New York, June 02, 2023 (GLOBE NEWSWIRE) -- The global inflatable boats market is currently valued at around US$ 1.99 Billion, and is anticipated to progress at a CAGR of 3.9% to reach US$ 2.93 Billion by 2033. The market is driven by the increasing demand for inflatable boats for recreational and commercial purposes.
Inflatable boats are lightweight and easy to transport, making them ideal for recreational activities such as fishing, boating, and water sports. They are also used for commercial purposes such as fishing, rescue operations, and security patrols.
These boats offer advantages such as easy transportation, quick assembly, and durability, making them suitable for various applications. The research report aims to provide a comprehensive analysis of the inflatable boat market, including market trends, growth drivers, challenges, and key opportunities for industry players.
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Market Drivers
- Increasing demand for inflatable boats for recreational purposes: Inflatable boats are lightweight and easy to transport, making them ideal for recreational activities such as fishing, boating, and water sports. They are also used for commercial purposes such as fishing, rescue operations, and security patrols.
- Growing adoption of inflatable boats for commercial purposes: Inflatable boats are becoming increasingly popular for commercial purposes such as fishing, rescue operations, and security patrols. This is due to their lightweight and easy transportability, as well as their affordability.
- Increasing investment in research and development for the innovation of new and advanced products: The inflatable boat market is highly competitive, and manufacturers are constantly investing in research and development to innovate new and advanced products. This is to meet the growing demand for inflatable boats from consumers and businesses.
- Growing demand for inflatable boats from emerging economies: The global inflatable boat market is expected to witness significant growth from emerging economies such as China, India, and Brazil. This is due to the rising disposable incomes and increasing leisure activities in these countries.
Market Restraints
- Competition from other types of boats: Inflatable boats face competition from other types of boats such as fiberglass boats and aluminum boats. These boats are often more durable and can carry more weight than inflatable boats.
- High cost of inflatable boats: Inflatable boats can be more expensive than other types of boats. This is due to the cost of the materials and the labor required to manufacture them.
- Lack of awareness about the benefits of inflatable boats: Some consumers are not aware of the benefits of inflatable boats. This can lead to them choosing other types of boats, which can have a negative impact on the inflatable boat market.
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Competitive Landscape
Important key players are 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 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 and more
Recent Developments
Here are some recent developments of companies in the global inflatable boat market, with the year of the development in parentheses:
- Zodiac: In 2022, Zodiac Milpro, a leader in manufacturing inflatable boats and RIBs for military and professional markets, acquired Vectis Marine Design. Vectis is a UK-based company that specializes in the design and manufacture of rigid inflatable boats (RIBs). The acquisition will allow Zodiac Milpro to expand its product offering and meet the growing demand for RIBs in the global market.
- AB Inflatables: In 2022, AB Inflatables launched its new jet tender, the ABJET 390 XP. The ABJET 390 XP is a high-performance jet tender that is designed for use with larger yachts and vessels. The boat is powered by a 30-horsepower jet drive and can reach speeds of up to 35 knots.
- Sun Tracker: In 2022, Sun Tracker introduced its new line of inflatable boats, the Fish n' Ski Series. The Fish n' Ski Series is a line of inflatable boats that are designed for fishing and water sports. The boats are available in a variety of sizes and configurations to meet the needs of different anglers and water sports enthusiasts.
- Mercury Marine: In 2021, Mercury Marine opened a centralized, purpose-built distribution center near Indianapolis, Indiana. The new distribution center will allow Mercury Marine to more efficiently and effectively distribute its inflatable boat products to dealers and consumers around the world.
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Global Inflatable Boat Market: Segmentation
The global inflatable boat market is segmented by type, material, hull type, propulsion type, and region.
- By type: The market is segmented into rigid inflatable boats (RIBs) and inflatable pontoon boats.
- By material: The market is segmented into PVC, Hypalon, and other materials.
- By hull type: The market is segmented into monohull and catamaran.
- By propulsion type: The market is segmented into outboard, inboard, and electric.
- By region: The market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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