Between 2023 and 2033, the boat rental market is projected to grow at a CAGR of 5.4% on average. The market is anticipated to reach a value of US$ 16.5 billion in 2023, and a market share of US$ 27.9 billion by 2033.
The restoration of the travel and tourism industry increased per capita income, and higher living standards are promoting market growth. Furthermore, faster and smoother boat-renting modules are projected to transform the market.
The advent of boat renting management software coupled with the integration of artificial intelligence, machine learning, and advanced data processing is propelling market growth.
Governments worldwide invest in their coastal lands to develop tourist places and promote boating activities. The authorities also put islands on lease for higher maintenance.
Boat renting companies are also investing capital in developing beaches, building resorts, and promoting water sports. Thus, higher sales of boat rentals are expected during the forecast period.
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Advanced packages such as boat renting, resort camping, and water sports activities are delivered to the end users. Affordable packages are flourishing in the market growth.
Key Pointers:
- The United States market leads the boat rental market in terms of market share in North America. The United States region held a market share of 14.0% in 2022. The growth in this region is attributed to the higher competition among boat renting companies, rising tourist footfall, and enhanced water sports. The North American region held a market share of 25% in 2022.
- The Span market is another important market in the European region. The market thrived at a CAGR of 6.1% between 2023 and 2033. The growth is attributed to the higher coastal land, government efforts, and private investments. The European region held a market share of 22% in 2022.
- The Malaysia boat rental market held a market share of 7% in 2022. The growth is attributed to government efforts, beautiful beaches, and tourist activities.
- The Maldives market thrives at a CAGR of 6.1% between 2023 and 2033.
- Based on propulsion type, the full-powered segment leads the market, holding a substantial share in 2023.
- Based on the boat size type, the Up to 20 feet segment leads the market as it holds a leading market share.
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Competitive Landscape:
The key vendors focus on easing the rent management space, affordable rent, and adding various choices for the end users. Market players are also helping boat owners to rent their boats online. Key competitors merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Major Players are:
- GetMyBoat (San Francisco)
- Groupe Beneteau (Croix-de-Vie)
- Boatsetter (Florida, USA)
- Sailo (Greater New York)
- Incrediblue (London)
- Boatjump (Valencia, Spain)
- Globesailor (Paris, France)
- Click&Boat (Paris, France)
- Zizoo (Berlin, Germany)
- Nautal (Barcelona, Spain)
Recent Market Developments:
- Groupe Beneteau has introduced the ‘Pick, Click, and Go Boating’ campaign while making boat rental easy. The company has recently entered exclusive negotiations with trigano.
- Click Boat has extended its yacht offering with motor power, size, capacity, fuel type, and height options.
