The global boat rental market is riding the waves of fast development, with its value reaching a substantial USD 19.24 billion in 2022. This upward trajectory shows no signs of slowing down, as the market is projected to grow to USD 20.34 billion by the end of 2023. Even more impressive is the forecast for 2031, where the market is expected to soar to a valuation of approximately USD 31.69 billion, driven by a compound annual growth rate (CAGR) of 5.70% from 2024 to 2031.
These figures paint a picture of an industry ripe with opportunity, beckoning innovative minds to set sail on their entrepreneurial journey. But how to create a boat rental marketplace online? What are the key factors to consider, and what strategies can help your platform stand out in increasingly crowded waters? Let's start step-by-step.
What is a boat rental marketplace? Is it popular?
A boat rental marketplace is an online platform where individuals or businesses can rent a wide variety of watercraft. These platforms connect boat owners with people interested in renting vessels for leisure activities, fishing, water sports, or even special events. Much like the sharing economy models seen in car rentals or vacation homes, boat rental marketplaces provide a convenient way for users to access watercraft without the expense or maintenance responsibilities of ownership.
The concept of boat rental business has gained considerable traction over the past decade, thanks in large part to the growing demand for unique and memorable recreational experiences. This shift has been further accelerated by technological advancements, making it easier for customers to browse options, make reservations, and even pay for services - all from their mobile devices.
As for popularity, the boat rental platform has seen a surge in demand across several regions. North America is leading the market, largely due to its well-established recreational boating culture. Countries like the United States and Canada boast a high number of lakes, rivers, and coastal areas, making them prime locations for boat rentals. Moreover, the region's relatively high disposable incomes and the increasing interest in outdoor activities have contributed significantly to the industry's growth.
Europe is another significant player in the boat rental market. With its vast coastlines, iconic rivers, and scenic lakes, Europe attracts millions of tourists each year. Countries like France, Italy, Spain, and Greece are particularly popular for their boating experiences.
Interestingly, younger generations are increasingly opting for rental services over ownership due to the lower costs and flexibility offered by these platforms. This demographic shift highlights a change in consumer behavior, where experiences take precedence over material ownership.
Types of rental boat marketplaces
Peer-to-peer (P2P) marketplaces
The peer-to-peer boat rentals operate on a model similar to Airbnb, but for boats. P2P boat rental marketplaces connect individual boat owners with potential renters, allowing owners to monetize their vessels during periods when they're not in use.
Key features:
- Wide variety of boats available, from small fishing boats to luxury yachts
- Often more affordable than traditional rental options
- Flexible scheduling and locations
- Built-in review and rating systems for both owners and renters
Challenges:
- Ensuring safety and quality standards across diverse offerings
- Managing insurance and liability concerns
- Building trust between boat owners and renters
Specialized marketplaces
They focus on specific niches within the boating world, catering to particular types of boats or unique boating experiences.
Key features:
- Deep expertise in a specific area (e.g., fishing boats, sailboats, or luxury yachts)
- Tailored services and equipment for the target market
- Community-building around shared interests
- Often include educational content or specialized booking features
Challenges:
- Limited market size compared to general marketplaces
- Need for in-depth knowledge of the specific niche
- Balancing specialization with potential for growth
Instant booking platforms
We can call instant booking platforms those marketplaces that allow users to book boats instantly via mobile apps or websites, catering to users who prefer quick access to rental options without extensive planning.
Key features:
- User-friendly mobile apps and websites for on-the-go bookings
- Real-time availability and pricing updates
- Streamlined booking process with minimal steps
- Often integrated with digital payment systems for quick transactions
Challenges:
- Need for robust, real-time inventory management systems
- Ensuring boat readiness for immediate use
- Balancing instant bookings with necessary safety checks and preparations
- Managing customer expectations for immediate service
A guide on how to start a boat rental marketplace
Step 1. Analysis, research, planning
Starting to build a rental boat website is an exciting venture that requires careful planning and execution. The first step is to understand the market and your potential customers. Begin by researching the boat rental industry. Look at what competitors are doing, what types of boats are popular, and what customers are looking for. Talking to potential renters through surveys or casual conversations can give you useful insights into their preferences and needs.
Once you have a good understanding of the market, it's time to create a business plan. It should outline your goals, how you plan to attract customers, and your financial expectations. Think about what makes your marketplace special. How will you stand out from the competition? Clear goals will help you track your progress as you move forward.
Step 2. Create a boat rental marketplace
Next, you'll need to build your boat rental marketplace. One of the biggest decisions you'll make is choosing the right platform. You have two main options: a custom-built website or a pre-built marketplace solution. A custom website offers flexibility and unique features tailored to your needs, but it can take longer to develop and cost more. Alternatively, pre-built solutions, like Sharetribe, can help you launch quickly with many essential features already included.
