The global rigid inflatable boats market size was valued USD 1.28 billion in 2021. The market 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 forecasted period.
This information is provided by Fortune Business Insights, in its report titled, “Rigid Inflatable Boats Market, 2022-2029.”
Restrictions on Manufacturing During the Pandemic Caused Delays in RIB Deliveries
Between 2020 and 2022, the RIB market was severely affected by the COVID-19 pandemic, which had a catastrophic impact on the sector. The RIB manufacturing business has temporarily lost access to a number of activities, including the production of RIB crafts, the supply of raw materials, and the distribution network, among others due to the global lockdown scenario. These variables have had an impact on the supply chain, causing delays in deliveries and a mountain of backlogged orders for the major market participants.
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Increase in Tourist Recreational Activities to Boost Aluminum Hull Type Segment in Forecast Years
By segmentation, the market is divided into Fiber and Aluminum Hull types. The Aluminum Hull type 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 market growth.
Rise in Use of RIBs for Rescue Operations to Drive PVC Class Segment Growth in Projection Period
Based on tube type, the rigid inflatable boats market share 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 driven 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 Has Resulted in Increase in Demand for RIB
In terms of usage, the market is segmented into professional and recreational. The recreational segment 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.
The report presents a systematic study of the market segments and thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help with the rigid inflatable boats market growth.
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Drivers and Restraints:
Growing Demand for Rigid Inflatable Boats for Marine Security Applications to Boost Market Growth
The coast guard makes use of RIBs for sea security. The coast guard uses these boats for a variety of purposes such as homeland security, patrol, maritime law enforcement, marine environmental protection, and search and rescue. They are designed to fulfil and surpass all specifications.
The Naval and Coast Guard rigid inflatable boats are designed primarily for non-compliant boarding team operations and high speed maritime interdiction.
North America Held Lion’s Share due to the Presence of Major Players
In 2021, North America dominated the market for rigid inflatable boats. North America, with a market size of USD 0.51 billion in 2021, had the largest market share and was expected to increase significantly during the forecast period.
The market in Europe will expand at a reasonable rate as a result of the rise in leisure travel as well as the existence of important OEMs and major players such as Zodiac Nautic and others that drive market expansion in the area.
The highest CAGR is projected for Asia Pacific during the forecast period. Rising economies such as China and India are said to be responsible for this expansion.
Key Players Sign Significant Contracts to Make Remarkable Changes in the Market
The players operating in the market often employ numerous tactics that will aid the market growth and product demand. Among the pool of strategies, one such notable strategy to expand the business prospect is signing multimillion contracts with government bodies and securing a profitable revenue for their own company.
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Key Industry Development:
February 2022: Blue Light Commercial operators have received awards from Delta Power Group. The agreement includes the provision of extremely effective, cutting-edge high speed boats for use by police officers and Blue Light operators.
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)
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