Global Boat Rental Market Size, Share, Growth Analysis, By Boat Type(Fuel Powered, Sail Boat), By Boat Size(Up to 20 feet, 21 to 35 feet), By End users(Luxury, Sports) - Industry Forecast 2024-2031

Global Boat Rental Market size was valued at USD 19.24 billion in 2022 and is poised to grow from USD 20.34 billion in 2023 to USD 31.69 billion by 2031, growing at a CAGR of 5.7% during the forecast period (2024-2031).

Customers can rent boats for leisure or travel when they use boat rental services. In the current economic climate, where everything can be purchased without a claim, renting a boat seemed like a reasonable option. Since most boats are secured for the majority of their useful lives, the leasing agreement encourages the reuse of these idle boats. Boat rental companies provide boats with or without engines, with or without crews, according on the needs of the customer. Boats are provided with an excellent array of amenities, making them a highly skilled bunch. These boats are approved for both business and luxury uses and provide the utmost in comfort and morality for an all-out luxurious experience. Boats are used for fishing and cruising in some parts of the world, most notably in Europe.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Boat Rental Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the Market size includes the following details: The key players in the Market were identified through secondary research, and their Market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top Market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Boat Rental Market Segmental Analysis

The global boat rental market is segmented based on the basis of boat type, boat size, end users, and region. Based on boat type, the market is segmented into fuel powered, sail boat, electric boat. In terms of segmentation by boat size, the market is categorized into up to 20 feet, 21 to 35 feet, and above 36 to 50 feet. With respect to segmentation by end users, the market is classified into luxury, sports, and fishing. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Drivers of the Global Boat Rental Market

Rising per capita incomes and growing interest in upscale activities like sailing and marine tourism are expected to fuel the growth of the worldwide boat rental market. Recreational boating has been more and more popular in recent years, contributing to the expansion of the business. All of these elements support market growth. Many government programs and initiatives are aimed at promoting marine tourism, which should hasten the industry's growth.

Restraints in the Global Boat Rental Market

The cost of renting a boat depends on a number of factors, including the destination of the trip, the type of boat, intra- and inter-border taxes, and cover fees. As a result, rental boats are offered at various pricing points. Super yachts with opulent motors can be rented for more than USD 210,000 per week, while monohulls and smaller sailboats can be rented for as little as $10,000. An additional 15.1% to 30.0% of the initial cost is made up of undisclosed fees and expenses such as VAT, allowances, insurance, and crew tips. These charge schedules might be problematic for a lot of consumers in developing countries, which would limit the industry's global expansion.

Market Trends of the Global Boat Rental Market

Boat rental apps are fixing payment and customer service standardization issues to set up a positive trend for market growth. The market's fragmentation simply makes challenges for business owners worse. Pricing, standardization, and customer service are all in higher demand. Therefore, boat rental companies are banking their future on the introduction of smartphone apps.