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A08443 | Pages: 263 | Charts: 63 | Tables: 176 |
The global boat rental market was valued at $18.2 billion in 2021, and is projected to reach $31.2 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.
Boat rental is a service that enables customers to rent a boat from a private owner for leisure or recreational purposes. Boat rentals are referred to smaller boats or personal boats, which are available for rent from an hour to a day. The renter does not usually stay on the boat overnight. Moreover, the service provider provides boats as per the requirements of the customers and offers personalized experience to customers. Furthermore, boat rental can provide additional facilities such as skiing and tubbing.
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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.
The boat rental market is segmented on the basis of boat type, boat size, power, activity, and region. By boat type, it is segregated into inboard boats, outboard boats, sail boats, and others. By boat size, it is classified into less than 30 ft, 30 to 79 ft, and greater than 79 ft. By power, it is fragmented into engine powered, man powered, and sail propelled. By activity, it is categorized into sailing & leisure, fishing, and others. By region, the report is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some leading companies profiled in the boat rental market report comprises BoatJump USA Inc., Boatsetter, Blue Boat Company, Brunswick Corporation, Click&Boat, GetMyBoat, Globe Sailor, Groupe Beneteau, Hobie Cat Company, Nautal, Sailo, and Zizooboats GmbH.
[BOATTYPEGRAPH]
Growth in marine tourism industry across the globe
Maritime tourism refers to sea-based tourist activities including boating, cruising, yachting, and nautical sports. In recent years, maritime tourism has gained traction across the globe. As per a review undertaken by the World Economic Forum, maritime and coastal tourism is expected to grow at a global rate of 3.5% by 2030.
In addition, several governments have taken initiatives to promote maritime travel & tourism activities. For instance, in 2021, the government of India planned to develop 78 maritime tourism landmarks across India to enhance development of existing lighthouses and its surrounding areas into unique maritime tourism landmarks.
Moreover, maritime tourism activities require yachts, ferries, and cruise ships. These ships or vessels run on traditional fossil fuel-based engines, which emit harmful pollutants such as nitrogen oxide, Sulphur oxide, and CO2. However, boat manufacturers have started to introduce electric and solar electric boats and ships to support marine tourism activities as well as to reduce carbon footprints and pollution, which supplement growth of the market. For instance, in 2022, Candela unveiled P-8 Voyager electric boat. The boat is designed to be a long-range water taxi to be used for tourism. It has a range of 40 nautical miles at a speed of 22 knots. Hence, the expansion in marine tourism industry across the globe is anticipated to drive growth of the boat rental market during the forecast period.
Development of online platforms for availing boat rental services
New promotional boat renting methods have increased the growth of the boat rental market. Service providers have collaborated with travel agencies for combined luxury packages. In addition, development of online platforms, which provides an effective and easy way to book a boat for rental purposes has gained traction at the moment. For instance, Rent Rabbit is an online boat hiring app which enables the customers to book a boat efficiently and aids in personalization of the rental reservation process.
Moreover, online platforms enable a renter to book a boat for rental any time as the online platforms work 24/7. In addition, payments for renting a boat can be paid online with ease during the booking operations. Such advantages of online platforms for availing boat rental services are expected to increase the demand for boat rental services, which in turn will contribute in the growth of the market.
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Shift toward alternative sources of energy and rising disposable income coupled with purchasing power
As boat renal is clearly a consumer discretionary activity, the growth of the industry is directly related to the disposable income. Owing to robust purchasing power growth in developing countries, the world’s economy is no longer driven by the first-tier income-ranking countries. Furthermore, many of the OEMs are now focusing on implementing alternative sources of energy for boats used for rental purposes.
For instance, electric and solar powered boats are becoming a popular alternative to replace conventional diesel-powered boats, owing to increase in awareness regarding environmental concerns. In addition, new technologies such as hydro generators, bio diesel, and fuel cells are used and still have a lot of scope for innovation to replace the traditional fuels, thus contributing toward the boat rental market growth.
High cost associated with renting a boat
Rental boats have a rental price, which is considered as the weekly rate to rent the boat, and this varies as per the boat depending on their facilities. The cost of a renting a boat is dependent on a number of factors, including the type of boat, the travel destination, local taxes, and the base cost. Therefore, rental boats have a wide range of base prices. Moreover, boat rentals can cost from $10,000 per week on smaller sail boats and catamarans up to $200,000+ per week on the most luxurious motor superyachts.
In addition, rental boats incur hidden cost along with the taxes and value-added tax (VAT), insurance, crew gratuity, advanced provisioning allowance and others that cost roughly 15–30% of the base price. Thus, high cost associated with renting a boat act as a barrier to many customers in developing countries, which restrains the growth of the boat rental market.
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Environmental concerns associated with boating
Boating can impact the environment in numerous ways, including air & water pollution, habitat disturbance, trash & other marine debris, sewage disposal, and human & pet waste. In addition, boat engines have been identified as a source of air pollution while older marine engines have an impact on water quality.
Moreover, fuel & oil spills and refueling spills leak volatile organic compounds (VOCs) directly into aquatic ecosystems. Furthermore, excessive application of chemicals and pesticides to clean, protect, and operate watercraft impact the marine life. Thus, various government authorities across the globe are regulating and restricting recreational boating and boat rental services in several coastal areas to protect the marine life. Therefore, such environmental concerns associated with boating are expected to hamper the boat rental market growth.
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Key Market Players