The boat rental market has demonstrated robust growth, increasing from $17.75 billion in 2023 to $18.94 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.7%. The growth in the historical period can be attributed to evolving leisure and tourism trends, changing consumer preferences, the popularity of water-based activities, increased accessibility to coastal and inland waters, and the emergence of peer-to-peer boat rental platforms. Looking ahead to 2028, the market is expected to maintain strong growth, projecting a size of $24.46 billion at a CAGR of 6.6%. The forecasted expansion is driven by factors such as rising disposable incomes, a preference for sustainable and eco-friendly experiences, the growth of the tourism industry, increased marketing efforts and online platforms, and the introduction of innovative rental models. Notable trends in the forecast period include the adoption of virtual and augmented reality for boat previews, the integration of contactless check-in and check-out procedures, collaborations with tourism and hospitality partners, the development of AI-powered boat recommendations, and a heightened focus on educational and safety training for renters.
Major Driver In The Boat Rental Market
The boat rental market experiences growth fueled by the global expansion of the marine tourism sector. Marine tourism encompasses a range of activities, including sailing, cruises, and yachting, attracting both leisure and business travelers. In June 2022, the Great Barrier Reef Marine Park Authority reported a significant increase in tourist visits to the Great Barrier Reef Marine Park, showcasing a 22.11% rise over the previous fiscal year. This growth in marine tourism drives the demand for boat rentals, catering to the needs of tourists exploring coastal environments worldwide. The market size for 2023 reflects promising growth, with expectations of continued expansion by 2024 and a significant projection by 2028, driven by the burgeoning marine tourism industry.
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Boat Rental Market Competitive Landscape
Brunswick Corporation, Groupe Beneteau SA, Le Boat Holidays Ltd, Samboat SAS, Click&Boat SAS, Boatsetter Inc., Bluewater Yachting LLC, GlobeSailor SAS, Skipperi SAS, Sail Croatia Adventures Ltd., Zizoo SAS, Cozymeal Inc., GetMyBoat Inc., Boatjump Inc., Incrediblue Inc., YACHTICO Yacht Charter GmbH & Co. KG, Sailo SAS, Blue Boat Yacht Entertainment Company LLC, BoatBureau Limited, Ocean Serenity LLC, Borrow A Boat Inc., Boatbay Inc., Nautal SL, Yacht.com BV, Snap a Boat Inc., Boatin' Around LLC, SnagAboat Inc., Boat Beacon Inc., Sail.com Inc., CharterWorld Inc.
Key Boat Rental Market Trend
Technological advancement is the key trend gaining popularity in the boat rental market. Major companies operating in the boat rental market are focused on developing innovative technologies to strengthen their position in the market. For instance, in June 2022, Vision Marine Technologies, a Canada-based manufacturer of handmade, high-performance, green, and electric recreational powerboats, developed E-Motion technology. E-Motion technology is the world's first high-performance electric propulsion engine, combining a 180-horsepower (135 kW) motor with a sophisticated battery management system to reduce energy costs by 90%. The E-Motion enhances performance and range while requiring no additional charging infrastructure or devices. All that is required is a 220-volt charging outlet, which is already available in the infrastructure of almost every marina.
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Boat Rental Market Segmentation
The boat rental market covered in this report is segmented –
1) By Boat Type: Inboard Boats, Outboard Boats, Sail Boats, Other Boats
2) By Boat Size: Less than 30 feet, Between 30 and 79 feet, Greater than 79 feet
3) By Power: Engine Powered, Man Powered, Sail Propelled
4) By Activity: Sailing and leisure, Fishing, Other Activities
By Geography:The regions covered in the boat rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the boat rental market in 2023.
The Boat Rental Global Market Report 2024 furnishes information about the global boat rental market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
