Ground-Effect Vehicle Market Size, Share, Growth, And Industry Analysis, By Type (Type A, Type B, Type C), By Application (Military, Civil, Other), Regional Insights and Forecast To 2032

• 

   Request a Free Sample To Get More Information on this Market

GROUND-EFFECT VEHICLE MARKET REPORT OVERVIEW

global ground-effect vehicle market size was valued at approximately USD 0.2 billion in 2023 and is expected to reach USD 0.4 billion by 2032, growing at CAGR of about 8% during the forecast period.

A ground-effect vehicle is a vehicle that can function and execute activities without the presence of humans. UGVs offer a versatile robotic system application, as well as diverse applications and mobility assistance. These vehicles' primary applications are in the defence sector, where they transport supplies, provide surveillance, and aid in bomb deactivation. This lowers the risk of human life while also providing remarkable vehicle combat performance in civilian applications. These are the key market drivers for the industry of unmanned ground vehicles.

Rising demand for unmanned electric marine cargo carriers and developing coastal transit are likely to boost the growth of the ground effect aircraft/vehicle market between 2024 and 2031.

COVID-19 IMPACT

"Unmatched Challenges In The Industry Impacted Market Dynamics"

The COVID-19 pandemic has been unprecedented and staggering, with the breakwaters market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic level once the pandemic is over.

COVID-19 has presented the globe with an unprecedented economic, humanitarian, and healthcare crisis. Lockdown measures have worked to slow the spread of the coronavirus, but they have come at a high cost in terms of money. On the business front, the transport and logistics sectors have taken a significant impact. COVID-19 has caused both short-term disruption and long-term structural changes, resulting in sluggish growth in new online categories such as groceries and home care. Due to self-isolation during the pandemic, consumers resorted for the option of placing online orders for their daily demands. This has enabled providers to use autonomous means, such as drones and robots, to deliver items to customers without the need for human intervention.

LATEST TRENDS

"Increasing Advancements In Self-Driving Shared Mobility Foster Market Growth"

Autonomous vehicles may operate with little or no human intervention, which is becoming more common in autonomous shared transportation. These vehicles are being developed to prevent accidents caused by human error, to lessen traffic congestion, and to provide convenient transportation. The advancement of self-driving vehicles will hasten the growth of ride-sharing. According to Ohio University's Future of Driving research, the introduction of autonomous taxis would lower the average waiting time for a cab from 5 minutes to 36 seconds.

GROUND-EFFECT VEHICLE MARKETSEGMENTATION

By Type

According to type, the market can be segmented into Type A, Type B, Type C. Type A is anticipated to be the leading segment.

By Application

Based on application, the market can be divided into Military, Civil, Other. Military will be dominating segment.

DRIVING FACTORS

"Increased Demand For Autonomous Systems For Defence And Commercial Applications To Drive Market Growth"

The broad range of applications for autonomous unmanned ground vehicles is driving up demand in the defence and commercial sectors. In agricultural, these self-driving vehicles are utilised for soil sampling, mechanical weed control, irrigation management, harvesting, and precision spraying. Furthermore, the defence forces have extensively deployed these vehicles for battle support, intelligence, surveillance, and reconnaissance. As a result, rising defence procurement of advanced robotics is propelling ground-effect vehicle market expansion.

"Increasing Cargo Transportation, Air Traffic, And Air Travel To Support Growth"

Increased air travel, air traffic, and cargo transportation have all contributed significantly to the market's expansion. Furthermore, airports' increasing implementation of next-generation GSE contributes to global ground-effect vehicle market growth. According to the International Air Transport Association, global air freight markets followed the demand for air cargo increased in 2021 compared to 2020. According to IATA estimates, total aviation traffic in November 2022 increased than November 2021. In November 2019, global traffic will increase to a greater level. This indicates that increased air travel leads to increased air traffic, which leads to increased ground-effect vehicle market growth.

RESTRAINING FACTORS

"Concerns About Vehicle Safety And Cyber Security May Hamper Market Growth"

Because they have elements from both the real and virtual worlds, autonomous vehicles constitute a cyber-physical system. The physical system includes the vehicle and all mechanical components, whereas the virtual system includes AI-based driver assistance technologies such as car-to-car communication, navigation, and cloud connectivity. As a result, connectivity endangers the autonomous vehicle's security. Traditional hackers can access personal data from autonomous vehicles, such as behaviour trends. Furthermore, driverless vehicles can be infected with ransomware, which can cause accidents and increase the likelihood of vehicle theft. The car's entertainment system, which was linked to the cloud via the internet, was hacked.

• 

   Request a Free Sample To Get Analysis on Major Geographic Market

GROUND-EFFECT VEHICLE MARKETREGIONAL INSIGHTS

North America is expected to dominate the global ground-effect vehicle market share in 2024 and during the forecast period. The region's dominance stems from the region's largest defence budget and increased spending on buying next-generation military robots for a variety of uses. It has the ability to detect, identify, confirm, and dispose of hidden explosives. North America is likely to be the global leader in 2024 and to experience explicit growth during the projection period. This is due to changes in traffic legislation in the U.S. which allow ground-effect vehicle to travel on public highways. The government is investing in road infrastructure to enable fully autonomous mobility.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. Key industry players in the antacid tablet market have a significant impact on market dynamics. These companies are at the forefront of research and development, consistently introducing innovative formulations and product variations. Their focus on convenience and effectiveness sets industry standards and influences market growth.

List of Top Ground-Effect Vehicle Companies

• Universal Hovercraft (U.S.)
• REGENT (U.S.)
• Wing Ship Technology Corporation (South Korea)
• RDC Aqualines (Singapore)
• Brittany Ferries (France)
• Tandem WIG Consulting (Germany)
• Flying Ship Company (U.S.)

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.