Pune, India, Aug 16, 2021 (GLOBE NEWSWIRE) – According to the report, the Boat rental market size to achieve remarkable value by 2028. Growing urbanization and changing lifestyle of people are some of the factors driving the market. The availability of luxury boats for charter for enhanced comfort and travel experience is expected to propel the market growth during the forecast period. The online boat rental booking service on the company’s website and apps provides more convenience to consumers and influences the growth of the market.
The global pandemic, COVID-19, has had serious repercussions due to its widespread effects in several economies. Several industries are facing unprecedented losses due to the lockdown announced by several governments around the world which has resulted in the complete shutdown of businesses. The crippling economy, however, is being revived thanks to the collective efforts of government as well as industry and is expected to rebound in the years to come.
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As the tourism and travel industry grows, so does the boat rental market. A wide range of boats are available for charter with different models, shapes and sizes according to customer requirements. In the past, these boats were available for charter for weeks or months. However, the availability and adoption of on-demand boat rental services on an hourly and daily basis is all the rage these days. These chartered boats are mainly used for leisure and business travel. In addition to that, they are also used for cruising, racing and other adventure sports activities all over the world. The capital cost and the maintenance cost of owning a boat are high; therefore, this service is the most suitable option for the population.
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By business model, the market is segmented into Day Cruise, Charter, Lux Day Cruise, Lux Charter, Tour, Event / B2B and Peer to Peer and Business to Consumer. Peer to Peer and Business to Consumer segments are expected to register significant growth during the forecast period.
By boat size, the market is segmented into up to 20 feet, 21 to 35 feet and 36 to 50 feet. The 21- to 35-foot segment held the largest market share in 2019 and is expected to continue to dominate in the years to come.
By technology, the market is segmented into connected systems, service and maintenance, monitoring systems, assistance systems, and others. The services, maintenance and monitoring systems segments are expected to experience significant growth during the forecast period. Both service and maintenance and monitoring systems ensure safety, hence the growing safety concerns among the population regarding boat travel are expected to drive the growth of the segment.
By class of boat, the market is segmented into luxury, sport, entry and others. The luxury segment is expected to grow at a sustained rate during the forecast period. Luxury boats and yachts offer speed, comfort, safety and privacy compared to other segments; therefore, they are widely adopted by the population for leisure travel and other activities.
By propulsion, the market is segmented into gasoline, sail and other electric boats. The fuel-powered segment held the largest market share in 2019 and is expected to continue to dominate during the forecast period.
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Geographically, the boat rental market is segmented into North America, Europe, Asia-Pacific and the rest of the world. North America is the leading region in the market, followed by Europe. The United States is the leader in the manufacture of various boats; these boats are widely adopted in North America for navigation and sporting activities. The increasing adoption of boat rental platforms such as Boat setter in North America is expected to drive the market during the forecast period. The government initiative for the development of the tourism industry in the region is the supporting factor for the growth of the market. In addition to this, increasing public spending on water sports and leisure travel are some of the factors responsible for the growth of the market in the region. Growing globalization is further stimulating the market in the region. European countries such as Germany, Italy and France are the main suppliers of boats.
List of companies operating in the market:
- GETMYBOAT Inc.
- Brunswick Group
- BRP, Bénéteau Group
- Baie Bleue Marine
- Blue Boat Yacht Entertainment Company
- Boat jump, SL
- Boat fitter
- Click and Boat
- MARINE GLOBE
- The boat
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Global segmentation of the boat rental market:
By economic model:
- One day cruise
- Luxury Day Cruise
By boat size:
- Up to 20 feet
- 21 to 35 feet
- 36 to 50 feet
- Connected systems
- Service and maintenance
- Monitoring systems
- Assistance system and others
By class of boat:
- Sports, entrance and others
- Electric boats,
- Sailed and others
- North America (United States, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia and the rest of Asia-Pacific)
- Latin America (Brazil, Mexico, rest of Latin America)
- Middle East and Africa (South Africa, GCC and rest of Middle East and Africa)
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