Boat Rental Market: Introduction
According to the report, the global boat rental market is projected to surpass valuation of US$ 19.7 Bn by 2030, expanding at a CAGR of ~5% during the forecast period. The growing trend of recreational boating across the globe is likely to boost the global boat rental market. Automatic positioning systems play the role of a virtual anchor in a boat, while thermal imaging cameras offer night vision to avoid potential obstacles in the water, thereby boosting the demand and adoption of advanced boats. High taxation rates on boat rental services across various regions is an important factor hampering the boat rental market. For instance, VAT laws in the European Union (EU) are not uniform and hence, each country has its own taxation law and regulations. This hamper the boat rental market considerably. Moreover, the boat rental market in high taxable regions witnesses sluggish expansion. This is anticipated to affect the global boat rental market during the forecast period.
Expansion of Boat Rental Market
Surge in trade volume, owing to rising bilateral trade among countries is projected to boost the boat rental market during the forecast period. China witnessed a rise in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN. Based on business model, the global boat rental market has been segmented into charter, day cruise, lux charter, lux day cruise, tour, event/B2B, peer to peer (P2P), and business to consumer (B2C). The business to consumer (B2C) segment dominates the boat rental market across the globe due to the expansion of boat rental service platforms that offer easy lease of a privately-owned boat.
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Based on propulsion, the fuel powered segment accounted for a significant share of the global boat rental market. Rise in popularity of fuel-powered boats across the globe is likely to boost the demand for boat rental services across the globe. The high cost of electric powered boats is likely to hamper the demand for electric boat rental services across the globe.
Regional Analysis of Boat Rental Market
In terms of region, the global boat rental market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominated the global boat rental market in 2019. It is anticipated to hold a leading share during the forecast period, due to major presence of boat rental service providers across the region. Followed by North America, Europe also held a significant share of the global boat rental market. Greece, Croatia, and France are major tourist destinations, and they contributed to the prominent share of the region in the global boat rental market. Government and regional authorities across Europe are focusing on the expansion of marinas, and development and modernization of berths to boost nautical tourism, which, in turn, is propelling the boat rental market in Europe.
