Pune, India, Aug. 16, 2021 (GLOBE NEWSWIRE) -- According to the report, the global Boat Rental market size to reach remarkable value by 2028. Growing urbanization and changing lifestyle of the populace are some of the factors driving the market. Availability of luxury boats on rent for enhanced comfort and travel experience is expected to propel the market growth over the forecast period. The online boat rental booking service on the company's website and applications further provides convenience to consumers and influences the market growth.
The global pandemic, COVID-19, has led to severe repercussion owing to its widespread effects across several economies. Several industries are facing unprecedented losses owing to the lockdown announced by several governments across the globe that has resulted in the complete shutdown of the businesses. The crippling economy, however, is being revived through collective efforts from the government as well as the industries and is expected to bounce back in the coming years.
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As the tourism and travel industry is growing, so is the boat rental market. A wide range of boats are available on rent with different models, shapes, and sizes as per the customer's requirement. In the past, these boats were available on rent for weeks or months. However, the availability and adoption of on-demand boat rental services on an hourly and daily basis are trending these days. These rented boats are mainly utilized for leisure travel and business travel. In addition to this, they are also used for cruising, racing, and other adventure sports activities worldwide. The capital cost and maintenance cost of owning a boat is expensive; hence, this service is the most suitable option for the populace.
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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 over 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 feet segment held the largest market share in 2019 and is expected to continue its dominance in years to come.
By technology, the market is segmented into connected systems, service & maintenance, monitoring systems, assistance systems, and others. Service & maintenance and monitoring systems segments are expected to experience significant growth over the forecast period. Service & maintenance and monitoring systems both ensure safety, hence growing safety concerns among the populace regarding boat travel are expected to drive the segment growth.
By boat class, the market is segmented into luxury, sports, entry, and others. The luxury segment is expected to expand at a prominent pace during the forecast period. Luxury boats and yachts provide high speed, comfort, safety, and privacy as compared to other segments; hence they are highly adopted by the populace for leisure travel and other activities.
By propulsion, the market is segmented into fuel-powered, electric boats, sailed, and others. The fuel-powered segment held the largest market share in 2019 and is expected to continue its dominance over 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 for the market, followed by Europe. The US is the leader in the manufacturing of various boats; these boats are highly adopted in North America for shipping and sports activities. The growing adoption of boat rental platforms such as Boat setter in North America is expected to drive the market over the forecast period. Government initiative for the development of the tourism industry in the region is the supporting factor for the market growth. In addition to this, increasing public spending on water sport activities and leisure travel are some of the factors responsible for the market growth in the region. Increasing globalization further drives the market in the region. European countries such as Germany, Italy, and France are the leading supplier of boats.
List of the Companies Operating in the Market:
- GETMYBOAT Inc.
- Brunswick Group
- BRP, Beneteau Group
- Blue Bay Marine
- Blue Boat Yacht Entertainment Company
- Boatjump, S.L.
- Boatsetter
- Click&Boat
- GLOBE SAILOR
- Incrediblue
- Le Boat
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Global Boat Rental Market Segmentation:
By Business Model:
- Day Cruise
- Charter
- Lux Day Cruise
By Boat Size:
- Up to 20 feet
- 21 to 35 feet
- 36 to 50 feet
By Technology:
- Connected Systems
- Service & Maintenance
- Monitoring Systems
- Assistance System and Others
By Boat Class:
- Luxury
- Sports, Entry and Other
By Propulsion:
- Fuel Powered,
- Electric Boats,
- Sailed and Others
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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