USD 375.46 million
Hot Air Balloons Market Size, Share, Growth Analysis, By Type(Lanterns, Montgolfier hot air balloons, Roziere hot air balloons, observation balloons), By Application(Photography, aviation, and tourism), By Distribution Channel(Online and offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20A2045 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
90
|Figures:
76
Hot Air Balloons Market Insights
Global Hot Air Balloons Market size was valued at USD 375.46 million in 2022 and is expected to rise from USD 396.04 million in 2023 to reach a value of USD 606.87 million by 2031 at the CAGR of 5.48% during the forecast period (2024-2031).
The growth of this market is attributed to the growing popularity of aviation sports, photography, and tourism applications. In addition, the rising demand for lightweight and energy-efficient aircraft is also anticipated to drive the market.
Changing lifestyle, increasing population, and rising leisure activities are the factors which fuel the market growth. Technological advancements such as GPS and track identification can create significant opportunities for major players in the hot air balloon market.
US Hot Air Balloons Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Aviation
Fastest Growth
=segment_1_share!C5
Growth Rate
5.48% CAGR
Global Hot Air Balloon Market ($ Bn)
Country Share for North America Region (%)
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Hot Air Balloons Market Segmental Analysis
Hot Air Balloons Market is segmented on the basis of type, application, distribution channel, and region. Based on type, the global Hot Air Balloons Market is segmented into lanterns, Montgolfier hot air balloons, Roziere hot air balloons, observation balloons, and others. In terms of application, the Hot Air Balloons Market is categorized into photography, aviation, and tourism. With respect to segmentation by distribution channel, the global Hot Air Balloons Market is bifurcated into online and offline. Regionwise, the Hot Air Balloons Market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Hot Air Balloons Market Analysis by Application
The aviation segment is expected to dominate the global market during the forecast period due to increasing use of hot air balloons for commercial passenger travel and training operations. Further, the expansion of international flights networks which will result in an increase in demand for passenger-carrying balloons is anticipated to drive the market growth during the forecast period.
The photography segment is expected to grow at the fastest rate during the forecast period due to rising popularity among amateurs and professionals as an affordable medium for shooting exotic locations or aerial views from helicopters or airplanes. The increasing number of professional photographers using hot air balloons as their main mode of transport has also contributed to market growth in recent years.
Global Hot Air Balloon Market By Application
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Hot Air Balloons Market Regional Insights
North America is expected to dominate the global market during the forecast period due to rising inclination towards leisure activities among the population in this region. In addition, the companies in this region are continuously working to introduce the advanced hot air balloons, which are made up of different materials that offer less wind resistance. This factor helps to boost the hot air balloon market in this region.
Asia pacific is expected to grow at the fastest rate during the forecast period owing to an increase in per capita household income in developing countries in the region. Further, increasing recreational activities and consumer spending on outdoor sports are the factors which are anticipated to grow the market.
Global Hot Air Balloon Market By Region
- Largest
- Fastest
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Hot Air Balloons Market Dynamics
Hot Air Balloons Market Driver
Increasing Use in the Tourism Industry
- Hot air ballooning offers benefits to the tourism industry as it offers a unique experience to tourists. Participation of the younger generation on outdoor recreational and adventure activities is increasing, as they are more inclined toward outdoor activities. This, in turn, is expected to drive the market growth.
Hot Air Balloons Market Restraint
- The factors which restrain the hot air balloons market are accidents associated with the hot air balloons and high cost of manufacturing.
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Hot Air Balloons Market Competitive Landscape
The global hot air balloons market is moderately competitive. Major players are focusing on the development of innovative hot air balloons with enhanced designs to strengthen their position in the global market. Several companies are increased their investment in R&D to enhance their product portfolio, which in turn is projected to help them to expand their consumer base.
Hot Air Balloons Market Top Player's Company Profiles
- Cameron Balloons Ltd.
- Lindstrand Technologies Ltd.
- Ultramagic S.A.
- Kubicek Balloons s.r.o.
- Firefly Balloons
- Aerostar International, Inc.
- Adams Balloons
- Thunder & Colt Balloons Ltd.
- Raven Industries, Inc.
- Aerostatz Balloons
- Kubicek Balloons America
- Sky Balloons
- Lindstrand Balloons USA
- Montgolfier Balloons
- High Life Balloons
- World Balloon
- Balloon Promotions (Pty) Ltd.
- Hott Air Balloons
- Ballonteam Taunus
- Chateau d'Ax S.p.A.
Hot Air Balloons Market Recent Development
- In February 2024, in partnership with Skywaltz Balloon Safari, Evolve Back resorts introduced an unforgettable aerial experience to discover the ancient marvels of Hampi, India.
- In February 2024, Balloon Nepal, the only company in Nepal offering hot air balloon flights, was authorized to ascend up to 9,000 feet above the ground level. The president of Balloon Nepal stated that previously restricted to a maximum altitude of 3,000 feet, the balloons can now offer passengers an enhanced view of the Annapurna mountain range, Pokhara, and breathtaking views of the sunrise and sunset.
- In November 2023, Jared Kimball, owner of Napa Valley Aloft, bought the hot-air balloon business Napa Valley Balloons from Cuvée Collective.
Hot Air Balloons Key Market Trends
Emergence of online reviews and easy internet access
- Technological advancements in smartphones had a negative impact on the tourism industry. Such innovations will improve the entire traveling experience by making it more convenient to dream, plan, book, and experience a perfectly planned vacation. Factors such as the development of shopping portals, online retailing, and internet affordability have augmented the demand for adventure tourism.
Hot Air Balloons Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global hot air balloons market analysis, increasing population along with increasing disposable income, advancements in hot air balloons, changing lifestyle, increasing leisure activities are the factors which drive the market growth. The accident risk associated with the hot air balloons and high cost of manufacturing are the factors which hindered the market growth. North America is expected to dominate the global market. Major players increased their investments in R&D to produce advanced hot air balloons.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 375.46 million |
| Market size value in 2031 | USD 606.87 million |
| Growth Rate | 5.48% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hot Air Balloons Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hot Air Balloons Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Hot Air Balloons Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hot Air Balloons Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hot Air Balloons Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hot Air Balloons Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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