An inflatable boat is a lightweight watercraft whose sides and bow (forward part) are made out of a flexible, inflatable tube. These boats have gained tremendous demand in recent years, owing to rising popularity amongst professionals and adventurers. In addition, growth in the demand from maritime security solutions as well as use of inflatable boats in naval operations have created significant opportunity for the global inflatable boats market, which is anticipated to increase further in the coming years. The inflatable boats market size trajectory is forecast to move on a significantly upward trend during the forecast period (2020 to 2030).
Inflatable Boats Market Trends
Growing Use of RIBs for Maritime Security: The fast, robust, light, and durable nature of rigid inflatable boats (RIBs) makes them suitable for many operations in the maritime world. They are now considered the workhorse for maritime security operations. Their design and function makes them attractive for many roles.
Rigid inflatable boats are made up of a rigid flooring and hull, which contributes to the strong endurance during rough currents and extreme weather. Also, they are easy to use due to their convenience, compact size, mobility, and speed. Inflatable boats are also used as lifeboats on big vessels, and have become an important aspect of marine safety. Hence, manufacturers are providing customized solutions for maritime security applications as well as investing in product innovation to compete in this high competition market space.
Requirement of a dependable workboat, either from military or emergency response teams, can be easily fulfilled by rigid inflatable boats, which are fast becoming the watercraft of choice. This can be attributed to several factors, such as rigid inflatable boats achieve the same speed as a conventional hard-sided boats, with much less drag and horsepower. Europe has witnessed the highest growth in the demand for RIBs in recent years, whereas, in the U.S. demand specially comes from the marine industry for security solutions, which has witnessed significant growth in recent years.
Growth in Recreational Activities: The range of recreational boating activities has widely expanded over the years, for which, an inflatable boat is an excellent option. Inflatable kayaks and canoes offer more stability and options. Super buoyant, lightweight RIBs have cross-market appeal in both, commercial as well as recreational markets. Hence, boat manufacturers can choose to emphasize on this segment as it has become a profitable option for them as well. As the relatively simple concept and modular composite construction is easy to configure, specific needs of buyers can be met.
The high number of tourists visiting coastal regions creates opportunities for manufacturers to expand their business. Maritime and coastal tourism, including recreational boating, is anticipated to play a crucial role in the growth of the inflatable boats market, worldwide.
Manufacturers’ Focus on Lightweight & Multi-Application Boats: The global inflatable boats market is a highly competitive market space. In order to gain maximum customers and offer products to a wider horizon, manufacturers are expanding their footprints, worldwide. Also, continuing efforts are being made to further improve the cost and performance parameters for different applications. Special materials such as CSM or Hypalon are used in order to provide more durability and stability to products.
Regional Analysis of Inflatable Boats Market
In terms of regional distribution, the global inflatable boats market share is dominated by Europe and North America, with these regions collectively accounting for nearly one-third share of the inflatable boats market in 2019. These regions are projected to continue to be the most significant demand centers for inflatable boats throughout the forecast period. Further, these region are dominant not just on the demand front, but also the supply front, with Italy and the U.S. accounting for bulk of global production capacities.
COVID-19 Pandemic Impact on Inflatable Boats Markets
The COVID-10 pandemic has gripped the whole world and affected most businesses. Besides manufacturing, tourism, especially coastal tourism and adventure sports have taken a huge hit due to lockdowns and restrictions across the world. As a result, demand for inflatable boats has plummeted this year, adversely affecting the growth of the global inflatable boats market, at least in the near term. Uptake of tourism activities is expected in the next 4 to 6 quarters, which will then lead to market recovery.
Inflatable Boats Market: Competition Overview
The inflatable boats market is highly fragmented in nature, with several global players operating in the market. Owing to the presence of a number of regional and domestic players, the market is intensely competitive. Some of the key players in the global inflatable boat market are Mercury Marine, Damen Shipyards Group, Woosung I.B. Co. LTD., Achilles Inflatable Crafts, and Maxxon Inflatable Boats.
Inflatable boats have become a must-own product when it comes to recreational boating. Growth in recreational boating over the past years has been tremendous. The next significant application is for maritime security purposes; these applications such as rescue missions as well as rising demand for naval operations will set the path for market growth in the coming years. Moreover, developments in quality and lifespan of inflatables, along with improved level of safety, are paving the way for optimistic growth of the global inflatable boats market.
Inflatable Boats Market - Scope of the Report
Persistence Market Research (PMR) recently published a report on the global inflatable boats market. The report provides detailed valuation on key market dynamics, such as the drivers, trends, opportunities, and restraints, along with detailed information about the inflatable boats market structure. This market research report presents exclusive facts and figures about how the inflatable boats market will grow over the forecast period of 2020 to 2030.
Key indicators of market background, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the inflatable boats market over the forecast period.
The study is relevant for stakeholders in the inflatable boats market, as well as manufacturers, distributors, suppliers, and investors, as it can help them understand applicable strategies to grow in the market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the inflatable boats market can leverage the information and statistics presented in PMR’s research report.
The report includes facts and figures related to the macro as well as macroeconomic factors that are impacting the growth of the Inflatable Boat market. The study also offers actionable insights based on the future trends in the Inflatable Boat market. Furthermore, regional players and new entrants in the Inflatable Boat market can also use the information presented in this report to make business decisions and gain momentum in the market.
Key Segments of Inflatable Boats Market
PMR’s study on the inflatable boats market is divided into five significant segments - product, material, floor, application, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Inflatable Boats Market Report
Inflatable Boats Market: Research Methodology
In PMR’s research report on the global inflatable boats market, an exclusive research methodology is utilized to conduct comprehensive research on the development of the inflatable boats market and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by analysts to ensure precision and reliability of the conclusions.
Secondary resources are referred to by analysts during the evaluation of the inflatable boats market study, which comprise facts and figures from the World Bank, IMF, US Energy Information Administration, International Energy Agency, local & regional government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, engineering managers, and production managers, to provide insightful information about the global inflatable boats market.
Comprehensive information acquired from primary and secondary resources is validated from companies operating in the inflatable boats market to make PMR’s projections on the growth prospects of the market more accurate and reliable.