Boat Rental Market - Growth, Trends, and Forecast (2020 - 2025)
The global boat rental market is anticipated to register a CAGR of about 5% during the forecast period (2020 - 2025)
- The booming tourism industry, increasing interest of people in recreational activities and marine tourism, is expected to fuel the demand for boat rentals in the forecast period. Boat rental provides an easy and convenient way to own a boat without actually owning it. In the current market scenario where everything can be rented from bicycle to home, from car to workplace sharing or renting a boat is much-needed service as most of the boats are just parked in the harbor for more than half of their service life. Boat rental companies offer the boats as per the requirements of the customers, with or without captain and fueled or to be fueled up to the need with additional facilities like ski and tubbing and many more.
- Listing a parked boat in the boat rental provides a new revenue source for the boat owners because buying a boat is cheaper as compared to its maintenance. The parked boats in harbors posse’s huge potential for the growth of the boat rental market in the coming years. As the number of persons who wants to experience luxury at a low cost is huge. Previously the boat rentals company provide the boats on a weekly and monthly basis, but the digitalization has opened a new door for the hourly and half or full-day rental services.
- Count of the parked boat is high in Europe and the top five countries in terms of yacht parked on their coastline have four European countries in which the United States leading the yacht count. In terms of boats manufacturing the United States is the leader in the manufacturing of boats although it faces tough competition from the second-largest boat producer Italy, as the luxury boat made in Italy is preferred, while the United States boat brands are preferred for fishing and sporting activities.
Key Market Trends
Increase in Online Rental Services is Driving the Market
Boat rental market is creating a community of occasional boat users and boat owners, where a boat can be rented on the basis of location, type, feature, and duration. This peer-to-peer service has put the thousands of unused boats into work. Owners and rental companies offer boats with a captain and crewed or just handover the boat to the renter, in the latter case renter companies and the owner first review the renter past experience, boating knowledge, and availability of certifications, after all the formalities being done they rent the boat to the renter.
Traditional boat rental companies were taken a new leap after the entry of online rental service providers, previously from a renter point of view even though renting a boat is out of reach, but now renters are enjoying pocket-friendly services and boat owners and fleet owners are achieving a larger reservation volume and enjoying a new income source.
North America and Europe Is Expected to Lead the Boat Rental Market
Boats and water activities are the preferred recreational activities among North America and Europe developed regions and also holds the majority of boat rental startups. In terms of manufacturing capabilities and exporting power the United States is in the top three suppliers and other countries are majorly European such as Germany, France, and Italy.
Similarly, in Asia-Pacific and particularly in China where there are 1,034,000 millionaires, 11,000 citizens worth at least USD 30 million, China has huge potential for boat rentals, also the Chinese government is trying to promote yachting as a leisure activity to be enjoyed by many, rather than a luxury commodity. In, 2016, the China State Council issued a circular to further promote and expand domestic service consumption on tourism. The circular included an announcement to formulate a yachting tourism development plan. Pilot projects for yacht rental services were also started in some routes after that, owing to that many United States and European companies that provide rental services, marinas, and other water sports have expanded their presence in this country.
The boat rental market is moderately fragmented, has a number of active players and also the market is witnessing the emergence of many new startups. Some of the major players in the market are GetMyBoat, Sailo Inc., Nautal, and Boatsetter, amongst others. The companies are expanding their presence by acquiring other market participants, increasing their boat counts, tapping in new and unexplored markets. For instance,
- In 2018, Nautal acquires Incredible, that time USD 2.6 million funded startup, incredible has a good presence around the Mediterranean and especially in Greece. Nautal has cleared in its statement that in the future they will seek more acquisitions to further consolidate the market.
- In 2018, GetMyBoat has secured up to USD 10 million funding, by Yanmar Group company a japan based multinational company that is also a marine engine provider. After this funding the engines provider firm gets entry into the board of directors of GetMyBoat.
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