Boat Rental Market Analysis

Boat Rental Market Overview

Boat Rental Market Size was valued at USD 15.8 Billion in 2022. The Boat Rental market is projected to grow from USD 16.8 Billion in 2023 to USD 26.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2023 - 2032). Global marine tourism industry expansion, the creation of online platforms, a move toward alternative energy sources, and an increase in disposable income and purchasing power, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Boat Rental Market Trends

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  Growing obese population is driving the market growth

  
  

The market for boat rentals is significantly fueled by the expanding tourism sector. Tourism has grown significantly in recent years as international travel becomes more convenient and economical. The demand for water-based leisure activities has risen sharply as a result of the increase in tourism, which has had a direct impact on the sector. The number of tourists visiting popular spots around the world has increased, notably in coastal regions and those with access to lakes and rivers. Travellers are increasingly looking for one-of-a-kind experiences that give them the chance to get to know the locals, see the local natural beauty, and partake in adventurous activities. Tourists who rent boats have the perfect opportunity to participate in water sports and take in the beautiful scenery.

Particularly coastal areas profit from the expanding tourism sector. Tourists seeking to partake in various water sports like snorkelling, diving, fishing, and cruises are drawn to regions with beautiful beaches, crystal-clear waters, and a variety of marine life. These needs are met by boat rentals, which give guests access to boats, yachts, and other watercraft so they can explore the coastline and engage in these activities. Due to the tourism business, boat rentals in lakeside locations also increase. Lakes provide tranquil surroundings, beautiful scenery, and chances for fishing and water activities. Visitors to these regions frequently rent boats to travel the vast waterways, explore distant islands, and take in the peace and quiet of their surroundings.

Infrastructure and services that support the tourism sector have grown and improved as a result of its expansion. In order to accommodate a wide range of activities and party sizes, boat rental firms have extended their fleets. They have also made investments in modernising their facilities to make sure that tourists have a hassle-free, convenient, and delightful rental experience.

Tourism has also spurred boat rental companies to improve customer service and offer customised experiences. In order to accommodate the wide range of interests and preferences of travellers, they provide a variety of packages, including guided tours, sunset cruises, and specialised fishing expeditions. Boat rental businesses are aware of the value of giving visitors unique experiences to encourage return business and excellent word-of-mouth recommendations. Innovative technology and services have been developed in the boat rental industry as a result of the expanding tourism industry. Tourists may now browse available boats, compare costs, and book them more easily thanks to online resources and smartphone applications. The industry has undergone a change thanks to these digital platforms, which have made reservations easier and improved consumer satisfaction generally.

Additionally, the tourism sector has persuaded local governments and authorities to spend money on infrastructure upgrades to handle the surge in visitors. This include the construction of marinas, docking stations, and navigational aids to make it easier for tourists to use boat rental services. Thus, driving the Boat Rental market revenue.

Boat Rental Market Segment Insights

Boat Rental Propulsion Type Insights

The Boat Rental Market segmentation, based on Propulsion Type includes fuel powered, sail boat, electric boats. Fuel powered category is anticipated to dominate the market. This market increase can be attributed to the rise in personal and recreational use of gasoline-powered boats in a number of nations.

Boat Rental Boat Size Insights

The Boat Rental Market segmentation, based on Boat Size, includes 20 to 35 feet, over 35 feet, and between 36 and 50 feet. The category 20 to 35 feet brought in the highest money due to the growing trend of propulsion for ships utilising renewable energy, as these boats use less energy to move.

Boat Rental Boat Class Insights

The Boat Rental Market segmentation, based on boat class, includes sports, entry, and luxury. The most money was made in the luxury category. A rising interest in luxury sailing, especially among wealthy people worldwide, is what drives the rental boat market.

