A new research study by Report Ocean states that the global inflatable boat market, which stood at US$1.9 bn in 2019, is anticipated to witness a healthy CAGR of more than 3.60% over the period of 2020-2027.
The report is titled “Global Inflatable Boat Market Size study, by Product (Rigid Inflatable Boats, Soft Inflatable Boats), by Material (PVC, Polyurethane, Hypalon or CSM), by Floor (Fiberglass, Aluminum, Wood, Air Floors), by Application (Leisure, Professional & Sports, Maritime Security, Others) and Regional Forecasts 2020-2027” and is prepared after a thorough assessment of this market, using several market analysis tools.
The key factor that is driving the global inflatable boat market is increased consumer expenditure on water sports and leisure activities. The rising usage of inflatable boats for disaster relief operations and presence of strict government regulations, making it compulsory for every passenger vessel carrier to keep enough inflatable boats with respect to the number of passengers on board.
The most prominent inflatable boat manufacturers are taking up various strategies to maintain their position in the global inflatable boat market. New product launches, technical advancements, partnerships and agreements, mergers and acquisition, and investments and funding are some of the popular strategies among them. Here is a snapshot of the latest developments in this market:
- In July 2020, AB Inflatables Crafts launched the new AB Jet Tenders. With this, the company aims at gaining a competitive edge over its peers.
Over the coming years, the increase in the demand for safety solutions in the maritime industry and the rising usage of inflatable boats in naval operations are anticipated to open new doors for market players, reports the study.
North America to Continue to Hold Top Position
The research study also offers a regional analysis of the global inflatable boat market. According to it, the market is spread across Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is leading the global market due to increased expenditure on recreational activities and rise in the number of water sports events. The regional market is projected to continue to dominate. The inflatable boat market in Asia Pacific is likely to report the highest growth rate during the period of 2020-2027. Factors, such as economic expansion and the increasing attraction among tourists for water leisure are expected to create opportunities for this regional market to progress in the near future.
Impact of Covid 19 on Global Inflatable Boat Market
The Coronavirus pandemic has disturbed a number of industries across the world. One among those is the global inflatable boat market. The severity of this virus’ impact on humans has compelled various governments to impose lockdown in their respective states, which restricted every kind of activities that needed people to go out of their homes, including boating and swimming. In such a situation, the demand dropped radically, impacting the market’s growth. In the mid two quarters of 2020, the market suffered huge losses. However, now, with restrictions partially lifted, the global market is expected to gradually recover over some time.
- North America is leading the global market due to rise in the number of water sports events.
- The inflatable boat market in Asia Pacific is likely to report the highest growth rate during the period of 2020-2027.
The global inflatable boat market is classified into:
- Rigid Inflatable Boats
- Soft Inflatable Boats
- Hypalon or CSM
- Air Floors
- Professional & Sports
- Maritime Security
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- AB Inflatable Crafts
- AB MARINE GROUP
- Caribe Nautica
- Demaree Inflatable Boats Inc.
- Damen Shipyards Group.
- Grand Marine International Inc.
- HIGHFIELD BOATS
- Mercury Marine
- Patten Co. Inc.
Company Name: Report Ocean
Contact Person: Nishi Sharma
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