Global Boat Rental Market Growth Analysis Report - Market Size, Share, Forecast Trends and Outlook (2024-2032)

Global Boat Rental Market Outlook

The global boat rental market reached a value of about USD 20.10 billion in 2023. The industry is further expected to grow at a CAGR of about 5.3% in the forecast period of 2024-2032 to reach a value of around USD 31.89 billion by 2032.

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North America and Europe to be Significant Regional Markets for Boat Rental

Boats and water activities are popular recreational activities, especially in the North American and European regions. These regions account for the majority of boat rental start-ups. North America is the leading region in the global market, followed by Europe. European countries, like Germany, Italy, and France, are the leading supplier of boats. The United States is the leader in manufacturing various boats; these boats are highly adopted in North America for shipping and sports activities. The growing adoption of boat rental platforms, such as boat setter in North America, is expected to drive the market over the forecast period. Rising government initiatives for the development of the tourism industry in the region is the growth factor for the market. Moreover, increasing public spending on water sports activities and leisure travel is responsible for the region's market growth. Increasing globalisation further drives the market in the region.

Based on Boat Class, Luxury Segment Account for a Significant Market Share

Based on boat class, the market is segmented into luxury, sports, and entry, among others. The luxury segment is anticipated to expand at a rapid pace in the coming years. Luxury boats and yachts offer high speed, comfort, safety, and privacy. Thus, these are widely demanded among consumers. Further, by creating premium services, such as internet facilities, bars, and restaurants, the companies focus on delivering greater comfort and extended luxury cruises for their passengers. This is expected to augment the segment growth.

Market Segmentations

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Boats are defined as vessels that are used as a mode of transportation and for recreational purposes. The boats are different from ships in terms of various factors, such as size, construction and design, operational areas, cargo capacities, navigation technology, and many others. In terms of operational areas, boats are operable in smaller or restricted water areas, including ferrying and towing vessels, sail vessels, paddle vessels, and others. Renting a boat means one pay’s someone to use his or her boat.

By propulsion, the market includes:

• Sail Boats
• Electric Boats
• Fuel-powered Boats
• Others

Based on boat length, the market is divided into:

• Up to 28 Feet
• 28 to 45 Feet
• More than 45 Feet

The various business models are:

• 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 segmented into:

• Entry
• Sports
• Luxury
• Others

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The regional markets for the boat rental industry can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Growing Tourism Industry Augmenting the Market Growth

The booming tourism industry, rising interest of people in recreational activities and marine tourism are likely to propel the demand for boat rentals in the coming years. Boat rental provides an easy and convenient way to own a boat without owning it. The boat rental industry, coupled with the growing accessibility to high-speed internet and social media, is leading to better connectivity between boat owners and boat users.

Growing urbanisation, changing lifestyle of the populace, and a rise in disposable income are some of the factors driving the market. The availability of luxury boats for rent for enhanced comfort and travel experience is expected to propel the market growth over the forecast period. The online boat rental booking service on the company's website and applications further provide convenience to consumers and influences the market growth.

Key Players in the Global Boat Rental Market

The report gives a detailed analysis of the following key players in the global boat rental industry, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• GetMyBoat, Inc.
• Boatjump S.L.
• Nautal Smart Sailing S.L.
• Yachtico GmbH
• Zizooboats GmbH
• Sailo Inc.
• Boatsetter, Inc.
• Le Boat (Crown Travel Limited)
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report