comfortable transport.
By application
This segment can be further classified into:
· Personal
· Commercial
Many people use these vehicles for personal reasons whenever they cross small or large bodies of water like lakes and ponds. These vehicles make great search and rescue devices in watery areas. They’re also great for water sports.
Regional analysis
The amphibious all-terrain vehicle market can be grouped into the following regions:
· North America
· The European Union
· Asia-Pacific
· The Rest of the World
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Sales of new all-terrain vehicles are strong in the North American region. In fact, it’s growth in this region that’s leading to new technological advances and innovations in these vehicles. Many governments in this region are passing legislation that is encouraging the manufacture and usage of vehicles that are gentler on the environment.
The middle classes in this region are growing wealthier. This, when combined with the fact that water sports are taking off in popularity in this region is fueling growth in the amphibious vehicles market.
The amphibious vehicles market is also taking off in the European Union. Many European governments are responding by passing legislation that requires ATVs to be friendlier for the environment.
Industry news
amphibious vehicless are becoming safer to use and friendlier for the environment! The Australian government recently spent USD 620 to buy domestic vehicles. The intent is to protect the Australian military and navy when engaging in water-based exercises.
BAE Systems recently won a multi-million-dollar contract from the American marines to develop vehicles that were better around and in the water!
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