With the emergence and long-term Impact of COVID-19, the Global Airboats Market is to reach USD 278.7 Million by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Airboats Market is poised to raise up to USD 278.7 Million by 2030. The type of watercraft known as airboats uses a propeller that is mounted behind the boat to drive it forward. An automobile engine or an aviation engine is used to power these propellers. The market is expanding because of factors such as growing tourism industry and increasing military spending across the globe.
However, the growing tourism industry across the globe and the increasing disposable income in emerging economies is accelerating the market growth. Moreover, airboats are now becoming a larger part of the tourism business. Thus, increased number of airboats in the tourism industry contributes toward the growth of the overall market. Its importance has progressively increased during the last few decades, According to Statista in 2023, the travels and tourism industry is anticipated to generate USD 854.80 billion by 2023 globally. By 2027, the market is predicted to reach a value of USD 1,016.00 billion, with revenue forecast to rise at a rate of 4.41% per year CAGR 2023 to 2027.
The use of airboats is primarily for the rescue operations, for the defense and military purpose like coast guards and is nowadays also implemented for fishing purpose. According to Statista in 2021, the military spending worldwide amounted to 2.11 trillion U.S. dollars. The United States accounted for 38 percent of total military spending globally. In addition, increasing demand for vehicles in transportation and increase in technological advancement related to airboats would create a lucrative growth prospect for the market over the forecast period. However, the high cost of Airboats and limited availability of skilled operators stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Airboats Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America is expected to dominate the market due to the growing demand for airboats in the tourism sector and increasing water transportation activities. The Asia-Pacific is fastest growing region during the forecast period owing to factors such as rising investments in defense and transportation infrastructure.
The global Airboats Market is highly competitive owing to the presence of several key manufacturers such as Diamondback Airboats, PANTHER AIRBOATS, Floral City Airboat Company, American Airboat Corp., Arctic Airboats Ltd, Christy Hovercraft manufacturing company, Canadian Airboats, Hamant Boats, and others.
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Key findings of the study suggest:
- Global Airboats Market is anticipated to grow with a healthy growth rate of more than 3.26% over the forecast period 2023-2030.
- In the application segment, Search and Rescue emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the growing demand for airboats in the tourism sector.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Product:
- Private
- Commercial
By Application:
- Search and Rescue
- Patrol
- Tourist
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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