The ‘Global Boat Rental Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global boat rental market, assessing the market on the basis of its segments like propulsions, boat lengths, business models, boat classes, and major regions.
Boat Rental Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): Over USD 18.14 Billion
- Forecast CAGR (2023-2028): 5.26%
The boat rental market growth can be attributed to favourable government initiatives aimed at promoting tourism. Rising spending on leisure travel and water sports by customers with high per-capita spending is also surging the demand for boat rentals. Moreover, rental services offer different types and designs of boats, ranging from fast cruisers to wake boats, hence catering to diverse customer demands.
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North America and Europe are expected to witness robust growth in the forecast period due to the rising popularity of boating as a recreational activity in the regions. The presence of prominent boat rental operators in countries like Italy, the United States Germany, and France, among others, is also adding to the market.
Boat Rental Industry Definition and Major Segments
Boat rental refers to a service in which a boat is rented for recreation or business purposes. Through this service, boats can typically be rented either for a few days or hours. Boat rentals are widely preferred by customers as a way to enjoy water activities and boating at affordable prices and eliminate hassles associated with owning a boat.
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The market, on the basis of propulsion, is categorised into:
- Sail Boats
- Electric Boats
- Fuel-Powered Boats
- Others
Based on boat length, the market is divided into:
- Up to 28 Feet
- 28 to 45 Feet
- More than 45 Feet
By business model, the market is segmented into:
- Charter
- Tour
- Day Cruise
- Lux Charter
- Lux Day Cruise
- Event/B2B
- Peer to Peer (P2P)
- Business to Consumer (B2C)
- Others
The various boat classes included in the market report are:
- Entry
- Sports
- Luxury
- Others
The major regional markets of boat rental include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Customers are increasingly renting luxury yachts and boats that offer comfort, privacy, and safety. Such boats also have premium offerings and personal services, including restaurants, bars, and high-speed internet facilities, among others, due to which they are widely popular for recreational and rejuvenation purposes.
The boat rental market is being fuelled by rapid urbanisation and globalisation, growing numbers of affluent customers, and the increasing interest in marine tourism. Boating enthusiasts also prefer boat rentals as they eliminate maintenance and repair costs and provide them with enhanced convenience.
In the forecast period, the market is likely to be aided by the increasing launch of boat rental service mobile apps that can enhance the accessibility of renting boats.
Key Market Players
The major players in the boat rental market report are GetMyBoat, Inc., Boatjump S.L., Nautal Smart Sailing S.L., Yachtico GmbH, Zizooboats GmbH, Sailo Inc., Boatsetter, Inc., and Le Boat (Crown Travel Limited), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
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