Boat Rental Market
Boat Rental Market (Business Model: Charter, Day Cruise, Lux Charter, Lux Day Cruise, Tour, Event/B2B, and Peer to Peer [P2P], and Business to Consumer [B2C]; Boat Size: Up to 20 Feet, 21-35 Feet, and 36-50 Feet; Technology: Service & Maintenance, Connected Systems, Assistance Systems, Monitoring Systems, and Others; Boat Class: Luxury, Sports, Entry, and Others; and Propulsion: Fuel Powered, Electric Boats, Sailed, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
- Automotive & Transport
- 250 Pages
Peer to Peer Rentals Surge with Relaxations in COVID-19 Stay-at-Home Orders
After COVID-19 (coronavirus) lockdown restrictions, increasing number of people are either renting boats or joining a boat club to enjoy their leisurely time whilst maintaining social distancing norms. Relaxations in stay-at-home orders by governments have led to revenue growth of the boat rental market. People are considering peer-to-peer rentals, as many boat rental locations are reopening their business. Companies in the boat rental market are conducting operations via mobile apps and computers to minimize personal contact.
Moreover, boat rental business owners are adopting robust measures such as adhering to local protocols and regulations to limit the spread of the novel coronavirus. They are restricting the number of people at docks, emphasizing on wearing masks, and maintaining sanitizing equipment onboard.
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Boat Rental Apps Resolve Issues of Standardization in Payments and Customer Service
The boat rental market is slated to register a modest CAGR of ~5% during the forecast period. However, the fragmented nature of the market is creating challenges for business owners. There is a growing need for standardization, pertaining to communication expectations, pricing, and customer service. Hence, companies in the boat rental market are tapping into incremental opportunities with the development of mobile apps. For instance, the GetMyBoat app is being highly publicized as the Airbnb of boats in order to achieve transparency in payments and customer service.
Mobile apps are making it possible to rent boats from many different countries. These apps are bolstering the credibility of business owners via customer reviews.
Fully Insured Boat Rentals Ensure Safe and Seamless Travelling Experience
Companies in the boat rental market are democratizing the sailing experience. The online boat rentals community, Boatsetter, is eliminating hassles associated with boat ownership, and increasing the availability of fully insured peer-to-peer boat rentals. Such online communities are translating into business opportunities for companies in the boat rental market. They are offering a reliable and seamless experience by providing differentiated features on their online portals.
Insurance packages in boat rentals are also grabbing the attention of travelers to ensure a safe travel experience. This explains why the market for boat rentals is estimated to surpass the revenue of 19.7 Bn by the end of 2030. In order to meet expectations of millennial and Gen Z population, companies are introducing pet-friendly boats.
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Strategic Collaborations Help Renters Gain Ultimate Boating Experience
Minimum regulations for starting a boat rental service is creating lucrative business opportunities for investors and other stakeholders. Companies in the boat rental market are setting their collaboration wheels in motion to enhance travelers’ experience. For instance, Lake Powell Vacations has announced partnership with MasterCraft Lake Powell to offer the ultimate Lake Powell experience of surfing, water skiing, tubing, and wakeboarding. Next-gen ergonomics and build quality of boats are grabbing the attention of investors that are eyeing revenue opportunities in the boat rental market.
In addition, the competitive package pricing of water sports is helping boat owners and travel companies expand their business. Renters are exploring virgin locations to gain exclusive boating experience.
Boat Rental Management Software Facilitate Operations
Boat rental management software are starting to become mainstream among competitors. Rent Rabbit is an online car and boat rental management software, which helps to personalize the rental reservation process and measures performance by analyzing bookings in the form of reports. Companies in the boat rental market are increasing the availability of user-friendly mobile apps, which help business owners manage operations on the go. Instant booking features are being highly preferred in mobile apps.
Flexible pricing options via mobile apps are helping business owners to make changes according to the location and the number of persons in the software. Deep insights and statistics about bookings and reservations are helping companies to scale their business network.
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Boat clubs are experiencing a spike in the number of membership, since individuals have cancelled their travel plans during the COVID-19. Companies are entering into strategic collaborations to provide millennials with the ultimate boating experience. However, the market lacks standardization, as several business owners are reluctant to comply with local regulations, thus increasing risks of illegal charter boats. Hence, companies should run their business with fully insured peer-to-peer boat rentals to boost their credibility credentials in the boat rental market. Companies should deploy boat rental management software to gain deep insights about bookings and other operations.
Boat Rental Market: Overview
- The global boat rental market is anticipated to expand at a CAGR of ~5% during the forecast period, owing to advancements in technology in the marine industry across the globe. Rise in investments to promote marine tourism across several countries is likely to boost the global boat rental market during the forecast period.
- Development of online platforms and various business models for ease of operations has played a major role in boosting the boat rental market. Rise in living standard of people across the globe is likely to boost the boat rental market across the globe.
Drivers of Boat Rental Market
- Internet and digitization have made renting and chartering of boats an easy affair, thereby fueling the demand significantly. Higher convergence of web-based boat renting and leasing applications in the boat rental business has significantly contributed to the ease of booking. Customers can easily search for boat services on the Internet, choose appropriate options, and make bookings within a few minutes. This is anticipated to boost the boat rental market across the globe.
