Enjoy complimentary customisation on priority with our Enterprise License!
The boat rentals market size is estimated to grow by USD 243.9 million at a CAGR of 13.63% between 2023 and 2028. Marinas and recreational boating activities are experiencing a surge in engagement due to various factors. Government initiatives, such as the development of new infrastructure and policies, are encouraging more people to explore boating and yachting. These initiatives include the construction of modern marinas, the establishment of boating education programs, and the implementation of safety regulations. Additionally, vendors in the industry are launching new services to cater to the growing demand. For instance, some marinas now offer concierge services, providing boaters with access to a range of amenities and services, while others are integrating advanced technology to enhance the boating experience. These developments are expected to further boost engagement in marinas and recreational boating activities.
For More Highlights About this Report, Request Free Sample
The market is a thriving sector in the Maritime tourism industry, catering to the growing demand for leisure and recreational activities on water. Private boat owners offer hourly rentals for various water sports activities like skiing and tubbing, providing an affordable and convenient option for individuals and families. Boat rental companies offer a diverse fleet, including sailing boats, catamarans, motorboats, and electric-powered boats, catering to different preferences and needs. Leisure activities such as cruising have gained popularity, with amenities like on-board kitchenettes, restrooms, and entertainment systems enhancing the experience. Digital tools like apps and internet platforms enable easy reservation options, making the process seamless and efficient. Domestic tourism has been a significant driver for the market, with outdoor activities becoming increasingly popular. Water sports activities continue to be a key attraction, with a growing number of people seeking unique and memorable experiences. Overall, the market is expected to continue its growth trajectory, offering exciting opportunities for businesses and consumers alike. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing customer engagement in marinas and recreational boating activities is notably driving market growth. The market experiences significant growth due to the increasing consumer interest in water-based activities and cultural affinity towards boating culture. Scenic rivers and canals provide an ideal setting for angling experiences and water tourism, fueling the demand for boat rentals. In the US and Europe, the boating industry has been thriving, with the US market projected to exceed USD28 billion by 2024.
However, the market faced a setback in 2020 due to pandemic restrictions. With the lifting of restrictions, large-scale vaccination drives, and declining cases, the boat rental market has regained momentum. Marina and charter services in the US contribute significantly to this growth, offering a range of water activities and adventures that cater to diverse interests and water ecosystems. Thus, such factors are driving the growth of the market during the forecast period.
Development in the boating industry is the key trend in the market. The market encompasses a diverse range of activities, including angling experiences on scenic rivers and canals, cultural affinity with historical watercraft, and water-based adventures. Europe, with its rich maritime heritage and numerous scenic waterways, is a major contributor to this sector. Approximately 48 million Europeans engage in recreational water activities annually, with 36 million of these being boaters.
Furthermore, the region's vibrant boating culture and water tourism attract millions of tourists each year. To cater to this growing demand, market players are adopting various strategies to expand their market share. For instance, in February 2022, Yanmar Holdings Co. launched a new marine engine to cater to the increasing demand for eco-friendly and efficient engines. This underscores the dynamic and competitive nature of the boating industry, as vendors strive to meet the evolving needs and preferences of consumers. Thus, such trends will shape the growth of the market during the forecast period.
High risk of maritime accidents is the major challenge that affects the growth of the market. The market encompasses a range of water-based activities, including angling experiences on scenic rivers and canals, as well as cultural affinity and boating culture explorations. Water tourism and water ecosystems are significant contributors to this market, offering unique water-based adventures for travelers.
However, it is essential to address the safety concerns associated with boat rentals. According to maritime statistical data, recreational boat accidents account for a significant portion of maritime incidents worldwide. In the US, for instance, the US Coast Guard reported 4,040 recreational boating accidents resulting in 636 fatalities, 2,222 injuries, and approximately USD63 million in property damage in 2022. Operator inattention, inexperience, disregard for potential threats, excessive speed, and machinery failure are the leading causes of these accidents. The escalating number of leisure boat accidents necessitates increased vigilance and safety measures from market stakeholders. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Boating Inc. - The company offers boat rentals such as the new 2022 Sun Tracker pontoon 22FT, 33 Sea Ray Sundancer luxury sport yacht and Scout Dorado.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth of the Fuel powered segment will be significant during the forecast period. The market encompasses the rental of private owner-operated boats for leisure and recreational purposes. Motorboats, powered by fuel engines, dominate this market, accounting for the largest share in 2023. Travel agencies and vacation packages increasingly offer boat rentals for water sports activities such as skiing and tubbing, contributing to market growth.
