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The Inflatable Boat Market?is anticipated to register a CAGR of about 4%, during the forecast period (2020 - 2025)
- The major factors that will drive the growth during the forecast period in the market are increase in spending by consumers on water sports and leisure activities, use of inflatable boats for disaster management activities, and government norms making it compulsory for all passenger vessel carriers to have sufficient number of inflatable boats in proportion to the number of passengers on board.
- 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, Indian Railways is also expected to procure inflatable boats for rescue operations going forward.
Key Market Trends
Leisure Segment is Expected to Dominate
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. In United States alone the spending on water sports witnessed a growth rate of around 6% during the last five years. Also, in United Kingdom the participation of people in water sports was around 32% during the last year.
Asia-pacific is Expected to be the Leader
With the largest share of population living in the region and the economic development which is leading the people towards 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. 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.
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 March 2020, Babcock International, which is a major player in Aerospace and defense sector in partnership with Wing Inflatables, has secured a 5-year contract with United Kingdom Ministry of defense to provide more than 200 inflatable boats to the country’s defense department.
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