Boat rentals market size to grow by USD 270.04 million by 2026; Market Driven by increasing customer engagement in marinas and recreational boating activities - Technavio
NEW YORK, Feb. 17, 2023 /PRNewswire/ -- According to Technavio, the global boat rentals market size is estimated to grow by USD 270.04 million from 2021 to 2026. The market is estimated to grow at a CAGR of 14.71% during the forecast period. North America will account for 41% of the market growth during the forecast period. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more Insights on market size Request a sample report
Boat Rentals Market - Five Forces
The global boat rentals market is fragmented, and the five forces analysis covers–
Bargaining Power of Buyers
The threat of New Entrants
Threat of Rivalry
Bargaining Power of Suppliers
Threat of Substitutes
Interpretation of porter's five models helps to strategize the business, for entire details – buy the report!
Boat rentals market – Customer Landscape
The report includes the market's adoption lifecycle, 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 growth strategies.
Boat rentals market - Segmentation Assessment
Technavio has segmented the market based on propulsion (fuel-powered, electric boats, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The market growth in the fuel-powered boat segment will be significant during the forecast period. The rapid growth of the millennial population and growing disposable income have increased the popularity of adventure tourism. This is increasing the adoption of recreational boating activities, which, in turn, is driving the growth of the segment.
By geography, the global boat rentals market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global boat rentals market.
North America will account for 41% of the market growth during the forecast period. The growth of the regional market can be attributed to factors such as positive economic growth in the US, increasing consumer confidence, and technological innovations by boat manufacturers.
Boat rentals market – Market Dynamics
Key factor driving market growth
The market is driven by increasing customer engagement in marinas and recreational boating activities.
The market is witnessing increased consumer engagement in the marina and recreational boating activities.
For instance, the recreational boating industry in the US is expected to surpass USD 28 billion by 2024.
The boat rentals market slowed down in 2020 due to the pandemic. However, it gained more momentum with the lifting of pandemic restrictions, the initiation of large-vaccine drives, and a decline in the number of infections.
Leading trends influencing the market
Developments in the boating industry are the key trend in the market.
The increase in the demand for boating is encouraging vendors to adopt various strategies to increase their market share.
For instance, in February 2022, Yanmar Holdings Co., Ltd. announced that its subsidiary, Yanmar America, acquired a majority stake in GetMyBoat, which is the world's leading boat rental and water experience marketplace, and funded USD 21 million. The funding will be used to expand the GetMyBoat team and accelerate international growth plans.
In May 2021, Boatsetter launched Boatsetter Fishing, a platform that provides users with fishing experiences in Miami and other top recreational boating destinations in the US.
Such developments are positively influencing the growth of the market in focus.
Major challenges hindering market growth
The high risk of maritime accidents is one of the major challenges in the market.
According to global maritime statistical data, recreational boats account for a major proportion of maritime accidents.
For instance, the US Coast Guard reported a 25% jump in boating fatalities in the 2021 summer compared to 2020.
The number of casualties caused by recreational boats is increasing with growing consumer interest in boating activities.
Most tourists that participate in water sports for recreation do not have sufficient knowledge or training. This is leading to an increase in the number of drownings or other serious accidents.
Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!
What are the key data covered in this boat rentals market report
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the boat rentals market between 2022 and 2026
Precise estimation of the size of the boat rentals market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the boat rentals market industry across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of boat rentals market vendors
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Boat Rentals Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 14.71%
Market growth 2022-2026
USD 270.04 million
YoY growth 2021-2022 (%)
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 41%
US, Canada, UK, Germany, and Italy
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
BLUE BAY MARINE, Blue Boat Yacht Entertainment Co., Boating Inc., Boatjump SL, Brunswick Corp., 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
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, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
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Table of contents:
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2021
3.4 Market outlook: Forecast for 2021-2026
4 Five Forces Analysis
4.1 Five forces summary
4.2 Bargaining power of buyers
4.3 Bargaining power of suppliers
4.4 Threat of new entrants
4.5 Threat of substitutes
4.6 Threat of rivalry
4.7 Market condition
5 Market Segmentation by Propulsion
5.1 Market segments
5.2 Comparison by Propulsion
5.3 Fuel powered - Market size and forecast 2021-2026
5.4 Electric boats - Market size and forecast 2021-2026
5.5 Others - Market size and forecast 2021-2026
5.6 Market opportunity by Propulsion
6 Customer Landscape
6.1 Customer landscape overview
7 Geographic Landscape
7.1 Geographic segmentation
7.2 Geographic comparison
7.3 North America - Market size and forecast 2021-2026
7.4 Europe - Market size and forecast 2021-2026
7.5 APAC - Market size and forecast 2021-2026
7.6 South America - Market size and forecast 2021-2026
7.7 Middle East and Africa - Market size and forecast 2021-2026
7.8 US - Market size and forecast 2021-2026
7.9 UK - Market size and forecast 2021-2026
7.10 Germany - Market size and forecast 2021-2026
7.11 Italy - Market size and forecast 2021-2026
7.12 Canada - Market size and forecast 2021-2026
7.13 Market opportunity by geography
8 Drivers, Challenges, and Trends
8.1 Market drivers
8.2 Market challenges
8.3 Impact of drivers and challenges
8.4 Market trends
9 Vendor Landscape
9.2 Vendor landscape
9.3 Landscape disruption
9.4 Industry risks
10 Vendor Analysis
10.1 Vendors covered
10.2 Market positioning of vendors
10.3 Boating Inc.
10.4 Boatjump SL
10.5 CLICKANDBOAT SAS
10.6 GETMYBOAT INC.
10.7 GlobeSailor SAS
10.8 Odyssey Boats
10.9 Sailo Inc.
10.10 Travelopia Group
10.11 West Coast Marine Yacht Services Pvt. Ltd.
10.12 Zizooboats GmbH
11.1 Scope of the report
11.2 Inclusions and exclusions checklist
11.3 Currency conversion rates for US$
11.4 Research methodology
11.5 List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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