Maritime Operations along with Water Sports activities to drive the Inflatable Boat Market
With recreational activities (especially water sports) being preferred by the end-consumers, the inflatable boat market is expected to scintillate going forward. The US alone is expected to witness a CAGR of 6% in inflatable boat market in the next decade. The U.K. accounts for close to 32% of the market share.
The developing economies are also not behind over here. Apart from water sports, inflatable boats play a vital role when it comes to maritime security purposes. In other words, rescue missions and growing demand for various naval operations will be another area responsible for keeping the cash registers ringing for inflatable boat market. In the last few years, there has been an enormous development in quality, and in turn, the longevity of inflatables. As such, optimism regarding the usage of inflatable boats has reached a new level. Persistence Market Research has given a detailed analysis with insights in this regard in its latest market study entitled “Inflatable Boat Market”.
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Inflatable Boat Market Dynamics
The global inflatable boat market, by product, constitutes soft inflatable boats and rigid inflatable boats. By material, it’s polyurethane, PVC, and CSM or Hypalon. By floor, it’s aluminium, fiberglass, wood, and sir floors. Application-wise, it’s professional & sports, leisure, maritime security, and likewise. Persistence Market Research has entailed the facts and future measures to be taken in its latest market study entitled “Inflatable Boat Market”.
Region-wise Analysis
North America and Europe collectively account for more than 33% of the market share. This could be credited to the US witnessing a plethora of production capacities. Italy leads the market for Europe from the front. However, the Asia-Pacific is expected to grow at the fastest rate in the inflatable boat market. This could be reasoned with upgradation in standard of living, as per which more money is being spent on leisure and recreational activities. Plus, governments herein are initiating refined tourism. For example – in countries like India, number of the tourist spots is increasing and the spots are making way for water sports. Of late, Vishakhapatnam is being developed as one of the water sports destinations in India. Rafting and Kayaking are being propagated.
Another factor expected to foster the inflatable boat market in India is the fact that during Kerala floods (August 2019), there were only a handful of inflatable boats, due to which rescue operations did face glitches. Plus, Indian Railways are expected to have inflatable boats handy for rescue operations. Persistence Market Research has mentioned about these findings with subsequent courses of action in its latest market study entitled “Inflatable Boat Market”.
Competitive Landscape
Persistence Market Research has profiled the key players in inflatable boat market as AB Inflatable Crafts, 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 Ltd., Survitec Group Ltd., VSR France, Zodiac Nautic, Woosung I.B. Co., Ltd., Ribcraft USA LLC, LOMAC NAUTICA S.R.L., Maxxon Inflatable Boats, Vector Ltd., and Grabner GmbH.
Persistence Market Research has also not missed out on mentioning about the latest developments in inflatable boat market. For instance – Babcock International, in March 2020, partnered with Wing Inflatables, thereby signing a 5-year contract with the United Kingdom Ministry of Defense for providing over 200 inflatable boats to it.
The Way Forward
Inflatable Boat market is likely to disperse on an irrevocable note in the forecast period – Persistence Market Research
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