Market Size of Boat Rental Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 15.96 Billion |
| Market Size (2029) | USD 21.11 Billion |
| CAGR (2024 - 2029) | > 5.00 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Boat Rental Market Analysis
The Boat Rental Market size is estimated at USD 15.20 billion in 2023, and is expected to reach USD 20.10 billion by 2028, growing at a CAGR of greater than 5% during the forecast period (2023-2028).
The boat rental market was valued at USD 15.2 billion in 2023, and it is expected to grow up to USD 20.1 billion by 2028, registering a CAGR of 5% during the forecast period (2023-2028).
The boat rental market is a segment of the broader recreational boating industry that offers individuals and groups the opportunity to rent boats for various purposes such as leisure, fishing, water sports, and transportation. The market is driven by factors such as increasing disposable incomes, growing demand for water-based activities, and advancements in boat technology. However, the increased preference for recreational activities by individuals is expected to revive the market significantly during the forecast period.
The booming tourism industry, increasing interest in recreational activities, and marine tourism are expected to fuel the demand for boat rentals during the forecast period. Boat rental provides an easy and convenient way to own a boat without actually owning it. In the current market scenario, where everything can be rented, from bicycle to home, car to workplace sharing, renting a boat is a much-needed service, as most of the boats are parked in the harbor for more than half of their service life. Boat rental companies offer boats as per the requirements of the customers, with or without a captain, and fueled or to be fueled up to the need, with additional facilities like ski and tubbing.
Listing a parked boat in the boat rental provides a new revenue source for the boat owners, as it is cheaper to buy a boat is cheaper compared to its maintenance. The parked boats in harbors pose huge potential for the growth of the boat rental market in the coming years. There are several people who want to experience luxury at a low cost. Previously, boat rental companies provided boats on a weekly and monthly basis. However, digitalization has provided a new opportunity for hourly and half or full-day rental services.
The number of parked boats is high in Europe. Furthermore, four European countries are among the top five countries in terms of yachts parked on their coastline, with the United States in the lead. Moreover, the United States is the leader in the manufacturing of boats. However, it faces tough competition from the second-largest boat producer, Italy, as the luxury boats made in Italy are highly preferred, while the US States boats are preferred for fishing and sporting activities.
