The Boat Rental Market is anticipated to flourish at an average CAGR of 5.4% between 2023 and 2033. The market is expected to hold a market share of USD 27.9 billion by 2033, while the market is likely to reach a value of USD 16.5 billion in 2023.
The boat costs a lot and is not pocket friendly for end users. Therefore, the boat on rent becomes the better option with zero maintenance cost, options, flexibility, and easy rentals.
Furthermore, the restored tourism sector, increased per capita income, and higher demand for luxury cruises and tours are expected to garner market growth. New companies are introducing various categories, including luxury, fishing, custom, and even racing boats.
Though affordability is the leading driver for market growth, as buying a boat costs people around one million, renting a boat doesn’t take a toll on the end user's pocket. Buying a boat is also considered a depreciating asset as it loses its value with time and usage.
The growing tourism and boating companies are also consuming a substantial chunk of the market. These companies are slightly recovering from the impact of covid-19 and the economic meltdown post-pandemic.
Furthermore, the option of choosing boats according to the need and customization/specialization is garnering the market’s upward trajectory. Increasing per capita income and higher tourist activities in the coastal parts of the world are pushing boat rental services to set up their space.
Thus, boat rental services have become easy and smooth with the advent of Internet services as it showcases boats, available dates, varieties, and other cruise packages.
The increase in private islands and governments promoting their coastal tourist places is also contributing positively to the market growth. Marine tourism is trending as recreational boating has become popular among the tourists. Several shipbuilders and owners are also investing in islands to promote cruising and boat rides. Thus, the market is expected to flourish at a higher growth rate.
Recent Trends in the Market:
| Attribute | Details |
|---|---|
| Boat Rental Market CAGR (2023 to 2033) | 5.4% |
| Boat Rental Market Size (2023) | USD 16.5 billion |
| Boat Rental Market Size (2033) | USD 27.9 billion |
Exclusive Offer: 30% Off on Regional Reports
Get a free sample report and customize your regions for a 30% discount on your regional report!
From 2018 to 2022, the boat rental market thrived at a lower CAGR of 4.1%. Though, the market thrives at a CAGR of 5.4% between 2023 and 2033. The improved growth rate is attributed to restoring travel and tourism activities, increased per capita income, and the government helping the islands build their economy in the developing nations.
From 2018 to 2022, the boat rental industry witnessed lower growth. The limited growth rate was attributed to the limited boat travel and restriction on any type of transport due to the coronavirus. Almost no travel and marine tourism activities damaged the sector adversely. Hence, the recovery rate has been slow but helpful in sustaining the market space.
New companies entering the market also helped the market thrive during the forecast period. The integration of boat rental management software with smart technologies like machine learning, data management, cloud storage, and artificial intelligence is projected to reshape the market space.
FMI’s extended research unravels growth drivers of the market. The restored travel industry is one of them; new companies with exciting packages involving boat renting, resort camping, and sightseeing experiences have flourished in the market growth.
The companies are going online while providing different types of boats, and offers are dragging the end user's attention. Increased per capita income with the escalated standard of living is pushing people to travel more and try new things. The social media influencers promoting coastal areas, paid promotions of boat rentals, etc., are likely to gain traction in the market.
Lastly, emerging economies like China, India, and other Asian Economies are flourishing through tourists. Hence, nations like Malesia, Indonesia, and Thailand are promoting their beaches and boat rental activities.
| Country | Revenue Share % (2023) |
|---|---|
| United States | 14.0% |
| United Kingdom | 6.9% |
| Malaysia | 7.0% |
| Australia | 5.0% |
| North America | 25.0% |
| Europe | 22.0% |
| Country | CAGR % (2023 to 2033) |
|---|---|
| Maldives | 6.1% |
| Spain | 3.6% |
| Turkey | 4.4% |
The North American market held a strong market share of 25.0% in 2022, while the United States also held a market share of 14.0% in the global market. This growth is attributed to the adoption of advanced rental software and technologies.
The high-speed internet with companies offering different exciting rental offers contributes to the market’s success. Government investing in islands, promoting tourism, and boat renting activities are also fueling the market growth. The companies also add services like jet skiing, yacht rental, and resort booking.
The European market held a significant market share of 22.0% in 2022. Spain also thrives at a CAGR of 3.6%, while Turkey thrives at a 4.4% CAGR between 2023 and 2033. Though, Australia is another significant market space for boat rental, as it held a market share of 5.0% in 2022.
The growth is caused by higher demand for luxury charters and the options of skippered cruises, corporate hire, a self-drive luxury boats. Furthermore, Australia being an island, promotes water sports, and hence the rise in racing boats are rented throughout the year.
India and China are the future superpowers expected to dominate most market spaces. While other nations that have large coastal lines, such as Maldives and Malaysia, are flourishing their marine tourism economy.
While Maldives thrived at a CAGR of 6.1% between 2023 and 2033, Malaysia held a market share of 7.0% in the global market. The growth is attributed to the higher tourist footfall, beautiful beaches, and amazing boat rides.
| Category | Leading Segment |
|---|---|
| By Propulsion Type | Full Powered |
| By Boat Size Type | Up to 20 Feet |
The market is segmented into propulsion type, boat size type, and boat type. These segments have different subsegments further. FMI analyses these segments and explains which segment is leading and the reasons behind
Based on propulsion, the full-powered boat segment leads the market, holding a significant market share in 2022. The growth is attributed to better handling, higher power, gasoline-based engine, and easy availability of these boats.
Furthermore, the higher speed and power preferred by the end users also help the segment lead the category. The increased consumption is also based on rising water sports activities.
Based on boat size type, the up to 20 feet segment is expected to lead the market as it held a significant market share in 2022. The growth is attributed to higher consumption and luxury properties integrated into it. The ideal size boat is perfect for the passengers and is readily available due to the higher production.
Check Free Sample Report & Save 40%!
Select your niche segments and personalize your insights for smart savings. Cut costs now!
The boat rental industry is fragmented and competitive and includes various players such as Incrediblue (London), Boatjump (Valencia, Spain), Globesailor (Paris, France), and Click&Boat (Paris, France). Companies focus on easy renting, discounts, and ultimate packages.
These companies mainly focus on mergers, collaboration, and other campaigns to enhance the supply chain and deployment capacity.
Market Developments
The boat rental market is estimated at USD 16.5 billion in 2023.
Leading players include GetMyBoat, Groupe Beneteau, and Boatsetter.
The full-powered boat segment leads the market.
Affordable pricing, no maintenance costs, and easy renting procedures drive the boat rental market growth.
Maldives, Malaysia, and other nations with large coastal lines.
| Estimated Market Size (2024E) | USD 3,09,703.4 million |
|---|---|
| Projected Market Value (2034F) | USD 6,25,867.4 million |
| Value-based CAGR (2024 to 2034) | 7.3% |
| Market Estimated Size (2022) | USD 4,503.2 million |
|---|---|
| Market Forecasted Size (2032) | USD 25,829.9 million |
| Market CAGR (2022 to 2032) | 19.1% |
Explore Consumer Services Insights
View Reports
Boat Rental Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
