- Hydrofoil is a curved or flat wing-like surface that is designed to lift a moving ship or a boat. It helps to lift a boat’s hull off the water as the speed of a boat increases, and it also enhances the speed of the boat without the need for more horsepower. Surface-piercing and submerged are two main types of hydrofoil. The surface-piercing hydrofoil breaks the water surface in a V-shape, while the submerged type merges the surface of a boat into water vertically.
- Increase in number of recreational activities and water sports enthusiasts across the globe and a rise in number of rental agencies for conventional and electric hydrofoil is expected to boost the hydrofoil market during the forecast period.
Key Drivers of Hydrofoil Market
- Increase in disposable income and preference of consumers toward recreational activities fuels the demand for hydrofoils in water sports, boats, and private and commercial yachts, which in turn drives the market. Moreover, consumers across the globe are preferring luxurious travel destinations across the oceans and seas, which increases the demand for hydrofoils for different boats and yachts that further propel the market.
- Hydrofoils are also used for commercial craft, racing dinghies, and yachts and other movable control surfaces, which provides vertical support, maneuvering for a boat, or the combination of both. Moreover, hydrofoils also work in relative proximity to a free surface that further results in increasing speed of the ship, which in turn increases its adoption rate in several boats and ships.
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Opportunities in Hydrofoil Market
- Expansion of retail e-commerce across borders is driving the demand for freight forwarding via sea, which drives the hydrofoil market. Moreover, in 2019, global e-commerce sales stood at around US$ 3.5 trillion, and it is expected to grow at a rapid pace rate in the near future. Therefore, expansion of e-commerce industry is expected to drive the demand for sea freight and further propel the hydrofoil market during the forecast period.
- Logistics services act as a backbone for most developing countries, as it supports different industrial sectors and helps manage their transportation, distribution, warehousing, and packaging. Changing government regulations for freight forwarding are likely to offer several opportunities for the hydrofoil market during the forecast period.
Hydrofoil Market in North America to Expand Significantly
- Popularity of hydrofoil is increasing in North America owing to a rise in recreational activities and water sports in the region. Moreover, the region also witnessed a demand for electric surfboards, as they are easy to operate and lighter in weight as compared to the other regular surfboards. Furthermore, consumers in the North America are more focused on their health, and the demand for water sports is rising in the region in order to improve their cardiovascular fitness and muscular strength. This, in turn, propels the hydrofoils market in North America. Additionally, the hydrofoils market in developing countries is expected to expand at a rapid pace during the forecast period, due to expansion of e-commerce business, exports and imports and other transportation of goods via sea routes. In China, e-commerce transactions across the borders accounted for around 20% of total export and import trading volumes, which is highest among the other countries, which in turn further contributes to the growth of the market in the region.
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Key Players Operating in Hydrofoil Market
The global hydrofoil market is moderately consolidated. A few of the key players operating in the global hydrofoil market are:
- Airush Kiteboarding
- BOARDS & MORE GmbH
- AXIS Kiteboarding
- Melos Hydrofoil Factory
- Go Foil, Inc.
- MAUI FIN COMPANY
- Fliteboard
- Foil Smart
- Liquid Force Wakeboards
- LOKEFOIL
- Moses HF
- Naish International
- Pau Hana Surf Supply
- StarBoard Foils
- VeConcepts
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