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Rigid inflatable boat is a high-capacity, high-performance and unsinkable boat that offers a safe and resilient boating experience. Rigid inflatable boats are watercrafts that offer easier operation, more fuel efficiency and lower weight. Furthermore, RIB are constructed in a modern way, which enables them to operate as an adventure vessel as well as a yacht. The rigid inflatable boat market(RIB) is encountering a notable growth due to rise in leisure, rescue, military and other end users
COVID-19 scenario analysis:
COVID-19 pandemic negatively affected most of the businesses, besides manufacturing, adventure sports and coastal tourism were hugely hit owing to restrictions and lockdowns globally which led to downfall in demand of rigid inflatable boats.
The pandemic has caused disruption in workforce of the boating industry due to shut down of ports globally in order to prevent escalation of COVID-19.
Trade chains around the world which included major export and import trades faced downfall on account of widespread of COVID-19 virus.
Financial losses were incurred by the rigid inflatable boats market as a consequence of bans on shipping andmaritime activities imposed by several countries to curb the outbreak of the pandemic.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Surge in leisure activities globally, increase in focus toward light-weight and multipurpose boats, and rise in maritime security applications of inflatable boatsacts as the driversfor the rigid inflatable boats market. However, increase in instances of maritime accidents and cost variability of raw materials restrains the market growth. Increased service life, technological developments, and adoption of inflatable boats in disaster managementprovides new opportunities in the industry.
The rigid inflatable boats market trends are as follows:
Surge in leisure activities globally
Increase in per capita income escalates the consumer spending globally, which further induces growth in leisure activities. Rigid inflatable boats provide a fast and reliable method for sophisticated travel and recreational boating activities. For instance, in 2019, 95 SL was introduced byZar Formenti and Inflatable Boat Pro, at the Lauderdale International Boat Show. The RIB demonstratedurbane luxury and racing characteristics with comfortable hospitality features such as sleeping berth and separate showers for 2 people. Rise in leisure activities further expands the growth of the rigid inflatable boats market.
Rise in maritime security applications of inflatable boats
Rigid inflatable caters to the requirement of military or emergency response teams for a dependable, tough and versatile workboat. RIBs achieve the same speed as a traditional boat with lesser power and drag and at the same time control harmful emissions. For instance, in July 2019, Pacific 950, a RIB unmanned surface vehicle (USV) manufactured by BAE Systems, which is fitted with MSI Defense's new lightweight remote weapon station (RWS) successfully completed the trials. The vessel can reach a top speed of 45 knot and can be utilized for persistent intelligence gathering, anti-piracy operations, maritime security and border control.Increased operating range and incorporation of advance technologies such as autonomous technologies in rigid inflatable boats aids in the effectiveness of defense agencies, which further boosts the growth of the rigid inflatable boat market.
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Questions answered in the rigid inflatable boats market research report:
Key Market Segments
Key Market Players
