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However, the high costs of purchasing and maintaining these vehicles can hinder market growth. These initiatives will also boost the adoption of advanced military vehicles, such as air cushion vehicles, thereby fueling market development. In fact, Russia’s invasion of Ukraine prompted both nations to ramp up their defense expenditure to boost their military capabilities. The average spending on the defense sector by governments across the world has increased considerably in recent years due to factors such as growing geopolitical tensions between Russia and Ukraine. Increasing Military Expenditure to Enhance Market Growth The increasing number of military operations, which often need amphibious vehicles to carry out high-level land or water-based missions, is expected to boost the hovercraft market growth. It operates on the principle of creating high-pressure air at the bottom of the vehicle, which enables it to lift off the surface of land or water. The market is projected to reach USD 183 million by 2030, recording a CAGR of 1.5% during the forecast period.Ī hovercraft, also known as an Air Cushion Vehicle (ACV), is an amphibious vehicle that can hover over water or land. 30, 2023 (GLOBE NEWSWIRE) - The global hovercraft market size was valued at USD 161.5 million in 2022 and is expected to be worth USD 164.6 million in 2023.

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