WILMINGTON, DE / ACCESSWIRE / October 10, 2022 / Transparency Market Research Inc. - The growth prospects for boat rental hinge on the continuous strides in marine tourism around the globe. Boat owners are benefitting from online platforms and harnessing the digital business models for offering simplified, standardized payment modes and services. Additionally, they are attracting customers with promotional offers. The worth of the boat rental market was pegged at US$ 14.40 Bn in 2021.
Emerging trends of the boat rental underscore the fact that boat rental companies are leveraging value-added services to broaden their revenue streams. A case in point is insurance coverage, which builds up trust among consumers seeking a safe water sports activity. Furthermore, firms in the boat rental market are leaning on boosting boat rental market share through expanding services for luxury cruises and yachts, as indicated by emerging trends of the boat rental.
Focus on passenger comfort and standardization in customer services are emerging as major value propositions in the boat rental market, especially for corporate customers and business owners. Of note, stakeholders are offering user-friendly and intuitive mobile apps for boat owners. Furthermore, eco-friendly powertrain systems are increasingly being adopted for boats, which is extending the horizon.
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Key Findings of Boat Rental Market Study
- Demand for Affordable Boats for Safe Water Sports Activities Propelling Revenue Streams: Boat rental market players are harping on affordability and ease of access as some of the key product attributes. Rising adoption of boat rental for water sports activities, fishing, and recreational activities is propelling revenue generation. Moreover, rising demand for boat rental for an array of marine tourism activities presents an enormous profitable avenue for market players.
- Fuel-powered Boats Gathering Widespread Adoption: The TMR study found that fuel powered propulsion system is the most preferred among consumers. Indeed, the segment held a major share of 41.10% of the global market in 2021. The study authors found that there is an abundant demand for fuel-powered boats for undertaking marine recreational activities and sports. Of note, those are popularly used for travelling across the entire coastline.
- Rising Demand for Luxury Boats in Marine Tourism Underpins Substantial Growth Opportunities: Many firms and travel agencies for marine tourism are collaboratively working to offer attractive luxury boat packages. Of note, they are offering a combined package covering airline travel in a bid to gain a competitive edge. Rise in demand for luxury cruising especially among high-net-worth consumers in developed nations will create massive lucrative avenues in the boat rental market. The luxury boat segment held a major market share in 2021, found the research study.
Boat Rental Market: Key Drivers
- A buoyant marine tourism industry is a key underpinning for the expansion of the boat renal market. A part of the drive stems from the popularity of water adventure sports and coastal recreational activities in various countries around the world.
- Growing investments of boat owners on digital marketing initiatives and increased spending on the related business models are stridently expanding the lucrative avenues in the boat rental market. Online platforms have demonstrated advantages of convenience for peer-to-peer boat rentals.
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Boat Rental Market: Regional Growth Dynamics
- Europe led the global boat rental market in 2021, as it held a major market share and is estimated to the fastest growth market during the forecast period. The regional market is poised for the most attractive growth rate, anchored in the vast number of tourist destinations along the coastline, found the TMR study. Especially, Spain and Italy have contributed sizable shares to the regional market. Rise in demand for boat rentals for water sports will fuel the growth prospects.
- North America is a potentially lucrative region in the global market. The U.S. led the regional market in 2021. Massive awareness of the online platforms among both consumer and boat owners have reinforced the prospects of the North America boat rental market, observed the analysts at TMR.
Boat Rental Market: Competition Landscape
Some of the key players are YANMAR Marine International, West Coast Marine, Odyssey Boats, Nautal, GlobeSailor, Click&Boat, Boatjump S.L., Blue Bay Marine, BRP, Beneteau Group, and Brunswick Group.
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Boat Rental 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
- Luxury
- Sports
- Entry
- Others
- Propulsion
- Fuel Powered
- Outboard Engine
- Sterndrive/ Inboard Engine
- Electric Boats
- Sailed
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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