Global Inflatable Boats Market: Overview
The global inflatable boats market is likely to witness substantial growth in the forthcoming years due to promising opportunities in various end use industries, such as defense, leisure. Increased spending on leisure and recreation activities together with growing utilization of inflatable boats in the maritime security is likely to drive the demand for these boats over the tenure of assessment, from 2020 to 2030.
In addition to that, rising demand for synthetic materials to lessen use of wood in the making of boat deck. Demand for environment friendly materials in the boat making process is anticipated to foster growth of the global inflatable boats market over the timeframe of assessment, from 2020 to 2030. Soft inflatable boats are high in demand due to its hassle-free transport, light-weight, and low cost.
The global inflatable boats market has been classified based on three important parameters, which are vehicle type, channel sales type, and region. Such segmentation offers better insight into the market.
Global Inflatable Boats Market: Notable Developments
The global inflatable boats market has experienced some path-breaking, important developments over the last few years.
- In March 2020, London-based leading player in defense and Aerospace, Babcock International, has entered into a partnership with US-based maker of rubber and plastic products, Wing Inflatables, Inc. Babcock has also entered into a 5 year contract with the Ministry of Defense, the UK. Both these partnerships are done to supply more than 200 inflatable boats to the defense department of the UK.
Some of the prominent companies in the global inflatable boats market are mentioned below:
- Maxxon Inflatable Boats
- AB Inflatables
- Achilles Inflatable Crafts
- Woosung I.B. Co. Ltd.
- Damen Shipyards Group
- Mercury Marine
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Global Inflatable Boats Market: Key Trends
The global inflatable boats market is marked with the presence of the following challenges, market drivers, and promising opportunities.
Rise in Recreational Activities to Pave Way for Rapid Growth of the Market
A rise in the recreational activities, particularly water-related, together with the ability of people to spend more on such activities is likely to work in favor of the global inflatable boats market over the timeframe of assessment, from 2020 to 2030. There has been a rise in the income level of people, which is why they are spending more on recreational and travel-related activities. It is expected that these activities will increase in the coming years, which is expected to work in favor of the global inflatable boats market over the timeframe of analysis, from 2020 to 2030.
Expansion in the range of recreational boating activities has generated demand for inflatable canoes and kayaks and it offers more options and stability. As such, rigid inflatable boats have gained prominence in both leisure and commercial activities, which is expected to augur well for the market in the years to come.
Rigid inflatable boats are robust, durable, lightweight, and fast thereby making them ideal for use in several operations in the maritime world. As such, these inflatable boats are considered dependable and quite useful for maritime security operations. Riding on the back of its growing importance in maritime security, the global inflatable boats market is expected to observe high growth over the timeframe of analysis, 2020 to 2030.