How big is the Hovercraft Market?

The Hovercraft Market size is expected to reach USD 202.27 million in 2024 and grow at a CAGR of 3.30% to reach USD 237.65 million by 2029. Read More

What is the current Hovercraft Market size?

In 2024, the Hovercraft Market size is expected to reach USD 202.27 million. Read More

Who are the key players in Hovercraft Market?

Textron Inc., Griffon Hoverwork Ltd, Neoteric Hovercraft, Inc., The British Hovercraft Company Ltd. and Airlift Hovercraft Pty Ltd are the major companies operating in the Hovercraft Market. Read More

Which is the fastest growing region in Hovercraft Market?

Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Hovercraft Market?

In 2024, the North America accounts for the largest market share in Hovercraft Market. Read More

What years does this Hovercraft Market cover, and what was the market size in 2023?

In 2023, the Hovercraft Market size was estimated at USD 195.60 million. The report covers the Hovercraft Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Hovercraft Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Hovercraft Market Report | Industry Analysis, Size & Forecast Overview

Hovercraft Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Hovercraft Market Report is Segmented by End User (Military and Commercial) and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa). The Report Offers Market Sizes and Forecasts for all the Abovementioned Segments in Value (USD).

Hovercraft Industry Overview

The hovercraft market is fragmented, with many regional players that cater to hovercraft requirements for leisure, commercial, and military applications. Companies such as Textron Inc., Griffon Hoverwork Ltd, Neoteric Hovercraft Inc., Airlift Hovercraft Pty Ltd, and The British Hovercraft Company Ltd are prominent players in the market.

Due to higher fragmentation in the market, the companies are emphasizing continuous innovation and increasing investment in R&D to enhance the efficiency and capability of hovercraft. For instance, in 2023, Griffon Hoverwork Ltd launched the Wyvern class LCAC. The Wyvern class is the most versatile, economical, and advanced Landing Craft Air Cushion Hovercraft. The development will provide military forces with fast and amphibious transportation capabilities in all terrains. Such developments underline the importance of R&D in driving the market. Additionally, companies are incorporating advanced autonomous technology and enhanced propulsion systems to increase operational capability.