The inflatable boat market is witnessing rapid growth due to their lightweight, compact design and ease of transportation. They are becoming increasingly popular among recreational boaters and fishermen as they offer spacious seating and ample storage area for the passengers. Additionally, advancements in materials used for manufacturing these boats has made them more durable and cost effective than traditional fiberglass boats. Manufacturers are introducing innovative models with improved features such as speed, range, stability and low noise levels. This is expected to drive the growth of the market in the years ahead.
The global market for inflatable boats is presently estimated to be worth roughly US$ 1.998 billion, and Persistence Market Research predicts that it will grow at a CAGR of 3.9% to reach US$ 2.93 Billion by 2033. An inflatable boat is a small, light-weight watercraft with sides and a bow built of an inflated tube. With more professionals and adventurers using inflatable boats for leisure and watersports activities worldwide, sales of these boats are predicted to increase.
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The inflatable boat market refers to the market for boats made with inflatable materials, such as PVC or rubber. These boats are popular for recreational activities, such as fishing, diving, and rafting, due to their portability and versatility. The market is driven by factors such as the growing popularity of water sports, advancements in technology, and an increase in disposable income. Key players in the market include Intex, Zodiac, and Sevylor, among others. The market is segmented into different types of inflatable boats, such as rafts, kayaks, and dinghies, with rafts being the largest segment.
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.
“Increased lifespan of inflatable boats, higher stability, and improved safety are anticipated to bolster their demand further. With growing number of domestic and regional manufacturers, market competition is anticipated to intensify over the coming years,” says a PMR analyst.
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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 –
- AB MARINE GROUP
- Caribe Nautica
- Bombard
- Demaree Inflatable Boats Inc.
- Damen Shipyards Group.
- Grand Marine International Inc.
- HIGHFIELD BOATS
- Mercury Marine
- Patten Co., Inc.
- Sealegs International Limited
- Survitec Group Limited
- VSR France
- Zodiac Nautic
- Woosung I.B. Co.,LTD.
- Ribcraft USA LLC
- LOMAC NAUTICA S.R.L.
- Maxxon Inflatable Boats
- Vector Ltd.
- Grabner GMBH
Key Segments Covered in Inflatable Boat Industry Analysis
Inflatable Boat Market by Product Type:
- Rigid Inflatable Boat
- Soft Inflatable Boat
Inflatable Boat Market by Material Type:
- PVC
- Polyurethane
- Hypalon/CSM
Inflatable Boat Market by Floor Type:
- Fiberglass
- Aluminum
- Wood
- Air Floor
Inflatable Boat Market by Application:
- Leisure
- Professional & Sports
- Maritime Security
- Others
Inflatable Boat Market by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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.
Want to Know More?
Persistence Market Research has published a market research report on the inflatable boats market that contains global industry analysis of 2015–2019 and opportunity assessment for 2020–2030. The report provides insightful analysis of the inflatable boats market through different segments, namely, product, floor, material, application, and region. The inflatable boats market report also provides supply and demand trends, and a comprehensive list of suppliers and distributors in the market, along with detailed overview of the parent market.
For additional insights on how the inflatable boats market will shape up over the next decade, write to media@persistencemarketresearch.com
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