Boat Rental Market Outlook, Competitive Landscape and Forecasts to 2027

Boat Rental Market Outlook – 2027

The boat rental market is creating a community of occasional boat users and boat owners, whose boats can be rented on the basis of location, type, feature, and duration. This service has led to the usage of thousands of unused boats. In this system, owners and companies usually offer boats with the captain or just handover the boat/vehicle to the prospective renter. Along with availability of certifications, after all the formalities are done, they rent the boat to the renter. Traditional boat rental companies witnessed a major change after the entry of online rental service providers. In this market, owners and renters enjoy pocket-friendly services and new income sources. Therefore, this drives the growth of the rental boat market.

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COVID-19 scenario analysis:

Significant fall in demand of marine tourism and restriction of cash due to Covid-19 has affected the boat rental market.

Covid-19 has created panic among travellers and has resulted in no demand of boat rental market.

More traffic cognition results in more use of brakes but due to Covid-19 there is no traffic and no demand of boat rental market

Covid-19 pandemic has shut down the boating and tourism and will restart at only when situation is stable.

Due to lockdown and low disposable income of people has reduced the demand of marine tourism led to the no demand of boat rental market.

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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

The significant factors that impact the growth of the boat rental market are rise in investments to promote nautical tourism across several countries and development of online platforms & various business models for ease of operations. Moreover, hike in costs during peak seasons and higher taxation on renting boats hamper the growth of the boat rental market. Furthermore, increase in millennial population and growth of marine tourism are expected to fuel the boat rental market.

Rise in investments to promote nautical tourism across several countries

Increase in per capita income and purchasing power parity of society has led to higher spending power on luxury. However, the demand for rental boats depends on the growth of marine tourism. Therefore, increase in investments in rental boats leads to the growth of boat rental market in the coming years.

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Development of online platforms & various business models for ease of operations

New promotional boat renting methods have increased the growth of the rental boat market. Service providers collaborate with travel agencies for combined luxury packages. However, development of online platforms provides ease to the travelers, resulting in the growth of the rental boat market in the coming years.

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