Own a boat? Did you know you can transform it into a profitable business in 2021?
Astounding, isn’t it? To convert any business into a profitable one, you first need to understand the industry and the market- the key trends, the growth factors, and what your audience wants.
Opportunities for party boat rental Toronto have seen a steady growth from 2020-2025. And if you follow the latest trends and tailor your rental activities to the market demands, your business can make serious profits.
To help you with your boat rental business and fishing charter Toronto, we’ve summarized the current market growth factors and key trends that you need to focus on.
Let’s dive in!!
- 1 Market Growth Factors
- 2 Top Boating Industry Trends That You Must Follow
- 3 Facts And Figures About Boat Rental Industry
The exponentially growing tourism industry, people’s interest in recreational activities, marine tourism are the three primary factors driving the demand for boatand kayak rental Toronto. Boat rental offers a convenient and affordable way for a water experience without actually buying or owning a boat.
In the present market, everything can be rented from cars to clothing, houses to office spaces. The demand to rent a boat Montreal, Toronto, and other parts of Canada have become eminent. Rather than luxury, it is now considered a much-needed service.
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Online venues for kayak and party boat rental Torontoallows customers to directly connect with boat owners for booking their ideal ride.
As a boat owner, you can put up a listing mentioning all the details about your boat and upload pictures. The interested customers will send you an inquiry. You can directly communicate with them and close the deal as per your convenience.
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Jet ski and party boat rental Toronto services can be offered as with or without a captain, onboard dining facilities, with or without WiFi connectivity, fueled or to be fueled up to the need, with additional facilities like ski and tubbing, or customizable options, etc.
Listing a parked watercraft in the online venues for party boat rental Toronto offers a new revenue stream for the boat owners since renting a boat is much cheaper and easier than buying and maintaining a boat.
If you have a parked boat, it can become a huge potential for growth in the upcoming years because people love to take the taste of luxury at a lower cost.
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Previously your market share and boat rental conditions were primarily defined by the rental companies. Weekly and monthly rental plans were more prevalent.
However, with digitization, you get more control over your rental business. Previously, boat rental companies provided boats on a weekly and monthly basis. Now you are free to launch full-day rental or hourly charter a yacht Toronto plans.
Water activities are becoming everyone’s favorite not just for the associated excitement or adrenaline rush but due to various health benefits as well.
Consequently, the increased consciousness towards better health is driving and supporting party boat rental market growth worldwide.
A recent study discovered that outdoor play and nature-based activities helped reduce the negative mental health impacts of the COVID-19 pandemic to a certain extent among adolescents and young adults.
Moreover, with COVID restrictions continuing in 2021, the demand for safe outdoor recreation activities will see a constant surge, including recreational boating.
Although recreational boating is a popular water activity, the most demanding water activity remains fishing. The demand for fishing charter Toronto dropped in 2019. However, in 2021 fishing boat demands are projected to regain growth.
Boats equipped with fishing-related accessories, including motors and depth finders, etc., are forecasted to have higher chances of capturing people’s attention and getting rented.
Customers prefer boats equipped with safety devices such as kill switches, when they charter a yacht Toronto.
When a kill switch is pressed, the engine stops almost instantly in case of emergency situations. Sometimes kill switches are combined with “man-overboard” alarms. Have you seen the emergency “STOP” button on the treadmill with an attached thread in specific models?
Similarly, this feature detects when someone falls out of the boat. The cord is attached to the body and “kill switch.” The cord automatically pulls the kill switch when anyone falls into the water, thus killing the engine.
Family-friendly boating activities represent the most prominent growth category for boat rentals across the fishing, party boat and day-cruising industries.
In the family-oriented boat market, pontoons are a prevalent choice since they can serve as a versatile watercraft- a fishing vessel and a water-based cabana.
Party boat rental Toronto offering bar setup, barbeque services, kids-friendly facilities, kitchen setups, internet connectivity, onboard homeware appliances like refrigerator, microwave, etc., are in high demand.
Ensure to highlight every facility when you put up a listing on online venues to charter a yacht Toronto. You can also customize your crafts according to customer requirements.
After conscious clothing, clean eating, eco-friendly cars, sustainable housing, conscious boating practices are on the rise.
With the extinction of marine animals, deteriorating marine ecosystems, rising water pollution, and increased global warming impacts, people have started focusing on sustainable boating activities for the water environment.
Boats with clean and quiet motors, eco-friendly paints, onboard waste disposal systems are riding a high wave of popularity.
Want to know the party boat rental Toronto market growth and demand in the current and upcoming years? Here’s a snapshot:
- The North American continent dominates the recreational boating industry. More than 12 million people indulge in water leisure and water-related activities every year in Canada, thereby contributing more than $10 billion in revenues and a GDP impact of $ 5.6 billion.
- The boat rental market, which includes party boats, kayak rental Toronto, fishing charter, pontons, jet skies, etc., is anticipated to register a CAGR of about 5% from 2020 to 2025.
- 100% renewable diesel fuel to dominate the marine industry.