New York, US, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR),” Boat Rental Market Information by Propulsion Type, Boat Size, Boat Class, and Region - Forecast till 2032”, As per projections, the boat rental market will be rising from USD 16.8 billion in 2023 to USD 26.9 billion by 2032, at 6.10% rate from 2023 to 2032.
Boat Rental Market Synopsis
Customers can rent boats for their vacations or for recreational use. Renting a boat makes sense in the modern world because everything can be obtained without owning it. The renting solution aids in the reuse of these idle ships because the majority of boats spend more than 50% of their useful lifetimes moored. According to the needs of the client, boat rental firms offer either crewed or uncrewed boats that are either fueled or unfueled.
A wide range of excellent amenities are offered to boats with an experienced crew. These boats offer a complete luxury experience with the best comfort and standards, and they are chartered for business and luxury purposes. In several parts of the world, most prominently in Europe, boats are frequently used for cruising and fishing.
Market Competitive Landscape:
The players offering boat rental services in the 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)
- Among others.
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Market USP Covered:
Boat Rental Market Drivers:
Software for managing boat rentals is becoming a differentiating point among rivals. An online boat hire management tool called Rent Rabbit analyses reservations to produce information that help monitor success and personalise the rental reservation experience. These businesses provide customers user-friendly mobile apps that enable entrepreneurs to manage operations while on the road. In-demand in mobile apps are instant booking options. Companies are able to expand their business network thanks to precise insights and statistics on reservations and bookings that may be gathered using data science and machine learning.
A number of ship manufacturers have made investments on unincorporated islands, enabling boat rental businesses to offer their clients upscale beach activities. As a result, market growth throughout the anticipated years is probably going to be driven by an increase in wealthy consumers' engagement as well as an expansion in hospitality services.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 26.9 Billion |
| CAGR during 2023-2032 | 6.10% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Propulsion Type, Boat Size, Boat Class, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Opportunities | Growing tourism industry |
| Key Market Dynamics | Increasing disposable income |
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Marine tourism is being promoted through a number of government initiatives and programmes, which is expected to accelerate market expansion. For instance, the Indian government is improving port services and infrastructure to promote local tourism. Tours of the port city are anticipated to boost cruise tourism; by 2030–2031, it's possible that 1.5 million foreign visitors will go by cruise. Additionally, the Indonesian government updated its plan for maritime tourism.
Boat Rental Market Restraints:
The location of the trip, the boat type, inter- and intra-border taxes, and cover charges all affect how much it will cost to rent a boat. Rental boats are therefore available in a range of price points. Monohulls and smaller sailboats can be rented for as little as $10,000 per week, while more sumptuous motor super yachts can cost well over $200,000. Furthermore, 15% to 30% of the initial bill is made up of other hidden fees and charges including VAT, allowances, insurance, and crew tips. These fees cause problems for many consumers in emerging nations, thus restricting the growth of the sector.
Boat Rental Market COVID 19 Analysis
After the COVID-19 lockdown restrictions were partially lifted, many people rented boats to enjoy their leisure while observing the social distance requirements. Lockout restrictions being loosened by the government also helped the market's financial growth. Many people are choosing direct consumer-to-owner rentals as rental businesses reopen in large numbers. Businesses in the charter boat industry employ servers and mobile apps to remove the personal touch. In order to stop the coronavirus from spreading, boat rental businesses also abide by municipal laws and ordinances. They stress the significance of wearing masks, sanitizing shipboard equipment, and minimizing crowding at docks. As a result, once the lockdown restrictions are lifted, the market is anticipated to recover.
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Boat Rental Market Segmentation
By Propulsion Type
Fuel-powered, sail-powered, and electric boats are the propulsion types covered in the study. It is projected that the fuel-powered category will rule the market.
By Boat Size
Depending on the boat size, the boat rental market is divided into three categories: boats between 20 and 35 feet, boats over 35 feet, and boats between 36 and 50 feet.
By Boat Class
Sports, entry-level, and luxury boats are included in the segmentation of the boat rental market based on boat class. The luxury category generated the greatest revenue.
Regional Insights
Since 2022, North America has had the largest market share (45.80%). The U.S. market currently has the biggest share, while Canada's market will grow the fastest over the coming years. The high public expenditure related to water sports activities as well as leisure travel is responsible for the strong market expansion in the region. Surging globalization also encourages market growth here.
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