Rigid Inflatable Boats Market Forecasts to 2028 - Global Analysis By Product (Inflatable Boats With Double Tube, Inflatable Boats With Single Tube and Other Products), Hull Type, Boat Type, Length, Propulsion Type, Usage, End User and By Geography

According to Stratistics MRC, the Global Rigid Inflatable Boats Market is accounted for $1.36 billion in 2022 and is expected to reach $2.13 billion by 2028 growing at a CAGR of 7.7% during the forecast period. A rigid inflatable boat provides a reliable and safe boating experience. It is a high-capacity, high-performance, and unsinkable boat. Watercrafts with rigid inflatable hulls are lighter, more fuel-efficient, and easier to operate. Additionally, this is built in a contemporary manner, allowing them to function as both a yacht and an adventure craft.

According to India Meteorological Department (IMD), Bengaluru received 131.6 mm of rainfall breaking 80 years old record.

Market Dynamics:

Driver:

Surge in leisure activities

Global consumer spending rises as per capita income rises, which further encourages expansion in leisure activities. Rigid inflatable boats offer a quick and dependable solution for high-end transportation and leisure boating activities. Despite the segment's broader selection of inflatable boats, these boats are still growing in popularity. The market will advance due to elements including the developing tourism sector and rising disposable income levels.

Restraint:

High Maintenance

Some models are heavy and may only be moved using a trailer. Inflatable boats have a number of requirements, including rinsing off any sea water, routine tube cleaning, maintaining tube air pressure, and inspecting fabric welds at least once a year. Finding dealers who can fix any tears and punctures is not simple for owners to do. They also have little room for storage. As a result, these elements are limiting the market's expansion.

Opportunity:

Growing demand for rigid inflatable boats

Construction of boats is now required due to the growing popularity of rigid boats for security purposes. The naval and coast guard boats are typically designed for non-compliant boarding team operations and high-speed boat interdiction. These boats are built for both shipboard and shore-based operations, giving the crew optimal comfort and mission range. These vessels can survive severe weather. As a result, these elements are having an impact on market expansion.

Threat:

High Cost of Manufacturing

These watercraft are still exceedingly expensive to purchase and produce, even with technological advances and new materials being used in their construction. Costly and extensive labours are another factor in the high price. The price of these boats is further increased by the inclusion of luxuries like cabins with berths and seats that can be opened to create sun lounges. These elements are therefore impeding the market's expansion.

COVID-19 Impact:

The COVID-19 pandemic had a detrimental impact on the majority of industries, including manufacturing. In addition, adventure sports and coastal tourism were severely impacted by global restrictions and lockdowns, which decreased demand for rigid inflatable boats. The pandemic has disrupted the boating industry's workforce as a result of the closure of ports throughout the world to stop the virus from spreading. In order to stop the spread of the epidemic, numerous governments imposed bans on shipping and maritime activities, which resulted in financial losses for the market for rigid inflatable boats.

The 9-15 metre segment is expected to be the largest during the forecast period

The 9-15 metre segment is estimated to have a lucrative growth, due to increase in tourist recreational activities. The demand for such boats has increased due to the fact that they are primarily used for recreational activities. However, it is projected that the market for 9-15 metre length boats will expand due to technological advancements and the use of longer boats by governments for tasks like coastguard and rescue missions. It is anticipated that this market will grow the fastest.

The outboard segment is expected to have the highest CAGR during the forecast period

The outboard segment is anticipated to witness the fastest CAGR growth during the forecast period, due to advantages. The demand for such boats has increased due to the fact that they are primarily used for recreational activities. However, it is projected that the market for 9-15 metre length boats will expand due to technological advancements and the use of longer boats by governments for tasks like coastguard and rescue missions. It is anticipated that this market will grow the fastest.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to increasing government initiatives for increasing tourism in their respective countries. The region is expected to have significant growth due to the fact that the majority of the population is residing there and due to economic development, that is enabling people to enjoy improved standards of living and spend more on leisure activities.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the increasing preference for leisure activities and water sports. These businesses are well-established on the international market and offer a variety of products. They mainly concentrate on creating cutting-edge products. It is predicted that a rise in disposable income and rising spending on leisure activities will open the door for significant growth in the region.

Key players in the market:

Some of the key players profiled in the Rigid Inflatable Boats Market include ASIS Boats, Ribcraft, AB Inflatables, Tornado Boats, Walker Bay Boats, Sealegs Corporation, HIGHFIELD BOATS, Brig Boats, Zodiac Nautic, Mercury Marine, Vector Ltd. and Grabner GMBH.

Key Developments:

In August 2022, Ribcraft entered in the production phase of its five-year IDIQ contract to build 278 numbers of the 7-meter RIB. The contract is valued at approximately USD 0.08 billion.

In June 2022, AB Inflatables launched its new jet tender, the ABJET 390 XP. The layout of the boat promotes better weight distribution and increases boat stability for improved performance. The boat is equipped with a removable lateral seat as standard while optimizing person capacity while allowing room for carryons resulting in ultimately maximizing deck space.

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.

Products Covered:

• Inflatable Boats With Double Tube
• Inflatable Boats With Single Tube
• Other Products

Hull Types Covered:

• Aluminum
• Air mattress
• Fiberglass
• Other Hull Types

Boat types Covered:

• Foldable Rigid Inflatable Boat
• Amphibious Rigid Inflatable Boat
• Flying Inflatable Boat
• Other Boat types

Lengths Covered:

• 9-15 meter
• 3-9 meter
• Other Lengths

Propulsion Types Covered:

• Inboard
• Outboard
• Other Propulsion Types

Usages Covered:

• Recreational
• Professional
• Other Usages

End Users Covered:

• Leisure
• Military
• Rescue
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
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• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances