The Boat Rental Global Market Report 2023 by The Business Research Company, provides boat rental market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Boat Rental Global Market Report 2023, the market size is expected to grow from $16.53 billion in 2022 to $17.71 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global boat rental market size is expected to reach $22.35 billion in 2027 at a CAGR of 6.0%.
The global expansion of the marine tourism sector is expected to propel the growth of the boat rental market going forward. Marine tourism encompasses enjoyable activities that necessitate travel away from one’s home and have the coastal environment. Sailing on boats, cruises, and yachts for both pleasure and business is also part of marine tourism. Thus, the growth of marine tourism results in the growth of the boat rental market.
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The boat rental market is segmented:
1) By Boat Type: Inboard Boats, Outboard Boats, Sail Boats, Other Boats
2) By Boat Size: Less than 30 feet, Between 30 and 79 feet, Greater than 79 feet
3) By Power: Engine Powered, Man Powered, Sail Propelled
4) By Activity: Sailing and leisure, Fishing, Other Activities
Technological advancement is the key trend gaining popularity in the boat rental market. Major companies operating in the boat rental market are focused on developing innovative technologies to strengthen their position in the market. For instance, in June 2022, Vision Marine Technologies, a Canada-based manufacturer of handmade, high-performance, green, and electric recreational powerboats, developed E-Motion technology. E-Motion technology is the world’s first high-performance electric propulsion engine, combining a 180-horsepower (135 kW) motor with a sophisticated battery management system to reduce energy costs by 90%. The E-Motion enhances performance and range while requiring no additional charging infrastructure or devices. All that is required is a 220-volt charging outlet, which is already available in the infrastructure of almost every marina.
The boat rental market report table of contents includes:
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Top Major Players
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