Hyderabad, April 05, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Yacht Charter Market - (2023 – 2028),” the market is expected to register a CAGR of 5.79%. Factors such as the growing demand for competitive and recreational boating activities, the growing purchasing power, and the rising disposable income are expected to drive the yacht charter market during the forecast period. Looking at the market's potential, numerous related businesses, such as yacht management, that support the construction of new yachts are also entering the market. In order to increase their revenue, yacht charter companies are currently focusing on vertical integration with major yacht manufacturers.
Key players are increasing fleet size to drive market growth:
Many yacht charter companies are adding new yachts to stay ahead of their competitors. Several charter companies have contracts with yacht manufacturers to ensure the availability of new yachts for chartering. As an example,
- In February 2022, Imperial Yacht announced that with the collaboration of Amels and Damen Yachting, the launch of Project AMELS 242-07 is scheduled to be delivered this summer.
- In March 2021, Imperial Yacht announced the signing of a new 100-meter project, Project Titanium, in collaboration with The Italian Sea Group, the parent company of Admiral Yachts.
- Project Titanium is scheduled to be delivered in 2025.
- With the addition of new yachts to the fleet, charter companies invested huge amounts in upgrading their fleet.
- In May 2021, Northrop & Johnson acquired four yachts, including ARIONAS from Lürssen.
Europe and North America are expected to lead the Yacht Charter Market:
Europe is regarded as one of the most desirable destinations for marine culture. Northern Europe has a thriving yacht charter culture. Motor yachts, luxury yachts, and crewed yachts are all available in countries such as Germany, Sweden, England, Denmark, Scotland, Ireland, Norway, and Russia. Several superyachts and expedition/explorer yachts are also available for charter. Summer is the best time to charter a yacht in Europe.
Similarly, most clients in North America chose to visit chartered destinations to take advantage of large discounts. Consumers in the United States prioritize comfort over performance. North America's yachting season lasts from May to October, while South America's season lasts from January to September.
Florida is home to one of the largest concentrations of private superyachts. It has two coastlines, one in the Atlantic and one in the Gulf of Mexico, and approximately 30,000 lakes.
As developments in the current situation are constant and fluid, it is expected that certain measures, including governmental and legislative directives, will be put in place to provide some assurance to the industry.
Who are the key players in the Yacht Charter Market?
- Dream Yacht Charter
- OceanBLUE Yachts Ltd.
- Burgess
- Simpson Marine
- Northrop and Johnson
- Ocean Independence
- Imperial Yachts
- Northrop and Johnson
- Y.CO
- Burgess
Recent developments in the Yacht Charter Market:
- In January 2022, Northrop & Johnson announced a partnership with Master & Dynamic, a renowned audio brand. This partnership will provide a Northrop & Johnson client with Master & Dynamic headphones, especially curated playlists, alongside other wellness items ideal for enjoying onboard a luxury yacht.
- In January 2021, Burgess announced a new partnership with Marine Solutions in India. With this collaboration, Burgess aims to better serve its existing clients and build new relationships in India, enhancing its charter offering in the Indian Ocean.
- In January 2021, Northrop & Johnson announced a partnership with Ulysse Nardin to further enhance the offerings, experience, and value for the wealthy and discerning clientele.
In a nutshell, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the https://www.mordorintelligence.com/industry-reports/yacht-charter-market
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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