According to a new market intelligence report by Transparency Market Research, the global boat rental market is projected to reach a value of ~US$ 26 Bn by 2027, expanding at a CAGR of ~4% during the forecast period.
Expansion of Global Boat Rental Market
- The market for boat rental is expanding significantly across all regions. Europe and North America are highly developed markets for boat rental, and the markets in these regions are estimated to expand at a notable pace during the forecast period. Countries along the Mediterranean and Caribbean Seas are key boat rental markets. In Asia Pacific, Japan, Australia, and New Zealand are developed markets for boat rental; however, high emphasis on the development of nautical tourism in South Korea and Thailand is likely to boost the market for boat rental in these countries.
- The development of online portals and expansion of boat rental companies have made hiring boats highly convenient and cost-effective, which, in turn, is boosting nautical tourism and consequently propelling the boat rental market.
- Rise in per capita income in most countries has prompted society to spend higher on leisure and luxury activities. Furthermore, nautical tourism and marine activities are gaining popularity across developed and developing regions. Thus the boat rental market is expanding at a notable pace. Rise in the preference for cruise events and boat charters for leisure has played a significant role in the expansion of the global boat rental market.
- International tourism has been a key source of income for numerous countries, which aids in the economic development of that particular country. Consequently, countries with nautical tourist destinations have been investing consistently for the development and maintenance of these destinations.
- Shift in lifestyle has led to a distinct break from the traditional sailing destinations of the Caribbean and Mediterranean waters to less familiar destinations in Asia Pacific, the Middle East, and Antarctic. Thus, a surge in the inclination among consumers to explore new destinations, and a rise in the number of marine destinations, worldwide, are boosting the number of boats available for rent or lease. This is likely to propel the global boat rental market in the near future.
Based on business model, peer to peer (P2P) is the prominent segment, which is expanding at a remarkable pace. The availability of several service platforms such as Boatsetter and GetMyBoat are driving the P2P segment in the boat rental market. Moreover, boating enthusiasts who live along coastal areas in North America and Europe own boats and offer them for hire through online portals. This provides employment and enough earning to maintain and service these boats.
Regional Analysis of Global Boat Rental Market
In terms of region, the global boat rental market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe held a prominent share of the global market in 2018, due to the presence of a large number of marinas, and high preference for water sports and leisure activities. Greece and Croatia are major markets for boat rental, and the market in these countries is expanding consistently due to expansion of nautical tourism in the region.
Countries such as South Korea, Thailand, Brazil, and China are rapidly emerging markets for boat rental, due to high emphasis by governments on the development and promotion of nautical tourism in their respective countries.
Prominent players operating in the global boat rental market include Boatsetter, Nautal, Sailo Inc., Zizooboats GmbH, GETMYBOAT INC., West Coast Marine, Le Boat, Incrediblue, Boatjump, S.L., Odyssey Boats, GLOBE SAILOR, THE MOORINGS, Blue Boat Yacht Entertainment Company, BLUE BAY MARINE, Yachtico Inc., Navigare Yachting, and Products Corporation.