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Boat Rental Boom: Sailing Towards a Thriving Market
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According to The Business Research Company's, The boat rental market size has grown strongly in recent years. It will grow from $17.75 billion in 2023 to $18.94 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to leisure and tourism trends, changing consumer preferences, popularity of water-based activities, accessibility to coastal and inland waters, emergence of peer-to-peer boat rentals.
The boat rental market size is expected to see strong growth in the next few years. It will grow to $24.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rising disposable incomes, preference for sustainable and eco-friendly experiences, growing tourism industry, marketing and online platforms, innovative rental models. Major trends in the forecast period include adoption of virtual and augmented reality for boat previews, integration of contactless check-in and check-out procedures, collaborations with tourism and hospitality partners, development of AI-powered boat recommendations, focus on educational and safety training for renters.
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Market Drivers and Trends:
The global expansion of the marine tourism sector is expected to propel the growth of the boat rental market going forward. Marine tourism encompasses enjoyable activities that necessitate travel away from one's home and have the coastal environment. Sailing on boats, cruises, and yachts for both pleasure and business is also part of marine tourism. Thus, the growth of marine tourism results in the growth of the boat rental market. For instance, in June 2022, according to the Great Barrier Reef Marine Park Authority, an Australia-based lead management organization, according to the renowned Great Barrier Reef regulator, Tourist visits to the entire Great Barrier Reef Marine Park was registered as 1,391,231 visitor days for the fiscal year ending 2022. This represents a 22.11% increase over the fiscal year 2020-2021. It features the world's most impressive collection of coral reefs, with 400 different types of coral, 1,500 different fish species, and 4,000 different types of mollusks in an area of 348,000 square kilometers. Therefore, global expansion of the marine tourism sector is driving the growth of the boat rental market.
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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Major Key Players of the Market:
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.
Boat Rental Market 2024 Key Insights:
• The boat rental market size is expected to see strong growth in the next few years. It will grow to $24.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Marine Tourism Surge Fuels Boat Rental Market Growth
• Innovative Technological Advancements Transforming The Boat Rental Market
• Europe was the largest region in the boat rental market in 2023
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