Pune, India., Feb. 02, 2023 (GLOBE NEWSWIRE) -- According to latest report published by Fortune Business Insights, the global boat rental market size was valued USD 97.97 million in 2020, and the market is forecast to grow worth USD 280.02 million by 2028, at CAGR of 15.70% during forecast period. Increasing growth of marine tourism, development of technologically advanced boats and the introduction of new rental models are also driving the market. to boost the market growth during forecast period.
As per our analysts, OEMs are sturdily creating high-performance boats to meet the rising demand for water sports activities. Moreover, boat rental companies are presenting suitable bookings utilizing mobile applications as well as online platforms. Consequently, the market is anticipated to attain momentum in the upcoming period.
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Key Takeaways:
- Europe stood at USD 36.39 million in 2020. The region is expected to dominate the global boat rental market due to numerous tourist destinations.
- The growing popularity of water sports, fishing, and marine tourism in India, Japan, Malaysia, China, and Australia creates significant boat sports opportunities.
- Up to 20 feet Segment is expected to hold the Largest Market Share
- High Cost of Boats and Higher Taxation on renting Boats May Restrain Market Growth
- Increasing growth of Marine Tourism is anticipated to Propel Market Growth
- Direct Consumer to Owner Rentals Surge with Relaxations in COVID-19 Stay-at-Home Orders
Drivers & Restraints-
Boat Rental Management Software to Ease Operations to Fuel Boat Rental Market Growth
Boat rental management software is a competing aspect among competitors. Rent Rabbit is an online boat hiring management application, which counts performance by reviewing bookings in the shape of records and aids to personalize the rental reservation method. These companies are enabling customers of user-friendly mobile apps, which aid business owners to administer functioning on the go. Instantaneous booking features are popular in mobile apps. Precise understandings and statistics about bookings and reservations gained via data science and machine learning are assisting companies to enhance their business network.
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Competitive Landscape
Ground breaking Product Launch by Vital Players to Reinforce Market Growth
The important players embrace numerous tactics to spur their position in the market as dominating companies. One such pivotal tactic is obtaining companies to encourage the brand value among users. Another crucial strategy is intermittently launching pioneering products with meticulous examination of the market and its target audience.
Segments-
Propulsion Type, Boat Size, Boat Class, and Region are Studied
- On the basis of propulsion type, the market is divided into fuel powered, sail boat, and electric boat. The fuel-powered segment holds the biggest share globally and is anticipated to retain it throughout the forecast period.
- By boat size, the market is divided into up to 20 feet, 21 to 35 feet, and above 36 to 50 feet.
- In terms of boat class, the market is further classified into luxury, sports, and entry.
- Geographically, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
| Segmentation | By Propulsion Type
|
By Boat Size
| |
By Boat Class
|
Regional Insights-
Europe stood at USD 36.39 million in 2020. The region is predicted to lead the global market owing to various tourist destinations. This region held the largest boat rental market share in 2020.
Asia Pacific is estimated to display the highest CAGR during the mentioned period. A considerable aspect boosting the growth of this region is the augmented population in China and India, which is responsible for over 38% of the global population.
North America grasps the third-largest position in the market owing to various cruising destinations approved with a different coastline.
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A list of prominent Boat Rental manufacturers operating in the global market:
- GetMyBoat (San Francisco, U.S.)
- Groupe Beneteau (Croix-de-Vie, France)
- Boatsetter (Florida, U.S.)
- Globesailor (Paris, France)
- Click&Boat (Paris, France)
- Zizoo (Berlin, Germany)
- Nautal (Barcelona, Spain)
- Sailo (Greater New York, U.S.)
- Incrediblue (London, U.K.)
- Boatjump (Valencia, Spain)
Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Impact of COVID-19
- Global Boat Rental Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Propulsion Type
- Fuel Powered
- Sail Boat
- Electric Boat
- Market Analysis, Insights and Forecast – By Boat Class
- Luxury
- Sports
- Entry
- Market Analysis, Insights and Forecast – By Boat Size
- Up to 20 feet
- 21 to 35 feet
- 36 to 50 feet
- Market Analysis, Insights and Forecast – By Region
- Europe
- Asia Pacific
- Rest of the World
- North America Boat Rental Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Propulsion Type
- Fuel Powered
- Sail Boat
- Electric Boat
- Market Analysis – By Boat Class
- Luxury
- Sports
- Entry
- Market Analysis, Insights and Forecast – By Boat Size
- Up to 20 feet
- 21 to 35 feet
- 36 to 50 feet
- Market Analysis – By Country (Value)
- U.S.
- By Boat Class
- Canada
- By Boat Class
- Mexico
- By Boat Class
- Europe Boat Rental Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis – By Propulsion Type
- Fuel Powered
- Sail Boat
- Electric Boat
- Market Analysis – By Boat Class
- Luxury
- Sports
- Entry
- Market Analysis, Insights and Forecast – By Boat Size
- Up to 20 feet
- 21 to 35 feet
- 36 to 50 feet
- Market Analysis – By Country (Value)
- U.K.
- By Boat Class
- Germany
- By Boat Class
- France
- By Boat Class
- Rest of Europe
- By Boat Class
- Asia Pacific Boat Rental Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis – By Propulsion Type
- Fuel Powered
- Sail Boat
- Electric Boat
- Market Analysis – By Boat Class
- Luxury
- Sports
- Entry
- Market Analysis, Insights and Forecast – By Boat Size
- Up to 20 feet
- 21 to 35 feet
- 36 to 50 feet
- Market Analysis – By Country (Value)
- China
- By Boat Class
- Japan
- By Boat Class
- India
- By Boat Class
- Rest of Asia Pacific
- By Boat Class
- Rest of the World Boat Rental Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Propulsion Type
- 9.2.1 Fuel Powered
- Sail Boat
- Electric Boat
- Market Analysis – By Boat Class
- Luxury
- Sports
- Entry
- Market Analysis, Insights and Forecast – By Boat Size
- Up to 20 feet
- 21 to 35 feet
- 36 to 50 feet
- Competitive Analysis
- Key Industry Developments
- Global Market Share Analysis (2020)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- GetMyBoat (San Francisco, USA)
- Groupe Beneteau (Croix-de-Vie, France)
- Boatsetter (Florida, USA)
- Globesailor (Paris, France)
- Click&Boat (Paris, France)
- Zizoo (Berlin, Germany)
- Nautal (Barcelona, Spain)
- Sailo (Greater New York, USA)
- Incrediblue (London, UK)
- Boatjump (Valencia, Spain)
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