The Boat Rental Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Boat Rental Global Market Report 2024, The boat rental market size has grown strongly in recent years. It will grow from $17.75 billion in 2023 to $18.94 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to leisure and tourism trends, changing consumer preferences, popularity of water-based activities, accessibility to coastal and inland waters, emergence of peer-to-peer boat rentals.
The boat rental market size is expected to see strong growth in the next few years. It will grow to $24.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rising disposable incomes, preference for sustainable and eco-friendly experiences, growing tourism industry, marketing and online platforms, innovative rental models. Major trends in the forecast period include adoption of virtual and augmented reality for boat previews, integration of contactless check-in and check-out procedures, collaborations with tourism and hospitality partners, development of AI-powered boat recommendations, focus on educational and safety training for renters.
The global expansion of the marine tourism sector is expected to propel the growth of the boat rental market going forward. Marine tourism encompasses enjoyable activities that necessitate travel away from one’s home and have the coastal environment. Sailing on boats, cruises, and yachts for both pleasure and business is also part of marine tourism. Thus, the growth of marine tourism results in the growth of the boat rental market. For instance, in June 2022, according to the Great Barrier Reef Marine Park Authority, an Australia-based lead management organization, according to the renowned Great Barrier Reef regulator, Tourist visits to the entire Great Barrier Reef Marine Park was registered as 1,391,231 visitor days for the fiscal year ending 2022. This represents a 22.11% increase over the fiscal year 2020-2021. It features the world’s most impressive collection of coral reefs, with 400 different types of coral, 1,500 different fish species, and 4,000 different types of mollusks in an area of 348,000 square kilometers. Therefore, global expansion of the marine tourism sector is driving the growth of the boat rental market.
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The boat rental market covered in this report is segmented –
1) By Boat Type: Inboard Boats, Outboard Boats, Sail Boats, Other Boats
2) By Boat Size: Less than 30 feet, Between 30 and 79 feet, Greater than 79 feet
3) By Power: Engine Powered, Man Powered, Sail Propelled
4) By Activity: Sailing and leisure, Fishing, Other Activities
Major companies operating in the boat rental market are developing new products such as GPS tracker models to gain a competitive edge in the market. GPS tracker models refer to specific devices or units designed to utilize global positioning system (GPS) technology for tracking and locating objects, such as vehicles, assets, or people. For instance, in April 2023, WAIV Technologies Inc. a US-based provider of GPS tracking solutions, launched XStream and solar-powered GPS tracker. XStream GPS tracker was created especially for companies that hire out boats and jet skis. It is the first GPS tracker with capsize detection that runs on solar power in history. The XStream is made to make it easy for rental operators to keep an eye on their fleet and offers real-time situation awareness. Solar-powered GPS tracker provides a solar-powered way for boat tracking and is specifically made for boat rental companies. It gives organizations access to real-time location data and facilitates asset tracking.
The boat rental market report table of contents includes:
- Executive Summary
- Boat Rental Market Characteristics
- Boat Rental Market Trends And Strategies
- Boat Rental Market – Macro Economic Scenario
- Global Boat Rental Market Size and Growth
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- Global Boat Rental Market Competitive Benchmarking
- Global Boat Rental Market Competitive Dashboard
- Key Mergers And Acquisitions In Boat Rental Market
- Boat Rental Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Brunswick Corporation
- Groupe Beneteau SA
- Le Boat Holidays Ltd.
- Samboat SAS
- Click&Boat SAS
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