Hovercraft Market: Current Analysis and Forecast (2022-2030)

Report Description

The hovercraft market is expected to grow at a strong CAGR of around 4% during the forecast period owing to an increase the safety and growing advancement in the military and defense sector. Hovercrafts are vehicles that carry a heavy load including passengers and goods having the ability to move over ice, land, water, and mud. Moreover, the growing leisure and recreational activities such as racing and others. Such extensive use of hovercraft for recreational purposes and rescue and operations results in an increase in the demand for new hover crafts.  For instance, according to Nexstar Media Inc. Hovercraft was used to rescue a man on St. Mary’s River in Michigan.

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Some of the major players operating in the market include Aerohod Ltd; Airlift Hovercraft Pty Ltd.; CHRISTY HOVERCRAFT; Griffon Hoverwork; Textron Inc.; Lucchini RS S.p.A.; MAD Hovercraft; Hovertechnics; Ivanoff Hovercraft AB; Neoteric Hovercraft Inc., Bill Baker Vehicles Ltd. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst propulsion, the diesel-powered segment is anticipated to hold a higher CAGR during the forecast period.”

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. The factors such as diesel-powered engines produce more torque and could run longer on a specific volume of fuel as compared to gasoline. Moreover, the gasoline engine does not require spark plugs or an electrical ignition system, which in turn improves efficiency and performance. Hence, these are the factors driving the growth of the segment.

Hovercraft Market Report Coverage

“North America holds the second largest share of the hovercraft market in 2021.”

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.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global hovercraft market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Hovercraft Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global hovercraft market were the three major steps undertaken to create and analyze the adoption of hovercraft in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global hovercraft market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the hovercraft market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the hovercraft market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as propulsion and end-use. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the hovercraft market. Further, we conducted factor analysis using dependent and independent variables such as propulsion and end-use of the hovercraft market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the hovercraft market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global hovercraft market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the hovercraft market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global hovercraft market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global hovercraft market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of propulsion and end-use in the global hovercraft market.

The main objective of the Global Hovercraft Market Study

The current & future market trends of the global hovercraft market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the hovercraft market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of propulsion and end-use.
• Define and analysis of the regulatory framework for the hovercraft
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the hovercraft market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the hovercraft market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

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