Peer to Peer Rentals Surge with Relaxations in COVID-19 Stay-at-Home Orders
After COVID-19 (coronavirus) lockdown restrictions, increasing number of people are either renting boats or joining a boat club to enjoy their leisurely time whilst maintaining social distancing norms. Relaxations in stay-at-home orders by governments have led to revenue growth of the boat rental market. People are considering peer-to-peer rentals, as many boat rental locations are reopening their business. Companies in the boat rental market are conducting operations via mobile apps and computers to minimize personal contact.
Moreover, boat rental business owners are adopting robust measures such as adhering to local protocols and regulations to limit the spread of the novel coronavirus. They are restricting the number of people at docks, emphasizing on wearing masks, and maintaining sanitizing equipment onboard.
Boat Rental Apps Resolve Issues of Standardization in Payments and Customer Service
The boat rental market is slated to register a modest CAGR of ~5% during the forecast period. However, the fragmented nature of the market is creating challenges for business owners. There is a growing need for standardization, pertaining to communication expectations, pricing, and customer service. Hence, companies in the boat rental market are tapping into incremental opportunities with the development of mobile apps. For instance, the GetMyBoat app is being highly publicized as the Airbnb of boats in order to achieve transparency in payments and customer service.
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Mobile apps are making it possible to rent boats from many different countries. These apps are bolstering the credibility of business owners via customer reviews.
Fully Insured Boat Rentals Ensure Safe and Seamless Travelling Experience
Companies in the boat rental market are democratizing the sailing experience. The online boat rentals community, Boatsetter, is eliminating hassles associated with boat ownership, and increasing the availability of fully insured peer-to-peer boat rentals. Such online communities are translating into business opportunities for companies in the boat rental market. They are offering a reliable and seamless experience by providing differentiated features on their online portals.
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Insurance packages in boat rentals are also grabbing the attention of travelers to ensure a safe travel experience. This explains why the market for boat rentals is estimated to surpass the revenue of 19.7 Bn by the end of 2030. In order to meet expectations of millennial and Gen Z population, companies are introducing pet-friendly boats.
Strategic Collaborations Help Renters Gain Ultimate Boating Experience
Minimum regulations for starting a boat rental service is creating lucrative business opportunities for investors and other stakeholders. Companies in the boat rental market are setting their collaboration wheels in motion to enhance travelers’ experience. For instance, Lake Powell Vacations has announced partnership with MasterCraft Lake Powell to offer the ultimate Lake Powell experience of surfing, water skiing, tubing, and wakeboarding. Next-gen ergonomics and build quality of boats are grabbing the attention of investors that are eyeing revenue opportunities in the boat rental market.
In addition, the competitive package pricing of water sports is helping boat owners and travel companies expand their business. Renters are exploring virgin locations to gain exclusive boating experience.
Boat Rental Management Software Facilitate Operations
Boat rental management software are starting to become mainstream among competitors. Rent Rabbit is an online car and boat rental management software, which helps to personalize the rental reservation process and measures performance by analyzing bookings in the form of reports. Companies in the boat rental market are increasing the availability of user-friendly mobile apps, which help business owners manage operations on the go. Instant booking features are being highly preferred in mobile apps.
Flexible pricing options via mobile apps are helping business owners to make changes according to the location and the number of persons in the software. Deep insights and statistics about bookings and reservations are helping companies to scale their business network.
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Boat Rental Market: Overview
- The global boat rental market is anticipated to expand at a CAGR of ~5% during the forecast period, owing to advancements in technology in the marine industry across the globe. Rise in investments to promote marine tourism across several countries is likely to boost the global boat rental market during the forecast period.
- Development of online platforms and various business models for ease of operations has played a major role in boosting the boat rental market. Rise in living standard of people across the globe is likely to boost the boat rental market across the globe.
Drivers of Boat Rental Market
- Internet and digitization have made renting and chartering of boats an easy affair, thereby fueling the demand significantly. Higher convergence of web-based boat renting and leasing applications in the boat rental business has significantly contributed to the ease of booking. Customers can easily search for boat services on the Internet, choose appropriate options, and make bookings within a few minutes. This is anticipated to boost the boat rental market across the globe.
- Introduction to new promotional boat renting methods, such as online boat rental service providers collaborating with travel agencies to offer combined airline and luxury boat packages, is fueling the demand from consumers, as they consider the proximity of airports, while booking luxury boats. Thus, ease of renting a boat is expected to propel the global boat rental market in the near future.
- Growing awareness among the public about boating is limited, and boating culture remains in the nascent phase. Boat renting clubs operators in China are focusing on penetration in established boat renting markets such as Thailand, Malaysia, Singapore, and Australia.
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