Global Inflatable Boat Market by Product Type (Rigid Inflatable Boats, Soft Inflatable Boats)
Report ID: PMRREP18664
Number of Pages: 300
Format: PPT*, PDF, EXCEL
Industry: Automotive
Published Date: January-2023
[300 Pages] According to Persistence Market Research, the global inflatable boats market is currently valued at around US$ 1,998.2 million, and is anticipated to progress at a CAGR of 3.9% to reach US$ 2,929.6 by 2033. An inflatable boat is a lightweight water craft whose sides and bow (forward part) are made out of a flexible, inflatable tube. The sales for the inflatable boats is expected to rise with increasing adoption of these boats by professionals and adventurers in recreational and watersports activities across the globe.
Growth in the demand from maritime security solutions as well as use of inflatable boats in naval operations has created significant opportunity for the market which is anticipated to increase further in the coming years.
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Global Inflatable Boat Market Size (2022A) |
US$ 1,928.4 million |
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Global Inflatable Boat Market Size (2023E) |
US$ 1,998.2 million |
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Projected Inflatable Boat Market Value (2033F) |
US$ 2,929.6 million |
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Value CAGR (2023–2033) |
3.9% |
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Collective Value Share: Top 3 Countries (2022) |
34.7% |
The inflatable boats market is 5% to 8% of its parent market of the leisure boats market.
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From 2018 to 2022, the market for Inflatable boats has experienced growth rate of less than 1% owing to several reasons such as COVID Outbreak and Russia invasion of Ukraine due to which the overall economy as well as tourism sector has experienced significant impact, according to data from World Tourism Organization revenue from Tourism sector has experienced -41.4% drop in FY 2020.
However, post COVID period significant demand from end use customers is generating for inflatable boats, key factor that supported the increasing adoption rate for inflatable boats is their unique design that provides better stability and manoeuvrability, as these boats are easy to control over the water body their popularity is continuously increasing amongst maritime professionals for various applications. The Inflatable Boat market trajectory is forecast to move on a significant upward trend during the forecast period, as water sports activities are.
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Get a Customized Version“Increasing Adoption of Rigid Inflatable Boats for Maritime Security”
Growing demand for rigid inflatable boats (RIBs) are well suited for a variety of maritime operations due to their quickness, toughness, light weight, and durability. RIBs are creating their space for a variety of roles because of their unique design and functionality. Maritime professionals consider these boats as workhorse for various security operations.
The rigid flooring and hull of rigid inflatable boats contribute to their strong endurance in choppy currents and bad weather. They are also easy to use due to their compact size, comfort, mobility, and speed.
Being a crucial component of maritime safety, inflatable boats are also used as lifeboats on big ships, cruises and vessels. In order to compete in this competitive and high growing market space, manufacturers are offering customized solutions for maritime security applications as well as making significant investments for product innovation.
Inflatable boats are taking over as a preferred choice for watercraft, these boats are one of the preferred choice to meet the demand for dependable workboat in military or any other emergency response teams, key factor behind that statement includes the fact that inflatable boats travel at the same speed as conventional hard-sided boats while using significantly less horsepower and drag.
In the United States demand for security solutions specifically comes from the marine industry, due to which inflatable boat sales in U.S. has experienced significant growth in recent years, Europe has seen the significant growth in the demand for RIBs.
“Growth in Recreational Activities Fuelling the Demand Growth”
An inflatable boat is a great choice for the large variety of recreational boating, inflatable boats, kayaks and canoes provides enhanced stability and customization possibilities. RIBs that are incredibly buoyant and light are popular in both the commercial and leisure markets.
Boat makers can strategically target this market as it has lucrative growth opportunities comparing with alternative options. Specific customer needs can be satisfied with concept's simplicity and the modularity of the composite structure.
The significant number of visitors who likes to visit coastal areas are creating opportunity for manufacturers to grow their businesses. Worldwide market expansion for inflatable boats is predicted to be significantly influenced by maritime and coastal tourism, which includes recreational boating.
“Manufacturers’ Focus on customized, Lightweight and Multi-Application Boats”
The global market for inflatable boats is experiencing a very cutthroat competition. Manufacturers are expanding their global footprints to reach the maximum number of customers to enhance their revenue generation capabilities.
The cost and performance parameters for various applications are also continuously being improved. Products can be made more stable and durable by using special materials like CSM or Hypalon.
Where Does U.S. Stand in the market for Inflatable Boat?
Demand from U.S. market is estimated to grow at a CAGR of 3.0% and is expected to hold a prominent share in North America Inflatable Boat market during the forecast period of 2023–33.
Due to increasing preference for leisure activities and water sports the inflatable boats demand from U.S. is expected hold prominent share in the global market. Apart from that the demand for boats providing high stability with efficient control for patrolling purpose is expected to push the sales for inflatable boats during forecast period.
What is the Outlook for Inflatable Boat Market Manufacturers in China?
China is anticipated to hold around 3/4th market value share of the East Asia market for Inflatable Boat. Sales are anticipated to increase as a result of the continuous trend of using rivers and other waterways for both commercial and recreational purposes. The market for inflatable boats in the China is expected to experience healthy growth in the forecast period due to expansion of marine maritime cargo sector owing to improvements in the marine transportation industry.
Which Product type is expected to create lucrative opportunities for demand of Inflatable Boats?
The Rigid Inflatable Boats segment in the market is expected to experience a high CAGR of 3.7% by product type category. The segment is anticipated to grow steadily during the projection period in terms of both value and volume. As rigid boats are more durable & provide better stability than soft ones due to which they are more preferred by the end use customers, apart from that modification in design for specific application by manufacturers is creating the high demand growth for rigid boats.
Which Application of Inflatable Boats has the most potential for market growth?
The Leisure application for Inflatable boats is currently dominating the market demand growth across the globe, the rising tourism and investment by governments for supporting water activities and water sports in order to attract tourist is boosting the growth of leisure activities in various countries, resulting in substantial demand for inflatable boats in the regions. The segment is expected to hold more than 40% of global inflatable boats market value share.
The inflatable boats market is 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. Few of 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.
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Details |
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Forecast Period |
2023–2033 |
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Historical Data Available for |
2018–2022 |
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Market Analysis |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon Request |
Inflatable Boat Market by Product Type:
Inflatable Boat Market by Material Type:
Inflatable Boat Market by Floor Type:
Inflatable Boat Market by Application:
Inflatable Boat Market by Region:
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The worldwide Inflatable Boat Market is currently valued at US$ 1,998.2 million (2023).
Sales of Inflatable Boat services are slated to surge at a CAGR of around 3.9% from 2023 to 2033.
U.S., China and Italy are lucrative markets for the Inflatable Boat Market.
Mercury Marine, Damen Shipyards Group, Woosung I.B. Co. LTD., Achilles Inflatable Crafts, and Maxxon Inflatable Boats are among other leading players in the Inflatable Boat market.
The market for Inflatable Boat in the US to grow at a 5.8% CAGR through 2033.
