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Global Inflatable Boat Market Size and Share Analysis 2023-2028
The Inflatable Boat Market is estimated to be valued at USD 919.3 million in 2023, and it is projected to reach USD 1,274.4 million by 2028, exhibiting a compound annual growth rate (CAGR) of 6.75% during the forecast period spanning from 2023 to 2028.
An inflatable boat is characterized as a lightweight watercraft constructed with flexible tubes carrying pressurized gas, forming its sides and bow, making it a versatile and adaptable structure.
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USD 865.6 million in 2021
Boat Type, End-user, and Geography
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The outbreak of the COVID-19 pandemic had a detrimental impact on the market, as lockdowns and shutdowns of manufacturing units led to a decline in the demand for inflatable boats. However, with the gradual recovery post-pandemic and the resumption of recreational activities, the market has exhibited positive momentum and is anticipated to continue its growth trajectory throughout the forecast period.
Looking ahead, the market presents promising growth opportunities, particularly in the domain of recreational boating, with increasing popularity observed for pontoon boats and saltwater fishing vessels. Several key drivers are expected to fuel market growth during the forecast period, including rising consumer spending on water sports and leisure activities, the use of inflatable boats for disaster management activities, and government regulations mandating passenger vessel carriers to have sufficient inflatable boats in proportion to the number of passengers on board.
The application of inflatable boats in disaster management activities is expected to be a significant growth driver, as many countries have experienced inadequate safety equipment during emergency situations. For example, during the Kerala floods in India in August 2019, the state faced a shortage of inflatable boats in certain districts, leading to delays in search and rescue operations. The readily accepted use of inflatable boats in various rescue missions has further heightened the overall demand during the study period.
The market is segmented based on various factors, including boat type, end-user, and geography.
Segmentation by End-User Type
Segmentation by Boat Type
Segmentation by Geography
North America – United States, Canada, Mexico, and Rest of North America
Europe – United Kingdom, Germany, France, and Rest of Europe
Asia-Pacific – China, Japan, India, South Korea, and Rest of Asia-Pacific
Rest of the World – Brazil, Argentina, UAE, Other Countries
The market for inflatable boats is anticipated to experience growth during the forecast period, driven by increasing recreational water activities and higher expenditure on water sports. As global income levels rise, people are allocating more funds for travel and leisure pursuits, including water-based activities. This trend is expected to continue during the forecast period, propelling market growth.
The expanding tourism industry and rising disposable incomes further contribute to the market’s advancement. Advancements in autonomous marine technology will likely boost the demand for less skilled recreational boaters, supporting the market’s growth. Moreover, the presence of numerous manufacturers in the industry ensures a steady supply to meet the worldwide demand for recreational boats. Inflatable boats are increasingly used for kayaking, scuba diving excursions, and various other recreational applications. Among the different types of inflatable boats available, inflatable kayaks, rubber rafts, lifeboats, and rescue boats are gaining momentum in the segment.
The recreational boating industry attracts a significant number of participants, competing favorably with other luxury leisure activities. Approximately 140 million individuals participate in boating and water sports globally, with nearly 100 million in the United States and Canada, 36 million in Europe, and over 5 million in Australia.
Given these factors, the leisure segment is expected to witness increased demand for inflatable boats. The Asia-Pacific region is projected to exhibit a higher growth rate in inflatable boat adoption during the forecast period. Leading countries in the market, such as China, India, Japan, and South Korea, are driving the region’s growth.
China, with its extensive coastline of about 32,000 km and various tourist attractions, is a significant contributor to the region’s growth. The country’s economic development and improved living standards are enabling people to spend more on recreational and leisure activities, fueling market expansion.
Similarly, India’s 7,516 km coastline offers ample opportunities for marine recreational activities. Governments in the region are actively promoting tourism, providing impetus to water sports development. For instance, Vishakhapatnam Andhra Pradesh has emerged as a water sports destination, offering activities involving inflatable boats such as kayaking and rafting. Consequently, the Asia-Pacific region is expected to be the largest market during the forecast period.
Additionally, the adoption of inflatable boats by Navy and Coast Guards is increasing due to their mobility and maneuverability during coastal patrolling sessions.
Moreover, inflatable boats play a crucial role in rescue operations. For instance, during September 2022, Bengaluru, India, witnessed severe rainfall, leading to floods and water logging. Inflatable boats were deployed near the Balagere-Panathur road to rescue residents from the situation.
Considering these developments and factors, the demand for inflatable boats is expected to remain positive in the Asia-Pacific region throughout the forecast period.
The Inflatable Boat market exhibits a moderate level of fragmentation, wherein major players hold substantial shares in the market. Among the prominent companies operating in the Inflatable Boat market are AB Inflatables, Zodiac, Ribcraft USA, Walkers’ Bay, Damen Shipyard, along with others. These companies are actively investing significant resources in research and development to introduce innovative and advanced products.
In August 2021, Zodiac, the largest manufacturer of rigid inflatable boats, disclosed its strategic partnership with eOPEN to revamp its product line by incorporating electric boats. This move aims to bring about advancements in their offerings and align with the growing demand for eco-friendly and sustainable marine solutions.
Recent Industry Developments
In December 2021, Mercury Marine, a division of Brunswick Corporation, inaugurated a centralized, purpose-built distribution center in close proximity to Indianapolis, Indiana. Covering an expansive area of 512,000 square feet, this state-of-the-art facility is dedicated to accommodating various Mercury Marine products, including inflatable boats.
Key Questions Answered
What is the study period of this market?
The study period for the Inflatable Boat Market spans from 2018 to 2028.
What is the growth rate of the Inflatable Boat Market?
The Inflatable Boat Market is projected to experience a growth rate of 6.75% over the next 5 years.
What is the size of the Inflatable Boat Market?
The Inflatable Boat Market is expected to reach USD 919.3 million in 2023 and is projected to grow at a CAGR of 6.75% to reach USD 1,274.4 million by 2028.
Which region has the highest growth rate in the Inflatable Boat Market?
Asia-Pacific is witnessing the highest Compound Annual Growth Rate (CAGR) during the period from 2018 to 2028.
Which region has the largest share in the Inflatable Boat Market?
North America holds the highest market share as of 2021.
Who are the key players in the Inflatable Boat Market?
The major companies operating in the Inflatable Boat Market are AB Inflatables, Ribcraft USA LLC, Zodiac Nautic, Walker’s Bay, and Damen Shipyard.