Global Boat Rental Market to Grow at a CAGR of 5.3% During 2024-2032, Aided by the Growing Tourism Sector

The market for boat rental is being driven by rising tourism across the globe. Tourism is skyrocketing with the growing middle-class sectors, increasing disposable incomes, demographic shifts, and increasing convenience in travel research and bookings, hence aiding the boat rental market growth.

The rising awareness of destinations with the growing social media and travel websites is further reinforcing tourism at a significant rate. It is estimated that by 2025, more than 280 million households in India and China will be travelling overseas each year.

About 80% of the tourism is conducted in coastal areas with beach holidays and leisurely activities such as diving, sports fishing, and cruising making up a prominent part of the blue economy on a global scale. Boat rental companies are capitalising on the growing marine tourism, with rental companies offering various kinds of boats including fuelled and unfuelled, and with crew and without crew.

Moreover, luxury boats are gaining traction as they offer the best experience to renters. Private yachts and boats are in high demand due to their exclusivity and privacy.  Europe and the United States are prominent regions in the market due to the presence of a large stretch of coastline, the rising tourism sector, and the high number of private islands.

Increasing expansion activities by key players are favouring the market demand. For instance, in February 2022, Vision Marine Technologies, Inc. (NASDAQ: VMAR) partnered with Blue Water Boat Rental to expand their electric rental boat operation into Florida, boosting visitor engagement and year-round operations.

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Market Analysis by Propulsion, Boat Length, Business Model, Boat Class, and Region:

• The market, on the basis of propulsion, can be divided into sail boats, electric boats, and fuel-powered boats, among others.

• Based on boat length, the market can be divided into up to 28 feet, 28 to 45 feet, and more than 45 feet.

• Based on business model, the market can be segmented into charter, tour, day cruise, lux charter, lux day cruise, event/B2B, peer to peer [P2P], and business to consumer [B2C], among others.

• The market, on the basis of boat class, can be segregated into entry, sports, and luxury, among others.

• The major regional markets for boat rental include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market is being driven by the expanding tourism sector globally and the increasing popularity of beach holidays.

• Rising disposable incomes and increasing exposure to international destinations and leisurely activities through online media are supporting the boat rental market expansion.

• The increasing demand for luxury and private yachts is aiding the growth of the market.

• Increasing interest in recreational activities, including water sports activities, is contributing to the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global boat rental market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the propulsions, boat lengths, business models, boat classes, and major regions of boat rental.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global boat rental market are GetMyBoat, Inc., Boatjump S.L., Nautal Smart Sailing S.L., Yachtico GmbH, Zizooboats GmbH, Sailo Inc., Boatsetter, Inc., and Le Boat (Crown Travel Limited), among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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