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Smooth Sailing Ahead: Boat Rental Market to Surpass $31.2 Billion by 2031, Riding a 5.7% CAGR Wave
Boat Rental Market
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The report offers detailed segmentation of the global boat rental market based on boat type, boat size, power, activity, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
The increasing awareness for health & fitness has been rapidly surging, thereby encouraging people to take part in sports and recreational activities, such as kayaking, which is one of the major factors propelling the man powered segment. In addition, sport enthusiasts are showing interest toward recreational water sports, including canoeing and rafting, resulting in increased demand for man powered rental boat services. Moreover, manufacturers are focusing on technological advancements to innovate man powered watercrafts, which is also expected to fuel the boat rental industry growth in near future.
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The key players profiled in this report include
Zizooboats GmbH,
Incrediblue,
Groupe Beneteau,
Click & Boat,
Sailo,
GETMYBOAT Inc.,
Blue Boat Yacht Entertainment Company,
Globesailor,
Boatsetter, Inc.,
Brunswick Group,
Nautal, Boatjump
The growth of the global boat rental market is propelling, due to growth in marine tourism industry across the globe, development of online platforms for availing boat rental services, and shift toward alternative sources of energy & rise in disposable income coupled with purchasing power. However, high cost associated with renting a boat and environmental concerns associated with boating are the factors that hamper the growth of the market. Furthermore, technological advancement in boats and boat engines is the factor expected to offer growth opportunities during the forecast period.
Based on boat size, the less than 30 ft segment held the lion's share in 2021, holding more than half of the global market, and is expected to maintain its leadership status during the forecast period. The greater than 79 ft segment, on the other hand, is expected to cite the fastest CAGR of 6.9% during the forecast period.
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Europe is expected to dominate the global boat rental market. Manufacturers in the European region are now venturing into sustainable development and have increased their efforts to produce environment friendly yachts. For instance, Catamaran has made luxury yacht out of 75% recycled material. In addition, the Vaan R4 is made of circular materials that can be recycled at the end of the boat's useful life. The boat also includes natural materials, including the cork, linen, silk alternative lyocell, a plant-based leather substitute, and certified wood. Such efforts not only provide premium luxury but also impart no negative impact on the environment.
Based on region, the market across Europe held the dominating market share in 2021, holding more than half of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 7.5% during the forecast period.
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The report analyzes these key players in the global boat rental market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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