Boat Rental Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Propulsion Type, Boat Size and Region

Boat Rental Market Definition:

Boat Rental is a service which provides boats to the consumers for leisure or vacation purposes, in recent years everything is acquired without owning, the boat Rental market is expected to grow through the forecast period. The major boat companies offer unfuelled or fuelled boats, depending on the requirement of the consumer. On boats there are various facilities are provided. The Rental Boats are majorly used for vacation purposes and also for business purposes as these boats are featured with comprehensive luxury experiences with high standards and comfort.

 

Further, the Boat Rental market is segmented by Propulsion Type, By Boat Size, and geography. On the basis of Product, the Boat Rental market is segmented under Fuel Powered, Sail Boat, and Electric boats. Based on the Boat Size, the Boat Rental market is segmented under 20 feet, 21 to 35 feet and above 36 to 50 feet. By geography, the market covers the following Regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Million).

 

 

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Boat Rental Market Dynamics:

Major companies are creating high-performance boats for the surge in demand for water sports activities. In the current situation consumers possible to rent boats on online platforms and apps thus, it is expected to increase the demand for Boat Rental market through the forecast period. The emergence of various boat rental management software’s easing the operations and driving the market growth. These advanced apps interpret and analyse the information and measure the booking performance which helps in the reservation decisions. Also due to the mobile-friendly apps and ease of access, business owners maintain the operations from any location. Artificial intelligence and data mapping in this software help business owners gain accurate insights about reservations and bookings. These factors are fuelling the demand for Boat Rental Market through the forecast period.

 

The increase in up-gradation of the yachts and boats is about 12%. In the United States and Europe, there is an increase in boating business as these countries have large coastlines and developed, sustainable tourism sectors and permissions of yards to many owners fuelling the demand for Boat Rental Market through the forecast period. The surge in cruise tourism and adventure travel is expected to assist the Boat Rental market through the forecast period. In recent years the cruise industry revenue grew over US$ 26 Bn which is expected to drive the Boat Rental Market. Several cruise lines are providing smart wearables to the consumers to give personalized and seamless experiences supporting the growth of the market.

 

River and ship cruising are gaining traction as millennials are taking interest in them. In recent years there is an increase in focus on sustainable tourism as travellers are participating in practices of voluntarism and recycling. In recent years the demand for the cruise industry is increased by about 23.5%. one of the major factors that are driving the Boat Rental Market is the cruising industry as cruising is the fastest growing industry in the leisure tourism market. Several ship owners and manufacturers are investing in independent islands to provide boat rental companies with adventure beach activities. The total expenditure of tourists in coastal areas is 700 Mn and it is expected to increase through the forecast period. Thus, increasing the demand for Boat Rental Market through the forecast period.

 

The cost of renting boats is dependent on various factors such as taxes, and the type of boats. Thus, the rental boats come up with a variety of prices, the rents of boats range from US$10,000 per week to US$ 200,000 a week for luxurious highly opulent motor super yachts. Moreover, the hidden costs such as duties, VAT, allowances, and insurance increases the charges by 15% to 30%. It is difficult for new entrants to start a business in this highly competitive sector. These factors are expected to hinder the market growth through the forecast period.

 

Boat rental cost are determined by various seasons and they are hike during the peak seasons due to high consumer demand for boat rides and water skiing and various sports activities. Also boat rents are different for various regions, this factor expected to hinder the demand for Boat Rental Market. Also due to COVID 19 restrictions in recent years many Boat manufacturing companies suspended their operations during COVID 19 period. Almost half of the boat selling channels was closed due to strict government restrictions. Recovering from this is the major challenge for Boat manufacturers. But according to current situation due to ease of restrictions the Boat Rental Market is significantly growing through the forecast period.

 

Boat Rental Market Segment Analysis:

By Propulsion Type, The Boat Rental Market is classified into Fuel Powered, Sail Boat, and Electric boats. The Fuel Powered segment has the largest market share in Boat Market and It is expected to grow at the highest CAGR through the forecast period. As there is increasing demand for Gasoline Powered Boats for the recreational and personal use in various countries. Fuel based boats have many benefits such as a wide travel range, speed, and power. Moreover, the Fuel based boats can travel in various tropical waters. Allowing consumers to travel in different streams such as coastal, narrow and shallow streams. Moreover, an increase in demand for sports events and activities increases the demand for fuel-powered boats.

 

A surge in the growth of environment-friendly boats increased the demand for Sail Boats. Thus Sail Boat segment is expected to grow gradually through the forecast period. As sailboats are less expensive than Fuel-powered boats and also fuel emissions are harmful to the environment and the major boating sector requires fuel. Electric Boats and ships are still making their way in this industry and are expected to grow through the forecast period. Electric Boats have a 3.1% market share in the industry. The cost of the Electric Boats is higher than the Fuel based boats and the prices increase with the rise in battery capacity but the electric boat market is in an uptrend and is expected to increase through the forecast period.

 

 

By Boat Size, The Boat Rental Market is segmented into 20 feet, 21 to 35 feet and above 36 to 50 feet. The rise in the trend of renewable energy for the ships is expected to increase the demand for boats with a length of 20 feet as the energy required for these boats is less. The 21 to 35 feet category acquire the largest market share in the market and is expected to increase through the forecast period. The 26 to 35 category is used for personal purposes. As these boats are available at low prices and require low maintenance charges. A surge in urbanization and a rise in purchasing power of individuals increased the spending capacity of individuals on luxuries activities. Thus, increasing the demand for the 36 to 50 feet segment.

 

Boat Rental Market Regional Insights:

The Europe region is expected to dominate the market through the forecast period. Europe held the market share of 37 Mn in 2023, As many tourist places are present in this region. Spain, Italy, and Croatia contribute a significant amount of share in their revenue. An increase in water sports activities, the prevalence of fishing and the high net worth of individuals driving the Boat Rental market through the forecast period.

 

The Asia Pacific region is expected to grow at the highest CAGR through the forecast period. One of the major factors is an increase in population in developing countries like India and China. Acquiring more than 37% of the population. The increase in popularity of water sports and adventures and marine tourism in India, china, japan and Australia fuelled the demand for Boat Rental Market. Moreover, Various government programs to develop marine tourism. Expected to fuel the market tourism. North America hold a significant position in the market due to various cruising destinations with a wide coastline. The US ranks first in boat hiring locations. The Middle East is expected to grow significantly through the forecast period.

 

Boat Rental Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the global market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Global Boat Rental market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Boat Rental market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Global Boat Rental Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Boat Rental market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Boat Rental market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Global Boat Rental market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Global Boat Rental market. The report also analyses if the Global Boat Rental market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Boat Rental market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Boat Rental market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Global Boat Rental market is aided by legal factors.

 

Boat Rental Market Scope:

 

Boat Rental Market
Market Size in 2023	USD 156.33 Mn.
Market Size in 2030	USD 436.51 Mn.
CAGR (2024-2030)	15.8%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Propulsion Type Fuel Powered Sail Boat Electric boats
	By Boat Size 20 feet 21 to 35 feet above 36 to 50 feet
	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Boat Rental Market Key Players:  

• Get My Boat (San Francisco, U.S.
• Groupe Beneteau (Croix-de-Vie, France)
• Boatsetter (Florida, U.S.)
• Globesailor (Paris, France)
• Click&Boat (Paris, France)
• Zizoo (Berlin, Germany)
• Nautal (Barcelona, Spain)
• Sailo (Greater New York, U.S.)
• Incrediblue (London, U.K.)
• Boatjump (Valencia, Spain)