Global WIG Craft Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global WIG Craft Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

WIG Craft is an aircraft designed to achieve continuous flight. Use ground effects (aerodynamic interaction between wings and ground) to fly on a horizontal surface (usually at sea). This type is usually designed to operate on water like a spaceship, but some can operate on any flat area.

Market Overview:

The latest research study on the global WIG Craft market finds that the global WIG Craft market reached a value of USD 46.46 million in 2022. It’s expected that the market will achieve USD 69.54 million by 2028, exhibiting a CAGR of 6.95% during the forecast period.

Impacts from the short-term

The impact of COVID-19 on the WIG Craft industry will involve all major links and all entities in the industry chain. Due to policy control, the company's management efficiency has declined, commuting has been severely hindered, production plans have been severely hindered, network expansion has been delayed, marketing has been delayed, production plans have not been carried out as scheduled, and company and employee income has been damaged. In the short term, COVID-19 will have a greater impact on the supply side.

Impacts from the long-term

WIG Craft has not been fully recognized by people. Because the use of this product has not been popularized, people's awareness of this product is still relatively low, and the market is still in the development stage. Although the new coronavirus threatens the lives of people around the world, causing social anxiety and pessimism, it also limits consumption, travel, and raises the unemployment rate. However, since WIG Craft has not been fully commercialized, from the demand side, the impact on the industry is relatively small. With the gradual improvement of the epidemic situation, the overall recovery of the economy, and the resumption of production by enterprises, there is little long-term negative impact on the supply side. Therefore, in the long run, the industry will eventually return to its original development trend. With the R&D breakthroughs and mass production of various companies, sales in the next few years are expected to increase.

Continuous refinement and innovation

Product improvement and innovation are the driving force behind the development of the industry, and the reason why the company can continue to provide quality services to customers. For the WIG Craft industry, companies around the world are improving product performance and developing new products, such as Russian rescuers trying to develop a multi-purpose WIG for high-speed freight and passenger transport and search and rescue missions. WIG's continuous innovation can attract customers' attention, cultivate loyalty and create a competitive advantage, which is conducive to expanding market share.

Technical obstacles

First of all, the WIG Craft is not a low-speed hydroplane like a seaplane but a high-speed flying object. Once the wing fuselage touches the water, it is easy to get out of control. So under slightly higher sea conditions, if one want to ensure safety, they have to fly higher. This greatly offsets the advantages brought by the ground effect. In addition, with the extremely advanced modern sea transportation, countless ships are sailing in the offshore area, and those sailing at speeds of dozens of knots often collide, and a spaceship of hundreds of knots is even more dangerous.
Secondly, the WIG Craft is much heavier than the seaplane, which means that the impact on landing will be much greater than that of the seaplane. Therefore, despite the broad prospects for the use of ground effect aircraft, there are still many technical obstacles to the development so far.

Region Overview:

Asia-Pacific dominated the WIG Craft market in 2022, with a market share of 34.38%.

Company Overview:

Huaxun Ark is one of the major players operating in the WIG Craft market, holding a share of 5.56% in 2023.

Huaxun Ark

Huaxun Ark Co., Ltd. is a listed company controlled by Huaxun Ark Group. Founded in 1997, it is a comprehensive defense service provider dedicated to promoting the construction of national defense and military information.

YINGGE

The company is a WIG Craft manufacturer located in China. Its main product is CYG-11 ground effect wing ship. Performance of this model: 250 kilometers per hour, endurance 1500 kilometers, fuel consumption 28 liters per 100 kilometers, load 1200 kg, 12 passengers. At present, the company has completed the design of CYG-35 40 ground effect wing ship, ready to trial production and mass production in Guilin Yang.

Segmentation Overview:

As for product types, the Regular segment held the largest market share in 2022.

Application Overview:

By application, the Civil Use segment occupied the biggest share from 2018 to 2022.

Key Companies in the global WIG Craft market covered in Chapter 3:

YINGGE
Zhengzhou Neptune industrial co., ltd
Universal Hovercraft
China Aviation Industry General Aircraft Co., Ltd.
Wing Ship Technology Corp
WIGCRAFT
Huaxun Ark
Wigetworks
CSIC (Hainan) Spaceship Development Co., Ltd.
ARON FLYING SHIP Ltd.

In Chapter 4 and Chapter 14.2, on the basis of types, the WIG Craft market from 2018 to 2029 is primarily split into:

Regular
Mini Size

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the WIG Craft market from 2018 to 2029 covers:

Civil Use
Military

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)