The global boat rental market is set for substantial growth, anticipated to flourish at an average compound annual growth rate (CAGR) of 5.4% between 2023 and 2033. The market, valued at approximately USD 16.5 billion in 2023, is expected to reach a remarkable USD 27.9 billion by 2033, driven by increasing demand for flexible and cost-effective boating options.
The high costs associated with purchasing a boat make renting an attractive alternative for consumers. Renting offers zero maintenance costs, a variety of options, and enhanced flexibility. The resurgence of the tourism sector, coupled with rising per capita incomes, is further bolstering the demand for luxury cruises and tours. New market entrants are diversifying their offerings with categories including luxury, fishing, and racing boats, catering to a wide range of customer preferences.
Key Market Drivers
- Affordability: Renting boats offers a cost-effective alternative to purchasing, alleviating the financial burden on consumers who would otherwise face high upfront costs and ongoing maintenance expenses.
- Tourism Recovery: The revitalization of the travel industry post-pandemic is fueling demand for boat rentals as more travelers seek unique experiences on the water.
- Customization Options: The ability to select and customize boat rentals according to individual preferences enhances user satisfaction and attracts a broader customer base.
- Technological Advancements: The rise of online booking platforms and boat rental management software streamlines the rental process, making it more accessible and user-friendly.
- Government Support: Initiatives by governments to lease small islands and beaches promote tourism and bolster the boating sector, encouraging investment in recreational boating facilities.
- Social Media Influence: Increased visibility and promotion of marine tourism through social media platforms drive interest and participation in boat rentals.
Regional Insights
- United States: Holds a 14% revenue share in the boat rental market, driven by advanced rental technologies and diverse offerings.
- United Kingdom: Contributes 6.9% to the market, supported by a growing interest in luxury boating experiences.
- Malaysia: Accounts for 7% of the global market, benefiting from its beautiful coastal areas and rising tourist footfall.
- Australia: Represents 5% of the market, with a strong focus on water sports and racing boat rentals.
- Maldives: Expected to grow at a CAGR of 6.1%, capitalizing on its pristine beaches and luxury tourism.
- Spain: Anticipated to grow at a CAGR of 3.6%, driven by increasing demand for recreational boating.
- Turkey: Projected to grow at a CAGR of 4.4%, supported by its rich maritime heritage and tourist attractions.
Key Players
- 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)
Market Developments
- Boatsetter has revised its privately owned worldwide fleet, making the end user directly contact the captain and book.
- GetMyBoat has introduced its boat rental activity for occasions such as active cruising, party/event, low-key, etc.
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Key Segments Covered
By Propulsion Type:
- Fuel Powered
- Sail Boat
- Electric Boats
By Boat Size:
- Up to 20 feet
- 21 to 35 feet
- Above 36 to 50 feet
By Boat Class:
- Luxury
- Sports
- Entry
Key Regions Covered:
- North America
- United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- The Middle East and Africa
- GCC Countries
- Israel
- South Africa
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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