Boat Rental Global Market Report 2024

The boat rental market size has grown strongly in recent years. It will grow from $17.75 billion in 2023 to $18.94 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed in the past period can be linked to shifts in leisure and tourism trends, evolving consumer preferences, the increased popularity of water-based activities, enhanced accessibility to coastal and inland waters, and the emergence of peer-to-peer boat rentals.

The boat rental market size is expected to see strong growth in the next few years. It will grow to $24.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The forecasted growth comes from rising disposable incomes, a focus on eco-friendly experiences, and innovations in boat rentals. Key trends include virtual previews, contactless procedures, partnerships with tourism, AI recommendations, and safety training for renters.

The anticipated global expansion of the marine tourism sector is poised to act as a significant catalyst for the boat rental market's future growth. Marine tourism, encompassing pleasurable activities that involve travel away from one's residence and engagement with coastal environments, includes pursuits such as sailing on boats, cruises, and yachts, catering to both leisure and business travelers. Consequently, the flourishing marine tourism industry directly contributes to the positive trajectory of the boat rental market. A case in point is the data provided by the Great Barrier Reef Marine Park Authority, a lead management organization based in Australia, in June 2022. According to this esteemed regulator overseeing the renowned Great Barrier Reef, tourist visits to the entire Marine Park recorded 1,391,231 visitor days for the fiscal year ending in 2022. This figure reflects a notable 22.11% increase compared to the preceding fiscal year (2020-2021). The Great Barrier Reef, spanning 348,000 square kilometers, boasts the world's most impressive assortment of coral reefs, housing 400 diverse coral types, 1,500 fish species, and 4,000 mollusk varieties. This thriving marine tourism sector, exemplified by such statistics, is a key driver fueling the expansion of the boat rental market on a global scale.

The anticipated growth of water-borne trade is poised to be a significant driver for the expansion of the boat rental market in the foreseeable future. Water-borne trade involves the movement of goods, commodities, or passengers over water, typically across oceans, seas, rivers, or other navigable waterways. Within this context, boat rentals play a crucial role in providing businesses with a cost-effective solution that offers flexibility, scalability, access to specialized vessels, reduced maintenance costs, and the ability to expand geographical reach without the necessity for a permanent presence in specific locations. As an illustration, data from the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental body, in October 2022 revealed that Asian ports received approximately 7.1 billion tons in 2021, representing 64% of all globally discharged commodities. This statistic underscores the immense volume of water-borne trade in the region. Consequently, the increasing prominence of water-borne trade emerges as a key factor propelling the growth of the boat rental market.

The prevailing trend gaining significant traction in the boat rental market is technological advancement, with major companies in the sector actively dedicating efforts to pioneering innovative technologies to fortify their market positions. An illustrative example is Vision Marine Technologies, a Canada-based manufacturer specializing in handmade, high-performance, eco-friendly, and electric recreational powerboats. In June 2022, the company introduced E-Motion technology, a groundbreaking development in the realm of high-performance electric propulsion engines. This technology integrates a 180-horsepower (135 kW) motor with a sophisticated battery management system, resulting in a remarkable 90% reduction in energy costs. E-Motion not only enhances overall performance and range but also eliminates the need for additional charging infrastructure or devices. A notable feature is its compatibility with a standard 220-volt charging outlet, which is readily available in the infrastructure of nearly every marina. This strategic focus on technological innovation underscores the commitment of major players to stay at the forefront of the boat rental market by offering cutting-edge solutions that cater to evolving consumer needs and environmental considerations.

Prominent players in the boat rental market are actively pursuing product innovation to gain a competitive advantage, with a focus on the development of new offerings such as GPS tracker models. These models involve devices or units that leverage global positioning system (GPS) technology to track and locate objects, including vehicles, assets, or individuals. A case in point is WAIV Technologies Inc., a US-based provider of GPS tracking solutions, which introduced XStream, a solar-powered GPS tracker, in April 2023. Specifically designed for companies engaged in boat and jet ski rentals, the XStream GPS tracker stands out as the first of its kind with capsize detection capabilities, running entirely on solar power. This innovation aims to simplify fleet management for rental operators, providing real-time situational awareness. The solar-powered aspect of the tracker not only offers a sustainable solution but also caters specifically to the needs of boat rental companies, granting them access to real-time location data and streamlining the process of asset tracking within their operations. This strategic focus on cutting-edge technology exemplifies the commitment of major companies to differentiate themselves in the competitive boat rental market.

In February 2022, Yanmar Holdings Co. Ltd., a Japan-based company specializing in marine equipment, successfully acquired GetMyBoat Inc. in an undisclosed transaction. This strategic move is part of Yanmar's broader digital transformation initiatives, aiming to extend its technological footprint across various business domains and enhance its offerings within the marine industry. Through the acquisition of GetMyBoat Inc., Yanmar intends to leverage cutting-edge technologies to evolve into a more customer-focused entity, particularly within the construction and maritime sectors. GetMyBoat Inc., based in the United States, operates as a platform that connects boat owners with individuals seeking to rent boats or access water-related experiences. This acquisition underscores Yanmar's commitment to innovation and diversification, positioning itself for growth and heightened customer engagement in the evolving landscape of the marine industry.

Major companies operating in the boat rental market report are Brunswick Corporation, Groupe Beneteau SA, Le Boat Holidays Ltd, Samboat SAS, Click&Boat SAS, Boatsetter Inc., Bluewater Yachting LLC, GlobeSailor SAS, Skipperi SAS, Sail Croatia Adventures Ltd., Zizoo SAS, Cozymeal Inc., GetMyBoat Inc., Boatjump Inc., Incrediblue Inc., YACHTICO Yacht Charter GmbH & Co. KG, Sailo SAS, Blue Boat Yacht Entertainment Company LLC, BoatBureau Limited, Ocean Serenity LLC, Borrow A Boat Inc., Boatbay Inc., Nautal SL, Yacht.com BV, Snap a Boat Inc., Boatin' Around LLC, SnagAboat Inc., Boat Beacon Inc., Sail.com Inc., CharterWorld Inc.

Europe was the largest region in the boat rental market in 2023. North America is expected to be the fastest-growing region in the global boat rental market report during the forecast period. The regions covered in the boat rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the boat rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary boat types in the boat rental market include inboard boats, outboard boats, sailboats, and other variations. Inboard boats feature a propulsion system enclosed within the hull, typically connected to a propeller via a driveshaft. These boats are commonly utilized for wakeboarding. Boats in this market come in different size categories such as less than 30 feet, between 30 and 79 feet, and greater than 79 feet, and they can be powered by engines, human propulsion, or sails. They cater to various activities such as sailing and leisure pursuits, fishing, and other recreational endeavors.

The boat rental market research report is one of a series of new reports that provides boat rental market statistics, including boat rental industry global market size, regional shares, competitors with a boat rental market share, detailed boat rental market segments, market trends and opportunities, and any further data you may need to thrive in the boat rental industry. This boat rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The boat rental market includes revenues earned by entities by renting electric boats, fuel-powered, outboard engines boats, inboard engine boats, and jet-drive engine boats. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.