Pune, India, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The global rigid inflatable boats market size was valued USD 1.28 billion in 2021 and is projected to grow from USD 1.36 billion in 2022 to USD 2.10 billion by 2029, exhibiting a CAGR of 5.78% during the forecast period 2022-2029. This information is provided by Fortune Business Insights™, in its report titled, “Rigid Inflatable Boats Market, 2022-2029.”
List of Key Players Mentioned in the Report:
- Zodiac Nautic (France)
- Highfield Boats (China)
- ASIS Boats (U.S.)
- Brig Boats (Ukraine)
- Sealegs Corporation (New Zealand)
- Walker Bay Boats (U.S.)
- AB Inflatables (U.S.)
- Tornado Boats (Denmark)
- Ribcraft (U.S.)
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 5.78% |
| 2029 Value Projection | USD 2.10 billion |
| Base Year | 2021 |
| LiDAR Drone Market Size in 2020 | USD 129.0 Million |
| Historical Data | 2018-2020 |
| No. of Pages | 200 |
| Segments Covered | By Hull Type, By Tube Type, By Length |
COVID-19 Impacts:
Restrictions on Manufacturing During the Pandemic Caused Delays in RIB Deliveries
In the years between 2020 and 2022, the COVID-19 pandemic had a devastating impact on the Rigid Inflatable Boats (RIB) market. Numerous RIB manufacturing industry operations, including the production of RIB crafts, the supply of raw materials, and the distribution network, among others have been temporarily halted due to the global lockdown situation. These variables have had an impact on the supply chain, resulting in a backlog of orders for the major participants in the market as well as delays in deliveries.
Report Coverage:
The report presents a holistic study of the global market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report.
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Segments:
Increase in Tourist Recreational Activities to Boost Aluminum Hull Type Segment
By hull type, the market is divided into fiber and aluminum. The aluminum segment owns the largest RIB market share due to the rising demand for aluminum hull boats for water and tourist recreational activities, which is anticipated to fuel the rigid inflatable boats market growth.
Rise in Use of RIBs for Rescue Operations to Drive PVC Class Segment Growth in the Projection Period
Based on tube type, the market is segmented into PVC and hypalon. The PVC segment has been a popular choice for its cost advantage.
9-15 Meter Length Boats to Grow During the Forecast Period
Based on length, the market is segmented into 3-9 meter and 9-15 meter. The 3–9-meter length boats accounted for the largest market share in 2021. The use of such boats for mainly recreational purposes has surged the demand for such boats.
Increasing Demand for Outboard Propulsion Propelled Segment Growth in the Base Year
Based on propulsion type, the market is segmented into outboard and inboard. The outboard segment holds the largest market share.
Rising Demand for Recreational Boating from Various Segments Resulted in Increase in Demand for RIB
In terms of usage, the market is segmented into professional and recreational. The recreational segment has dominated the market post the COVID-19 pandemic with the largest share in the base year.
Geographically, the market is segregated into North America, Europe, Asia Pacific, and the Middle East & Africa.
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Drivers and Restraints:
Lightweight, Fuel Efficiency, and High Maneuverability Abilities of Rigid Inflatable Boats to Spur Market Growth
Comparing rigid inflatable boats to conventional rigid hull boats, there are a number of benefits. They cost less than rigid hull boats of same size and performance. Typically, these boats are used to board other boats. When a boat is being pulled alongside another boat, the inflatable tubes that surround the rigid hull function as enormous fenders to protect both vessels.
RIBs are some of the most well-liked small boats on the market right now. These watercrafts are still highly expensive to buy and produce, even with the development of technology and the use of new materials.
Regional Insights:
North America Held Lion’s Share due to the Presence of Major Players
The rigid inflatable boats market share in 2021 was mostly driven by North America. The North American region, which had the largest market in terms of value in 2021 of USD 0.51 billion, is anticipated to expand significantly during the forecast period.
Due to the rise in leisure travel, the presence of important OEMs and significant players, such as Zodiac Nautic, and other factors are driving the market expansion in Europe, which will expand at a moderate rate.
During the forecast period, Asia Pacific is anticipated to develop at the greatest CAGR. Rising economies such as China and India are credited with this expansion.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact Ukraine-Russia War on Global Rigid Inflatable Boat Market
- Impact of Russia-Ukraine War on Global Rigid Inflatable Boat Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to the war
- Potential Opportunities due to war
TOC Continued…!
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Competitive Landscape:
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
Key Industry Development:
June 2022: AB Inflatables introduced its novel jet tender, the ABJET 390 XP. The layout of the boat encourages augmented weight distribution and surges boat stability for enhanced performance.
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