Wilmington, Delaware, United States, June 01, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global boat rental market is anticipated to grow at a CAGR of 4.1% from 2021 to 2031. By the end of the said forecast period, the market is likely to reach a valuation of US$ 21.52 billion. As of 2023, the market is expected to be valued at US$ 15.6 billion.
In today’s market, when everything can be acquired without owning, renting a boat is a sensible way to experience sailing. Boat owners spend over 50% of their functional lives docked, and the renting solution helps to reuse these inactive ships. Boat or yacht rental companies offer yachts or boats that are either fuelled or unfuelled, and with or without a crew, depending on the demands of the customer.
The global boat rental market is projected to grow at a considerable pace during the forecast period, owing to the rapid development and high investments in advanced technologies and growing attractiveness of recreational activities, which in turn is a consequence of a rise in disposable income of the population of various countries.
In 2021, Vision Marine Technologies, a leading voice within the electric boat market, is disrupting the traditional boating industry for the benefit of a growing future generation of powerboat enthusiasts by providing a cost-effective and eco-friendly alternative to ICE motors with its fully electric, high performance, 180 HP E-Motion powertrain system for OEMs and consumers alike.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 14.40 Bn | |
| Estimated Value | US$ 21.52 Bn | |
| Growth Rate – CAGR | 4.10% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 250 Pages | |
| Market Segmentation | Business Model, Boat Size, Technology, Boat Class, Propulsion | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | GETMYBOAT Inc., Brunswick Group, BRP, Beneteau Group, Blue Bay Marine, Blue Boat Yacht Entertainment Company, Boatjump S.L., Boatsetter, Click&Boat, GLOBE SAILOR, Incrediblue, Le Boat, Nautal, Navigare Yachting, Odyssey Boats, Sailo Inc., THE MOORINGS, West Coast Marine, Yachtico Inc., YANMAR Marine International, Zizooboats GmbH | |
Key Takeaways from the Market Study
- As of 2021, the boat rental market stood at a valuation of US$ 14.4 billion
- The market experienced a Y-o-Y growth rate of over 4% in 2022 to reach approximately US$ 15 billion
- By boat class, luxury boat rental services are likely to grow at a CAGR of 3.9% until 2031
- Fuel powered boat rentals account for over 2/5th of the global market revenue
- By technology, boat rental monitoring systems are likely to experience high uptake, as fleet sizes continue to expand
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Global Boat Rental Market- Key Expansion Drivers & Trends
- Increasing upfront ownership costs is one major factor encouraging a preference for boat rentals. A typical boat may cost anywhere between US$ 1,000 and US$ 1,000,000.
- Renting boats is a convenient and accessible option, as boat rental companies often have a wide range of boats available, from small dinghies to large yachts, and they can be located in many different areas. Moreover, customers do not have to spend additional money on boat insurance
- The shift towards electric mobility is encouraging the adoption of electric boats. As rental companies look towards reducing their carbon footprints, they are specializing in renting out electric fleets to potential end-users and clients
Global Boat Rental Market- Regional Profile
- Europe is projected to be the fastest growing market for boat rentals, holding a 35.78% revenue share due to the presence of numerous tourist destinations in the region. Spain and Italy account for a significant share in terms of revenue.
- North America holds a significant share of the market as boat rental service providers have entered the region with the endorsement of advanced platforms such as Uber and Boatsetter. The United States dominates the market in the region due to the high presence of central boat hiring locations in the country.
Market Competition
The global boat rental market comprises numerous service providers controlling the market share and major companies possessing the potential to increase the pace of growth by the way of adoption of newer technologies. Expansion of product portfolios and mergers and acquisitions are major strategies adopted by key players.
Prominent boat rental service providers as profiled by TMR include:
- GetMyBoat Inc.
- Brunswick Corporation
- BRP
- Beneteau Group
- Blue Bay Marine
- Blue Boat Yacht Entertainment Company
- Boatjump S.L.
- Boatsetter
- Click&Boat
- GLOBE SAILOR
- Incrediblue
- Le Boat
- Nautal
- Navigare Yachting
- Odyssey Boats
- Sailo Inc.
- THE MOORINGS
- West Coast Marine
- Yachtico Inc.
- YANMAR Marine International
- Zizooboats GmbH
Some key developments in the boat rental services landscape are as follows:
- GetMyBoat Inc. announced in April 2023 a partnership with Fetii, a prominent transportation company, to offer discounts to customers on safe transportation for their boat parties for the summer. Fetii will be able to book boat parties and transportation across Austin and the Dallas-Fort Worth area with ease, while users will get a 50% discount on rides with large groups of up to 20 passengers
- In April 2023, Brunswick Corporation announced the expansion of its BoatClass program. As part of the expansion, the company announced eight new locations for the 2023 boating season. These include Anacortes (Washington), Atlanta, Georgia (Lake Lanier), Chicago (Illinois), Clemson, South Carolina (Lake Hartwell), Freeport (New York), Huntington Beach (California), Milwaukee (Wisconsin), and Tampa (Florida)
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Market Segmentation
Business Model
- Charter
- Day Cruise
- Lux Charter
- Lux Day Cruise
- Tour
- Event/B2B
- Peer to Peer (P2P)
Boat Size
- Up to 20 Feet
- 21 Feet–35 Feet
- 36 Feet–50 Feet
Technology
- Service & Maintenance
- Connected Systems
- Fleet Management
- Assistance Systems
- Monitoring Systems
- Others
Boat Class
Propulsion
- Fuel Powered
- Outboard Engine
- Sterndrive/ Inboard Engine
- Electric Boats
- Sailed
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.