WILMINGTON, DE /ACCESSWIRE/October 10, 2022 / Transparency Market Research Inc. – The growth prospects of boat rental depend on the continued progress of marine tourism around the world. Boat owners are taking advantage of online platforms and leveraging digital business models to offer simplified and standardized payment methods and services. Moreover, they entice customers with promotional offers. The value of boat rental market was set at US$14.40 billion in 2021.
Emerging boat rental trends highlight that boat rental companies are leveraging value-added services to expand their revenue streams. A typical example is insurance coverage, which builds confidence for consumers looking for a safe water sports activity. In addition, companies in the yacht charter market are building on increasing yacht charter market share by expanding services for cruise ships and luxury yachts as indicated by emerging trends in boat rental.
Emphasis on passenger comfort and standardization of customer services are emerging as major value propositions in the yacht charter market, especially for corporate customers and business owners. It should be noted that the stakeholders offer user-friendly and intuitive mobile applications for boat owners. In addition, environmentally friendly transmission systems are increasingly being adopted for boats, which broadens the horizon.
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Key Findings from the Yacht Charter Market Research
- Demand for affordable boats for safe water sports activities generating sources of income: Players in the yacht charter market emphasize affordability and ease of access as some of the key product attributes. The growing adoption of boat rentals for water sports, fishing and recreational activities is propelling revenue generation. Moreover, the growing demand for boat rentals for an array of marine tourism activities presents a huge profitable avenue for market players.
- Gas-powered boats are widely adopted: The TMR study revealed that the fuel-powered propulsion system is the most preferred by consumers. Indeed, the segment held a significant share of 41.10% of the global market in 2021. The authors of the study found that there is abundant demand for motorboats to undertake leisure activities and marine sports. It should be noted that these are commonly used to travel the entire coastline.
- The growing demand for luxury boats in maritime tourism underpins substantial growth opportunities: Many companies and travel agencies for maritime tourism work together to offer attractive luxury boat packages. It should be noted that they offer a combined package covering air travel in an attempt to gain a competitive advantage. Rising demand for luxury cruises, especially among affluent consumers in developed countries, will create huge lucrative avenues in the yacht charter market. The luxury boat segment held a major market share in 2021, according to the research study.
Boat rental market: main drivers
- A vibrant maritime tourism industry is a key element in the expansion of the yacht charter market. Part of this motivation stems from the popularity of aquatic adventure sports and coastal recreational activities in various countries around the world.
- Growing investments by boat owners in digital marketing initiatives and increased spending in related business models are stridently expanding the lucrative avenues in the boat rental market. Online platforms have demonstrated convenience benefits for peer-to-peer boat rentals.
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Boat rental market: regional growth dynamics
- Europe dominated the global boat rental market in 2021 as it held a large market share and is estimated to be the fastest growing market during the forecast period. The regional market is poised for the most attractive growth rate, anchored in the large number of tourist destinations along the coastline, according to the TMR study. In particular, Spain and Italy contributed significant shares to the regional market. Rising demand for boat rentals for water sports will fuel growth prospects.
- North America is a potentially lucrative region in the global market. The United States dominated the regional market in 2021. The massive awareness of online platforms among consumers and boat owners has bolstered the outlook for the North American boat rental market, TMR analysts have observed.
Boat Rental Market: Competition Landscape
Some of the major players are YANMAR Marine International, West Coast Marine, Odyssey Boats, Nautal, GlobeSailor, Click&Boat, Boatjump SL, Blue Bay Marine, BRP, Beneteau Group and Brunswick Group.
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Segmentation of the boat rental market
- business model
- One day cruise
- Lux charter
- Lux day cruise
- Event/ B2B
- Peer-to-peer (P2P)
- boat size
- Up to 20 feet
- 21 feet – 35 feet
- 36 feet – 50 feet
- Maintenance service
- Connected systems
- Fleet management
- Assistance systems
- Monitoring systems
- Boat class
- Powered by fuel
- Outboard motor
- Sterndrive/inboard engine
- Electric boats
- North America
- Asia Pacific
- Middle East and Africa
- South America
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