Get a glance at the market share of various regions Download the PDF Sample
The Fuel powered segment was valued at USD 121 billion in 2018. Maritime tourism, including cruising and yachting, also drives demand for rental boats. Advanced technologies like joystick docking control, automatic trim controls, and digital throttle controls enhance the rental experience. Online platforms facilitate easy booking and access to a wide range of rental boats. The market's growth is fueled by the increasing popularity of adventure tourism, with the millennial population and rising disposable income driving demand. However, concerns over water quality, air pollution, and potential issues like sewage disposal, recreational boating accidents, and fuel spills pose challenges. OEMs invest in hydro generators, bio-diesel, fuel cells, and other eco-friendly technologies to mitigate these concerns. The weekly rate for renting boats varies based on the travel destination, with local taxes, crew gratuity, and advanced provisioning allowance adding to the overall cost.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The Boat Rental Industry presents a vibrant marketplace for restaurants and tourism businesses, offering unique water-based experiences in the sports category and various recreational activities. Online rental services have revolutionized the sector, providing customers with easy access to a diverse fleet of boats, including luxury sailing boats, catamarans, motorboats, and electric-powered boats. These maneuverable vessels cater to diverse needs, from sailing and fishing to power sports and water festivals. Boat ownership and boat clubs have given way to the sharing economy model, enabling resource-efficient access to watercraft. Digital tools and mobile applications streamline the booking process, enhancing customer experiences. Sustainable boating options, such as battery electric and hybrid setups, are gaining popularity, aligning with the trend towards eco-friendly practices. Fishing enthusiasts can explore fishing platforms equipped with rod holders, livewells, and fish finders, adding convenience and enjoyment to their experience. Overall, the boat rental industry continues to evolve, offering a wealth of opportunities for leisure activities and recreational boating events.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Leisure Boat Market: Leisure Boat Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Italy, Canada, UK, France - Size and Forecast
Boat Docks and Lifts Market: Boat Docks and Lifts Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Italy, Canada, UK, Germany - Size and Forecast
Recreational Boats Market: Recreational Boats Market Analysis North America,Europe,APAC,South America,Middle East and Africa - US,Canada,Italy,UK,France - Size and Forecast
Boat rentals have gained significant popularity in recent years due to the increasing demand for leisure and recreational activities on water. Private boat owners offer rental services for various water sports activities such as skiing and tubbing, as well as for maritime tourism, including cruising and yachting. Online platforms have made it easier than ever to book rental boats for hourly, daily, or weekly rates. Boat rental companies provide a range of amenities, from basic equipment to advanced provisioning allowances, crew gratuity, sewage disposal, and even hydro generators or bio-diesel and fuel cell-powered boats. However, there are concerns regarding air pollution, water quality, and refueling spills, which can negatively impact the environment. Travel agencies and OEMs (original equipment manufacturers) also play a role in the boat rental market. T
Furthermore, they offer packages that include travel destinations and rental boats, providing a convenient and comprehensive solution for vacationers. Propulsion systems, such as direct injection technology, VTEC system, and four-stroke technology, have become increasingly popular due to their efficiency and reduced emissions. Joystick docking control, automatic trim controls, and digital throttle controls have also become essential features in modern rental boats, making docking and maneuvering easier and more precise. Local taxes and regulations, such as crew gratuity and advanced provisioning allowance, vary from location to location and should be considered when planning a boat rental vacation.
Market Scope |
|
Report Coverage |
Details |
Page number |
131 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.63% |
Market growth 2024-2028 |
USD 243.9 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
12.13 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, UK, Germany, Italy, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
BLUE BAY MARINE, Blue Boat Yacht Entertainment Co., Boating Inc., Boatjump SL, CLICKANDBOAT SAS, GETMYBOAT INC., GlobeSailor SAS, Groupe Beneteau, NAVIGARE YACHTING AB, Odyssey Boats, Sailo Inc., SamBoat, Travelopia Group, West Coast Marine Yacht Services Pvt. Ltd., Yachtico GmbH, and Zizooboats GmbH |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Propulsion
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.