Rapidly growing demand from maritime security along with rising number of leisure activities are the main driving factors for the inflatable boats market. The boating industry has witnessed significant growth in recent years, with increasing number of professionals and adventurers, and boat racing events, which have tremendously bolstered the demand for inflatable boats. The global inflatable boats market is estimated to expand at a CAGR of 3.6% by value during the forecast period of 2020-2030.
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Key Takeaways from Inflatable Boats Market Study
- Increased participation and growing interest of people in outdoor recreational activities are some of the major factors driving the recreational boating industry, and thereby, creating significant demand for inflatable boats across the world.
- With the expansion of distribution and dealer networks across the world, leading manufacturers are focusing on widening their consumer base. The global inflatable boats market is a highly competitive space; hence, this trend can be witnessed among several manufacturers.
- Inflatable boats offer an excellent maneuverability, first responder, and seakeeping abilities, where consistency and reliability are critical to the success of a rescue mission, thus creating significant demand from the maritime security segment.
- North America and Europe collectively account for a significant share in the global inflatable boats market. This can be attributed to the growing production of inflatable boats in the U.S. as well as booming boating industry in European countries such as Italy and France.
- The rigid inflatable boats or RIBs segment is anticipated to grow the fastest in terms of value-volume, owing to higher demand from navies.
- The COVID-19 pandemic has affect almost every industry. As a result of lockdowns and restrictions, tourism has been affected across the world, which will stunt inflatable boats market growth in the near term.
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Market Landscape Moving Towards Consolidation
The global inflatable boats market is highly competitive, with fragmentation at regional and domestic levels. Tier-1 manufacturers account for less than one-fifth market share. Some leading players included in the report are Mercury Marine, Damen Shipyards Group, Woosung I.B. Co. LTD., Achilles Inflatable Crafts, and Maxxon Inflatable Boats. Manufacturers are determined to improve their inflatable boats market share by means of strategic expansion of distribution networks and dealerships.
Inflatable Boats Market: Conclusion
Demand for inflatable boats has grown over the years, owing to their beneficial characteristics such as strong materials, durability, stability, etc. The market is occupied by a number of manufacturers. Additionally, with the usage of materials such as Hypalon/CSM, manufacturers are aiming to provide improved lifespan and durability of inflatable boats. Regions such North America and Europe hold major shares of the global inflatable boats market.
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