Market Trends of Boat Rental Industry
Increase in Online Rental Services is Driving the Market
The boat rental market is creating a community of occasional boat users and boat owners, where a boat can be rented based on location, type, feature, and duration. This peer-to-peer service has put thousands of unused boats to work. Owners and rental companies offer boats with a captain and crew, or they hand over the boat to the renter. In the latter case, renter companies and the boat owner first review the renter's experience, boating knowledge, and availability of certifications before renting a boat.
The travel industry is booming, and several boat rental companies are offering various services to users to cater to recreational boating needs across the world. Europe has been leading the market, with some companies offering numerous services in the region. For instance, companies like Artsy London Houseboat, Canal Houseboat Holiday, Group Adriatic Sailboat Adventure, Finnish Floating Cabin, etc., are some of the companies offering luxury services in the region.
Moreover, online rental services also offer several benefits to boat rental companies themselves. They enable companies to reach a wider customer base through digital channels, as well as to streamline their operations by automating certain processes such as booking management and payment processing. They also provide valuable data on customer preferences and behavior, which can be used to inform marketing strategies and improve overall business performance. As technology continues to evolve and digital channels become increasingly prevalent, then, it is likely that online rental services will continue to drive growth in the boat rental market in the coming years.
Asia-Pacific to witness considerable growth
Boats and water activities are the preferred recreational activities in the North American and European regions. Furthermore, these regions hold the majority of boat rental start-ups. In terms of manufacturing capabilities and exporting power, the United States is among the top three suppliers, along with other countries in Europe, such as Germany, France, and Italy.
The Asia-Pacific boat rental market is experiencing notable growth due to several factors. Firstly, the region's expanding economies and increasing disposable incomes are driving demand for leisure activities, including boating and water sports, particularly in countries like China, India, and Vietnam, where the middle class is rapidly expanding. Secondly, the extensive coastlines and abundant water resources in the region offer ample opportunities for boating and water-based activities, which are further fueled by the growing popularity of eco-tourism and adventure tourism involving activities such as island hopping, snorkeling, and diving. Lastly, the region's favorable climate and year-round boating seasons make it an attractive destination for both domestic and international tourists, especially in countries like Thailand, Indonesia, and the Philippines, with their stunning beaches and crystal-clear waters.
On the other hand, in Asia-Pacific, particularly in China, where there are 1,034,000 millionaires and 11,000 citizens worth at least USD 30 million, there is a huge potential for boat rentals. Furthermore, the Chinese government is trying to promote yachting as a leisure activity to be enjoyed by many rather than a luxury commodity. Similarly, in India, there are more than 169 billionaires and 344,600 high-new-worth individuals. Thus, many US and European companies that provide rental services, marinas, and other water sports have expanded their presence in China, India, and many developing Asian countries.
