Boat rental refers to renting a boat directly from a private owner. However, the concept has evolved in recent years owing to the rise in consumer demand, leading to entry of corporate companies in the business.
Increase in disposable income has led to growth in tourism activities, primarily fueling the demand for boat rental. Increased expenditure on leisure activities, such as fishing, snorkeling, and other water sport activities, has resulted in the rise in demand for boat rentals. Growing public interest in sailing is further fueling the boat rental market. Boat rental has become a cost-effective solution for consumers owing to the significant investment associated with purchase and ownership of a boat. The boat rent can range from US$ 100 to US$ 1500 or more, depending on the size and type of boat. Rise in registration of boats and growing trend of nautical tourism are driving the boat rental market. Sales of boats are expected to rise in Asia Pacific and Latin America providing a large PARC numbers of boat which can be rented.
The boat rental market is season specific with high demand during summers and less demand during monsoon season in Asia Pacific and during winters in North America. It is imperative for boat renters to insure their boats in order to minimize the financial risk associated with accidents on board or an injury to a passenger.
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The global boat rental market can be classified based on propulsion, boat type, passenger, and region. Based on propulsion, the global boat rental market can be segmented into motor propelled and sail propelled. The motor propelled segment held a dominant share of the market due to its easy operations, as compared to a boat propelled by sails, and its high speed.
Based on boat type, the boat rental market can be segregated into inboard, outboard, inflatable, and sail. Demand for outboard boats is high, as these boats have more floor space for passengers due to the mounting position of the outboard engine. The outboard boats segment held a major share of the market, as these boats are cost effective and easy to maintain.