According to a new report published by UnivDatos Markets Insights, the Hovercraft Market was valued at USD million in 2021 & is expected to grow at a CAGR of 4.0% from 2022-2030. The analysis has been segmented into Propulsion (Diesel-Powered, Gasoline-Powered, and Others); End-Use (Passenger Transport and Tourism, Cargo Transportation, Defense, Search and Rescue, and Others]; Region/Country.
The Hovercraft market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Hovercraft market. The Hovercraft market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Hovercraft market at the global and regional levels.
Request for Sample Pages - https://univdatos.com/get-a-free-sample-form-php/?product_id=41114
Key Market Dynamics
Hovercrafts, also known as air cushion vehicles, have become increasingly popular in recreational activities due to their unique ability to glide over land, water, mud, and other surfaces. This makes them a versatile choice for those looking to experience a thrilling and unique activity. Moreover, the popular use of hovercraft racing is also a major factor driving the growth of the market. Competitors take part in speed races around a designed route. For instance, Wendover student takes 'HoverCraft Racing' worldwide, 14-year-old Nancie Devlin currently sits Third in the UK Championships for Racing Hovercraft. Moreover, recreational activities also include leisurely crushing. Riders can explore natural landscapes, such as lakes, rivers, and wetlands. In addition, hovercraft can cover areas that are difficult to reach by traditional boats or vehicles. Furthermore, some people use hovercraft for hunting and fishing, this can be a thrilling and challenging experience for those who enjoy the outdoors and seek a unique adventure. Moreover, the growing use of hovercrafts in rescue operations is also anticipated to drive the growth of the market. For instance, A fisherman was rescued from an ice floe on, Jan. 2, 2023, in Chippewa County, Mich. He was ice fishing on the St. Marys River when the ice he was on detached and became an ice floe, which was heading for the shipping channels.
COVID-19 Impact
The Hovercraft market has been significantly affected by the COVID-19 pandemic mainly because transportation systems and supply chains have been widely disrupted. The manufacturing and supply chain of hovercraft has also been affected due to the pandemic. The lockdown and travel restrictions have disrupted the supply chain of components and raw materials required for the manufacturing process, resulting in delays and reduced production capacity.
· Based on propulsion, the market is segmented into diesel-powered, gasoline-powered, and others. Amongst these, the diesel-powered segment is anticipated to hold a higher CAGR during the forecast period.
· By End-use, the market is segmented into passenger transport and tourism, cargo transportation, defense, search and rescue, and others. Among these, the defense segment is anticipated to grow with a higher CAGR during the forecast period.Hovercraft Market Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, UK, France, Italy, Spain, Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
The high demand for military hovercrafts in the United States and Canada is more in North America. Additionally, the region's civil hovercraft industry is well-developed, with numerous businesses providing passenger and cargo transportation services. The North American hovercraft market will benefit from the rise in defense use of hovercraft. Major market players such as Textron Inc., Universal Hovercraft of America Inc., and Neoteric Hovercraft operate and offer solutions in the United States, which is one of the leading consumers in the North American hovercraft market.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Hovercraft market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Related Reports-
Aerospace Materials Market: Current Analysis and Forecast (2021-2027)
Aviation Asset Management Market: Current Analysis and Forecast (2022-2028)
Recent Developments:
· In January 2021, Neoteric Hovercraft announced that the company delivered a hovercraft configured for emergency responder applications to Oak Island Water Rescue.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Hovercraft market?
• Which factors are influencing the Hovercraft market over the forecast period?
• What are the global challenges, threats, and risks in the Hovercraft market?
• Which factors are propelling and restraining the Hovercraft market?
• What are the demanding global regions of the Hovercraft market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