What platform to choose
Given the variety of boat business idea options available, it's important to identify a solution that aligns with your business goals and offers the features necessary for seamless operations. Entrepreneurs often find themselves weighing the pros and cons of various platforms, considering factors such as ease of use, scalability, and built-in functionalities. In a market where user experience can make or break a business, your choice of platform will significantly influence the success of your venture.
Why Sharetribe will be a perfect solution
Among the specialized marketplace platforms available, Sharetribe is an excellent choice for launching a boat rental marketplace. Here's why:
- Ease of use: Remember when you were a kid, trying to build something complex with Lego, and your older sibling swooped in to help? That's what Sharetribe does for marketplace creation. You don't need to be a coding wizard to get your platform up and running.
- Rapid launch: Time is money. With Sharetribe, you can go from idea to live marketplace faster than you expect.
- Comprehensive features: Sharetribe comes loaded with features that are essential for a boat rental marketplace. You get built-in booking management, secure payment processing, and user review systems right out of the box.
- Scalability: As your marketplace grows, Sharetribe scales with you. It's designed to handle increasing numbers of users and transactions, supporting the network effects that make marketplaces valuable. The more boat owners and renters join your platform, the more attractive it becomes for others to join too.
- Community building: A successful yacht charter marketplace is more than just transactions – it's about building a community. Sharetribe provides tools that facilitate direct communication between boat owners and renters. It means users are able to negotiate terms, ask questions, and build relationships, creating a dynamic community around your marketplace.
- Support for iterative learning: Sharetribe encourages an iterative approach to building your marketplace. It's easy to gather feedback from users and make improvements based on their experiences.
Sharetribe provides the tools and support you need to navigate the challenges of launching and growing your yacht rental website, allowing you to focus on what really matters – creating amazing experiences for boat owners and renters alike.
Example of boat & yacht charter marketplace we developed
A standout example of a successful boat and yacht rental marketplace Roobykon developed is Upisle, a peer-to-peer boat renting platform based in Miami, Florida. This boat rental company connects renters with various watercraft options, including boats, jet skis, yachts, and fishing charters.
Upisle's mission centers on making watercraft rentals easy and affordable. They believe that you don't need to own a boat to enjoy the thrill of cutting through waves or the serenity of a sunset on the water. By providing easy and affordable access to a wide range of watercraft, Upisle is democratizing the joys of boating.
On this boat rental booking website, we implemented several innovative features, allowing providers to list different types of watercraft - Jet Skis, Boats, Yachts, Sailing, Fishing, and Watersport activities - with unique fields for detailed information.
The booking process supports both hourly and daily rentals, enabling providers to set pricing easily. The instant booking option allows clients to reserve watercraft without waiting for confirmation, speeding up transactions. Upisle also offers three cancellation policies to enhance user convenience.
For security, we integrated Stripe Identity for ID verification, requiring providers to upload identification documents. Also, this yacht charter site has a notification system powered by Twilio that keeps users informed throughout the booking process. Additionally, the Roobykon team introduced multi-watercraft functionality for booking multiple units and advanced search filters to help users find the ideal watercraft by location and date.
The key features of a boat rental marketplace
Now that we've seen a real-world example of a successful boat rental marketplace, let's navigate through the key features that can make your platform stand out in a sea of competitors.
Search by location, dates, amenities, and number of passengers
When your marketplace allows searches based on location, users can pinpoint the most convenient spot for their boating adventure. Users can also search by amenities, such as onboard features like Wi-Fi, sound systems, or fishing equipment. Lastly, specifying the number of passengers helps users find boats that can accommodate their group size, ensuring a comfortable and safe experience.
Booking by the hour or by the day
Allowing users to book by the hour is ideal for short excursions or last-minute plans, as it gives them the freedom to enjoy the water for a brief period. On the other hand, offering daily bookings accommodates those looking for longer adventures, such as a full day of fishing, sightseeing, or a leisurely cruise. This flexibility attracts a broader audience by catering to both casual users and serious boat enthusiasts.
Booking with or without a captain
Some users, particularly beginners or tourists unfamiliar with local waters, may prefer the peace of mind that comes with hiring an experienced captain. Others, especially seasoned boaters, will want the option to captain the vessel themselves. Providing both options enhances the appeal of the platform, catering to users of all experience levels and preferences.
Starting the engine according to a code
For added convenience and security, integrating a feature that allows users to start the boat’s engine with a code can streamline the rental process. After confirming their booking, renters can receive a unique code, which they input to start the engine. This eliminates the need for physical keys, reducing hassle and enhancing safety by ensuring only authorized renters can operate the boat.
Checking the fuel level from a phone
A modern feature that will set your marketplace apart is the ability to check the boat’s fuel level from a phone. It allows renters to monitor fuel usage in real-time, ensuring they can plan accordingly and avoid being stranded on the water. It also adds transparency and convenience, letting users know how much fuel they’ll need to top up or if the boat is ready for immediate use.