- Introduction to new promotional boat renting methods, such as online boat rental service providers collaborating with travel agencies to offer combined airline and luxury boat packages, is fueling the demand from consumers, as they consider the proximity of airports, while booking luxury boats. Thus, ease of renting a boat is expected to propel the global boat rental market in the near future.
- Growing awareness among the public about boating is limited, and boating culture remains in the nascent phase. Boat renting clubs operators in China are focusing on penetration in established boat renting markets such as Thailand, Malaysia, Singapore, and Australia.
Challenges for Boat Rental Market
- Boat rental costs are hiked considerably during peak season, owing to high consumer demand due to preference for cool swims, long boat rides, water skiing, and adventurous watersport activities in that particular season. Boat renting costs during this time vary across regions. This, in turn, is likely to hamper the demand for boat rentals.
- Progression of the pandemic remains highly dynamic, and the resulting impact on dealers, OEM partners, suppliers, and the macroeconomy was significant during the Q2 of 2020. Boat manufacturing companies temporarily suspended manufacturing operations at most of their sites during Q2 of 2020. Approximately, half of the boat selling dealers network was closed until the mid of May due to stringent implementation of stay-at-home restrictions. This is likely to be a major challenge for boat rental market across the globe.
Boat Rental Market Segmentation
- The global boat rental market has been segmented based on business model, boat size, technology, boat class, propulsion, and region
- Based on business model, the business to consumer (B2C) segment dominated the global boat rental market. Influx of business models in the boat rental market is enabling players to scale up their advantages and create additional value. Ample scope of opportunities has prompted numerous companies to invest in boat rental services, which, in turn, is boosting the B2C segment.
- Based on propulsion, the fuel powered segment held a major share of the global boat rental market. Fuel-powered boats utilize conventional technology and generate considerably high power, which propels the segment. Rising inclination toward green mobility is anticipated to drive the electric boats segment of the boat rental market.
Boat Rental Market: Regional Analysis
- Based on region, the global boat rental market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America and Europe are projected to be highly lucrative markets during the forecast period. Boat rental service providers have entered these attractive regions with the endorsement of advanced platforms such as Uber and Boatsetter. North America is another lucrative region of the boat rental market; the market in the region is anticipated to expand significantly in the near future.
Boat Rental Market: Competition Landscape
- Key players operating in the global boat rental market include
- GETMYBOAT Inc.
- Brunswick Group
- Beneteau Group
- Blue Bay Marine
- Blue Boat Yacht Entertainment Company
- GLOBE SAILOR
- Le Boat
- Navigare Yachting
- Odyssey Boats
- Sailo Inc.
- THE MOORINGS
- West Coast Marine
- Yachtico Inc.
- Zizooboats GmbH
- Key players at the global level are expanding their footprint by engaging in mergers and acquisitions with several players in the industry. In June 2020, GetMyBoat, Inc. partnered with Bombardier Recreational Products, a marine-sports innovator, to provide customers of GetMyBoat, Inc. access to watersport equipment and boats of Bombardier Recreational Products on rental basis. In September 2020, Brunswick Corporation launched Mercury Racing 360 APX, a four-stroke V8 outboard motor for powering formula one tunnel boats. In September 2020, BRP introduced the Sea-Doo RXP-X 300 personal watercraft model that is lighter and faster as compared to its predecessors. The company plans to make it commercially available to customers in 2021. Sea-Doo RXP-X 300 also has LinQ accessories and a 100 Watt Bluetooth speaker.
Boat Rental Market – Scope of the Report
Transparency Market Research’s recent report on the boat rental market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the boat rental market analyzes the scenario for the period of 2019 to 2030, wherein, 2019 is the base year and 2018 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study.
This TMR study on the boat rental market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the boat rental market gives readers an individual understanding of the market.
Key Questions Answered in This Report on Boat Rental Market
- How much value will the boat rental market generate by the end of the forecast period?
- Which segment of the market is likely to have the maximum market share by 2030?
- What are the impact factors and their effects on the market for boat rental market?
- What regions currently contribute the maximum share to the overall boat rental market?
- What are the indicators expected to drive the boat rental market?
- What region is likely to be a lucrative market during the forecast period?
- What are the essential strategies by key stakeholders in the boat rental market to expand their geographic presence?
- What are the major advancements witnessed in the boat rental market?
- How regulatory norms affected the market for boat rental market?
This report answers these questions and more about the boat rental market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Boat Rental Market – Research Methodology
This TMR report on the boat rental market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the boat rental market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by key players, researchers of the boat rental market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the boat rental market, with both a bottom-up and top-down approach.
This detailed assessment of the boat rental market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the boat rental market is estimated to expand are based on carefully vetted primary and secondary sources.
Boat Rental Market – Segmentation
This report on the boat rental market provides information on the basis of business model, boat size, technology, boat class, propulsion, and region.
This study also discusses underlying trends and impact of various factors that are driving the boat rental market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the boat rental market, in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.