Inflatable Boat Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Inflatable Boat Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Inflatable Boat Market was valued at USD 2.05 billion in 2021 and is expected to surpass a net valuation of USD 2.66 billion by 2027 end, registering a solid CAGR growth of 4.34% over the forecast period.

The COVID-19 pandemic hindered the growth of the studied market as lockdowns and shutdowns of manufacturing units resulted in declined demand for inflatable boats. However, post-pandemic recreational activities witnessed a positive outlook market started gaining momentum and is likely to continue over the forecast period.

Over the longer-term forecast period, growth in recreational boating and the increasing popularity of pontoon boats and saltwater fishing vessels represent significant growth opportunities for the market studied. The major factors that will drive the growth during the forecast period in the market are an increase in spending by consumers on water sports and leisure activities, the use of inflatable boats for disaster management activities, and government norms making it compulsory for all passenger vessels carriers to have enough inflatable boats in proportion to the number of passengers on board.

The use of inflatable boats for disaster management activities will be a major growth driver for the market as it has been experienced several times that counties are not prepared with enough safety equipment during emergency times. For instance, in India, Kerala floods in August 2019, the state had only a few inflatable boats concentrated in selected districts which delayed search and rescue operations. Furthermore, inflatable boats are seen readily accepted in several rescue operations which have elevated the overall demand during the study period.

Considering these mentioned factors, demand for inflatable boats is expected to remain positive during the forecast period.

Growing recreational activities in water and people spending more on such water sports activities will be the market driver during the forecast period. With the increase in global income levels of the people, they are spending more on travel and recreational activities. During the forecast period, it is expected that these activities will grow further, and this will drive the growth of the market.

Factors such as the expanding tourism industry and rising disposable income levels will drive the market forward. Developments in autonomous marine technology will increase the demand for less skilled recreational boaters even more. The presence of many manufacturers in this well-integrated and fragmented industry ensures a consistent supply for the worldwide demand for recreational boats. These inflatable boats are increasingly used in kayaking, scuba diving excursions, and other recreational application. With a wider range of inflatable boats available in the segment, inflatable kayaks, rubber rafts, lifeboats, and rescue boats are still gaining momentum in the segment.

The recreational boating industry continues to attract large volumes of participants competing strongly with rival luxury leisure pursuits. It is estimated that there are at least 140 million active boaters and water sports participants worldwide, including almost 100 million across the United States and Canada, a further 36 million across Europe, and more than 5 million in Australia.

Considering these factors, demand for inflatable boats is expected to showcase growth in the leisure segment.

The Asia-Pacific region is expected to exhibit a higher growth rate during the forecast period for the adoption of inflatable boats. Countries like China, India, Japan, and South Korea are leading the market from the front to increase inflatable boat adoption.

China’s prime natural geographical location, a series of tourist attractions, and tourist sites have been formed in coastal areas. The length of China's coastline is about 32,000 km, of which 18,400 km are on the mainland, extending from the Yalu River at the China-Korea border to the China-Vietnam border. With the largest share of the population living in the region and the economic development which is leading the people towards a better standard of living and allowing them to spend more on recreational and leisure activities will be the reason for major growth in the region.

India in the Asia-pacific region has a total of 7,516kms of coastline and has a rising scope of various marine recreational activities. Also, governments are increasing initiatives for increasing tourism in their respective countries. For instance, in India, the number of tourist spots are on a rise and these spots are providing water sports as well, recently Vishakhapatnam Andhra Pradesh, is developed as the water sports destination in India, which is offering various activities which involve inflatable boats like kayaking and rafting. So, during the forecast period Asia-Pacific is expected be the largest region.

In addition, Navy and Coast Guards are also deploying these inflatable boats owing to its mobile properties and manoeuvrability during patrolling session along the coasts.

In addition, the inflatable boats are seeing actively deployed in the scenario of rescue operations. for instance, In September 2022, Bengaluru city of India witnessed extreme rainfall which resulted in flood and water logging situation in the city. According to India Meteorological Department (IMD), Bengaluru received 131.6 mm of rainfall breaking 80 years old record. Thus, authorities deployed inflatable boats near the Balagere-Panathur road to rescue residents from the situation.

Considering these development and factors, demand for inflatable boats is expected to remain positive in Asia-Pacific region during the forecast period.

The Inflatable Boat market is moderately fragmented, with major players accounting for significant amounts of shares in the market. Some of the prominent companies in the Inflatable Boat market are AB Inflatables, Zodiac, Ribcraft USA, Walkers’ Bay, Damen Shipyard, and others. Companies are investing heavily in research and development for the innovation of new and advanced products.

In August 2021, Zodiac which is the largest manufacturer of rigid inflatable boats announced its strategic partnership with eOPEN for revamping its product line with electric boats.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support