Radius-based location search
Offering a radius-based location search allows one to find boats within a specific distance from their current location or a chosen point. For instance, a search query for "boats within 20 miles" makes it easier for renters to discover options that are conveniently close by. This feature saves time, enhances user experience, and encourages last-minute bookings for nearby adventures.
Discounts system and coupons
A discount system and coupon feature adds a layer of incentive for users. Offering seasonal discounts, first-time user promotions, or loyalty-based coupons can drive more traffic and increase user retention. This system encourages customers to return to the platform for future rentals, while also helping boat owners fill up vacancies during off-peak times. It's a powerful tool for both marketing and maximizing occupancy rates.If you're using Sharetribe to build your boat rental marketplace, Roobykon has a detailed article on how to create a discount code on a Sharetribe marketplace, guiding you through the process of setting up these promotions efficiently.
Do you want to receive even more expert recommendations regarding the necessary features for your marketplace? Leave your contact details, and we will get in touch with you to provide personalized insights and guidance to help you create the perfect boat rental platform!
Step 3. Create a boat rental app
Your boat rental app needs to be swift, agile, and capable of doing almost everything its bigger counterpart can do. Start by translating the core functionalities of your website into a sleek, mobile-friendly interface. The search and filter options should be front and center, allowing users to find their perfect boat with a few taps while waiting in line for their morning coffee.
Consider location-based features that can show nearby available boats or popular local waterways. Implement push notifications to alert users about booking confirmations, approaching rental dates, or special offers on their favorite types of boats.
Remember, the app for boat rental is likely to be used in various environments – from sunny docks to dimly lit evenings. Ensure your yacht charter website design is adaptable with features like dark mode and adjustable text sizes. And don't forget about offline functionality. Boaters might find themselves in areas with spotty cell coverage, so allowing them to access crucial booking details offline can be a real lifesaver.
Step 4. Testing and launch
Start with thorough in-house testing, putting yourself in the shoes of both renters and boat owners. Navigate every screen, tap every button, and go through each process multiple times. Then, expand your testing crew. Recruit a diverse group of beta testers – experienced boaters, tech-savvy millennials, and those new to boat rentals. Their varied perspectives will help you spot usability issues you might have missed.
Pay special attention to your booking system and payment processing. These are the engines of your boat charter website, and they need to run flawlessly. Simulate various scenarios – last-minute bookings, cancellations, refunds – to ensure your platform can handle whatever comes its way.
Step 5. Marketing
Start by identifying your target audience. Are you aiming for luxury yacht enthusiasts, families looking for weekend pontoon rentals, or fishing aficionados searching for the perfect vessel? Tailor your messaging and choose your marketing channels accordingly.
Content marketing can be your sturdy anchor. Create a blog filled with valuable content – from beginners' guides to boating to lists of the most picturesque waterways in your service areas. This not only helps with SEO but also positions your platform as a knowledgeable authority in the boating world.
Harness the power of social media to showcase the lifestyle your platform enables. Instagram and Pinterest are perfect for sharing stunning photos of boats and waterscapes. Encourage users to share their rental experiences and repost the best ones. Consider partnering with travel influencers or boating enthusiasts to reach a wider audience.
Don't forget traditional marketing channels, especially local ones. Advertise in marina newsletters, sponsor local boating events, or set up booths at boat shows. Building relationships with local boating communities can create a loyal user base and valuable word-of-mouth marketing.
Email marketing can be your direct line to potential renters and boat owners. Build your list through website sign-ups and offer valuable content – from personalized rental suggestions based on past searches to tips for boat owners on maximizing their rental income.
Lastly, consider implementing a referral program. Happy renters and successful boat owners can be your best ambassadors. Offer incentives for referrals, turning your satisfied users into a fleet of marketers.
What are the costs of building a marketplace for renting yachts?
Investing in a boat rental marketplace is a significant decision, and Roobykon believes in transparency when it comes to costs. While the exact price can vary based on your specific requirements, here's a general overview of what you can expect:
- Basic marketplace: A starter platform with essential features typically ranges from $3,000 to $30,000.
- Advanced marketplace: For a more feature-rich platform with custom designs and advanced functionality, costs can range from $30,000 to $50,000.
- Enterprise solutions: Fully customized, high-end marketplaces with complex features and integrations can exceed $50,000.
Factors influencing cost
Several factors can impact the overall cost of your boat rental marketplace:
- Complexity of features (advanced booking systems, dynamic pricing, etc.)
- Custom design requirements
- Mobile app for renting boats development (iOS, Android, or both)
- Integration with third-party services (payment gateways, insurance providers)
- Scalability requirements
- Ongoing maintenance and support needs
Let's start your boat rental marketplace together
Creating a successful boat rental marketplace is an exciting venture, and with Roobykon as your technology partner, you're setting yourself up for success.
Ready to turn your vision into reality? Let's start your boat rental marketplace together. Contact us today for a free consultation, and let's create waves in the boat rental industry together!
