The ‘Global Boat Rental Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the boat rental market, assessing the market on the basis of its segments like propulsion, boat length, business model, boat class, and major regions.
Boat Rental Market Share, Size, Price, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.26%
Demand for renting boats is increasing rapidly owing to the growing demand for tourism along with other factors such rising interest in trying out a variety of boats. Renting boats for a limited period of time helps an individual understand the boating experience and then decide if they want to own a boat. This popularity of experiencing boat life without investing in purchasing a boat is catalysing the growth of the market for boat rentals. Several boat rentals provide other services such as fishing and racing, among other activities based on the customers preferences leading to the further growth of the boat rental market.
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Renting boats is considered to be very convenient as they allow the renters to have a safe and enjoyable experience without worrying about long-term boat upkeep. All the arrangements are made by rental companies such as providing safety gears and other necessary equipment including life jackets and fishing gear, among others. Boat rental companies also meet all the safety standards required for providing a good and enjoyable time to the renters. All these factors are contributing to the growth of the boat rental market.
Industry Definition and Major Segments
Boat rental is a type of service where boats of various sizes and propulsions are rented to users for a limited period of time, either for sporting purposes or for leisure. Depending upon the user preference, boat rentals can include boat captains and staff, or can be for only the boat.
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Based on propulsion, the market is classified into:
• Sail Boats
• Electric Boats
• Fuel-powered Boats
• Others
On the basis of boat length, the market is segmented into:
• Up to 28 Feet
• 28 to 45 Feet
• More than 45 Feet
By business model, the market is categorised into:
• Charter
• Tour
• Day Cruise
• Lux Charter
• Lux Day Cruise
• Event /B2B
• Peer to Peer [P2P]
• Business to Consumer [B2C]
• Others
On the basis of boat class, the market is divided into:
• Entry
• Sports
• Luxury
• Others
Based on region, the market is classified into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The key trends in the boat rental market include the rising initiatives of various governments promoting maritime tourism activities, contributing to the growth of the market for boat rentals. The market growth is further supported by the development of various online platforms which operate 24*7 and make it easier for the people to rent boats from the comfort of their homes at any time. Governments of several countries are promoting water sport activities which are attracting sporty and adventurous people towards boat rentals.
Increasing disposable income along with rising popularity of boating vacations is rapidly propelling the growth of the market globally. People are able to afford luxury travel packages along with other recreational activities by renting boats which is acting as a major factor for the growth of the boat rental market.
North America accounts for a large share of the market for boat rentals owing to the extensive coastline and the widespread popularity of recreational fishing and boating. Manufacturers in United States are focussing on producing a variety of boats which are being used in North America for water sports and general boating activities. People in the region are spending increasingly on leisure and tourism which is further enhancing the growth of the boat rental market in North America.
Key Market Players
The major players in the global boat rental market report are GetMyBoat, Inc., Boatjump S.L., Nautal Smart Sailing S.L., Yachtico GmbH, Zizooboats GmbH, Sailo Inc., Boatseller 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 analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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