Inflatable Boats Market: Current Analysis and Forecast (2024-2032)

Report Description

Global Inflatable Boats Market Size & Forecast

The Global Inflatable Boats Market was valued at USD 1260 million in 2023 and is expected to grow at a strong CAGR of around 5.44% during the forecast period (2024-2032). Owing to rising demand for recreational activities across the globe.

Global Inflatable Boats Market Analysis

The inflatable boats are used for search and rescue operations, coastal security as well as for sprots and water-based fun activities. These boats are often equipped with motors in order to increase their range and speed. With the increasing number of people moving towards water-based activities as well as government and military forces shifting their focus towards recreational activities and preparedness towards disaster management and coastal security the demand for inflatable boats is anticipated to rise.

The Global Inflatable Boats market was valued at USD 1260 million in 2023 and is expected to grow at a strong CAGR of around 5.44% during the forecast period (2024-2032). Some of the key factors that have supported to the growth are increasing recreational usage, commercial and military application, enhanced disaster management, etc. Additionally, the integration of the smart technologies within the inflatable boats have increased their operational capabilities which would be crucial for attracting a large number of buyers to opt for the advanced inflatable boats. One of the key factors that has supported the rise in the demand for the inflatable boats is higher demand for improved materials for the inflatable boats. In line with this many of the companies have started offering new-age materials for the construction of inflatable boats which could help increase its efficiency as well as improve lifecycle. Additionally, the demand for disaster management-based application there is a surging demand for inflatable boats.

Additionally, the market is also experiencing a significant push from rising marine tourism and recreational activities. These avenues have pushed the customers to opt for both soft and rigid inflatable boats for marine activities.

With the rising demand for recreational activity, disaster management and coastal security a wide range of customers are looking towards the adoption of inflatable boats. Additionally, the inflatable boat segment is also experiencing shift due to the higher integration of smart technologies and security features for better operational efficiency and longer lifecycle.

With the usage of new-age and robust material the inflatable boat usage has also become easier in different water conditions which would further increase its adoption and help it to exhibit a higher growth during 2024-2032.

Global Inflatable Boats Market Trends

This section discusses the key market trends that are influencing the various segments of the Global Inflatable Boats Market as identified by our team of research experts.

Integration of Smart Technologies

Many of the companies providing inflatable boats have aligned their efforts towards integrated smart technologies to improve its operational efficiency. These smart technologies also offer enhance boat functions and greater safety while sailing. In line with this many of the companies have started including smart technologies. For instance, Navtech one of the key inflatable boats announced to launch inflatable boats with the Artificial Intelligence. KYMS is a digital platform which has been integration in the inflatable boats with an on-board embedded system, a cloud platform, web/mobile application. Through this NMEA2000 software network, vessels can acquire information with respect to GPS, Radar data, echo-sounder, engine data, etc.

Various other companies have also integrating smart technologies in the inflatable boats which would attract more buyers to opt for the same systems.

North America is Expected to Hold Major Market Share During Forecast Period

North America Inflatable boats market has held a sizeable market share in 2023. With the higher demand for inflatable boats for rescue and recovery, usage by military and special forces, etc. the demand for inflatable boats has extensively increased. Additionally, a large number of demand also comes from the customers seeking adventurous activities in lakes, rivers, seas, etc., which require inflatable boats of both soft and rigid category.

Additionally, there is a presence of a wide number of companies in North American region especially in the US and Canada where a large number of people prefer to do a lot of water related sports and adventure activities. The region is also home to some of the largest navies which also focuses on keeping shores secure through the purchase of a large number of motorboats due to which the demand for inflatable boats is also in higher number. Considering all the factors the region has dominated in the demand for inflatable boats across the globe and is anticipated to exhibit similar growth in the forthcoming years.

Global Inflatable Boats Industry Overview

The Global Inflatable Boats market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are AB Inflatables, Ribcraft USA LLC, Zodiac Nautic, Walker Bay Boat, Maxxon Pontoons, Grand Boats Sweden, Bombard, Mercury Marine, Ocean Craft Marine, and Stryker Boats.

Global Inflatable Boats Market News

For instance, in 2023, ASIS Boats announced that it has delivered 13 inflatable boats to the defense forces of Albania.

In another instance, in 2023, the state government of Uttar Pradesh, India announced to purchase 804 inflatable boats for the 22 flood prone areas for disaster management. The total cost of the project was USD 10 million.

Global Inflatable Boats Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The Global Inflatable Boats market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Global Inflatable Boats Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the Global Inflatable Boats market were the three major steps undertaken to create and analyze the adoption of Global Inflatable Boats in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the Global Inflatable Boats market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Global Inflatable Boats market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Global Inflatable Boats market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as by type, by material, by application and by floor. Further regional/country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Global Inflatable Boats market. Further, we conducted factor analysis using dependent and independent variables such as by type, by material, by application and by floor in the Global Inflatable Boats market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Global Inflatable Boats market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Inflatable Boats market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors, including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach, were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Global Inflatable Boats market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Global Inflatable Boats market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Global Inflatable Boats market. Data was split into several segments and sub-segments after studying various parameters and trends by type, by material, by application and by floor in the Global Inflatable Boats market.

The main objective of the Global Inflatable Boats Market Study

The current & future market trends of the Global Inflatable Boats market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Global Inflatable Boats market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas by type, by material, by application and by floor.
• Define and analyze the regulatory framework for global Inflatable Boats industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Global Inflatable Boats market for the major regions.
• Major countries of regions studied in the report include North America (The US, Canada, and Rest of North America), Europe (The UK, France, Germany, Italy, Spain, Rest of Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World
• Company profiles of the Global Inflatable Boats market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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