Figure 1: Boat Rental Market, by Boat Class, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Boat Rental Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Boat Rental Market dominated this market in 2022 (45.80%). Given the location of central boat rental outlets, the United States tops the list in this region. The region's market expansion is also due to rising public spending on leisure travel and water recreation activities. Further, the U.S. Boat Rental market held the largest market share, and the Canada Boat Rental market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Boat Rental Market Share By Region 2024 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Boat Rental market accounts for the second-largest market share. Their revenue is significantly boosted by contributions from Croatia, Spain, and Italy. During the projection period, the market will continue to rise in this region due to factors such as the rising popularity of fishing and water activities and the presence of high net worth individuals. Further, the German Boat Rental market held the largest market share, and the UK Boat Rental market was the fastest growing market in the European region

The Asia-Pacific Boat Rental Market is expected to grow at the fastest CAGR from 2023 to 2032. The rising population in China and India, which together make up more than 38% of the world's population, is a crucial element driving the growth of this area. Moreover, China’s Boat Rental market held the largest market share, and the Indian Boat Rental market was the fastest growing market in the Asia-Pacific region.

Boat Rental Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Boat Rental market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Boat Rental industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Boat Rental industry to benefit clients and increase the market sector. In recent years, the Boat Rental industry has offered some of the most significant advantages to medicine. Major players in the Boat Rental market, including GetMyBoat (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), and others, are attempting to increase market demand by investing in research and development operations.

GetMyBoat is an online marketplace for boat rentals and aquatic activities with headquarters in San Francisco, California. The business, which was established in 2013, serves as an online marketplace that links boat owners and renters and enables people to quickly discover, evaluate, and reserve a variety of watercraft and water-based activities. The platform was created with the intention of enhancing everyone's access to, affordability of, and convenience with regard to boat rentals. Users may browse through thousands of listings on GetMyBoat, including boats, yachts, jet skis, paddleboards, kayaks, and more, using its user-friendly interface. GetMyBoat offers a wide variety of boats to suit a variety of tastes and price ranges.

A boat rental marketplace called Sailo is based in New York City, USA. It is a website that links boat owners with people looking to rent boats. By offering a wide selection of boats and easy booking processes, Sailo seeks to make boat rentals affordable, practical, and pleasant for clients. Adrian Gradinaru, Magda Marcu, and Bogdan Batog established Sailo in 2014 with the goal of catering to the New York City market. However, it has expanded its operations to other places in the US and even beyond, providing boat rentals in a number of well-known locales. A variety of boats, including sailboats, motorboats, yachts, catamarans, and even luxurious boats, are available on the Sailo platform. Customers can browse the available boats and narrow down their search based on preferences such as location, boat type, price range, and more. Each boat listing contains comprehensive details about the yacht, such as technical data, amenities, and rental conditions.

Key Companies in the Boat Rental market include

• GetMyBoat (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)

Boat Rental Industry Developments

July 10, 2024: Le Boat, the biggest boat rental company in Europe, and Groupe Beneteau, which operates under the Delphia brand in Poland, have signed a new agreement that commits Le Boat to investing over £100 million over the next ten years to expand its international fleet. The agreement offers innovation to the current charter market and guarantees that travelers will have an even wider selection of options to choose from when organizing their self-drive boating vacations.

Le Boat plans to build 400 new Delphia boats over the next ten years, of which 100 will be completed in the next three years, with at least 25 of those being built in 2025. The present Horizon range along with 34 of a high-end, brand-new, one- to two-cabin boats that will be introduced in 2025 will be combined into these orders.

Boatsetter (Florida, U.S.): January, 2024: Launch of a new mobile app feature that allows users to book rentals directly from their smartphones and Partnership with local marinas to expand inventory and offer exclusive discounts.

Boat Rental Market Segmentation

Boat Rental Propulsion Type Outlook

• Fuel Powered


• Sail Boat


• Electric Boats

Boat Rental Boat Size Outlook

• Up to 20 feet


• 21 to 35 feet


• Above 36 to 50 feet

Boat Rental Boat Class Outlook

• Luxury


• Sports


• Entry

Boat Rental Regional Outlook

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  Middle East
  
  


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  Africa
  
  


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  Latin America