Portland, OR, May 26, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global yacht charter market generated $15.2 billion in 2018 and is estimated to reach $25.2 billion by 2026, registering a CAGR of 6.3% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
The surge in the number of private islands on cruise itineraries and the rise in the number of high-income individuals drive the growth of the global yacht charter market. However, unpredictable climate behavior and high cost of yacht may hinder the market growth. On the other hand, the rise in Yacht tourism creates new opportunities in the coming years.
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Covid-19 scenario:
• During the coronavirus pandemic, roaming or traveling is restricted globally due to lockdown, therefore the revenue generation from yacht charters will be reduced for a few months, however, it will rebound quickly.
• The outbreak has caused the lockdown of the manufacturing factories and as a result, there is a disruption in the production cycle. Moreover, the supply chain has been affected.
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The report offers detailed segmentation of the global yacht charter market based on type, size, application, and region.
Based on type, the motor segment contributed to the largest share in 2018, accounting for nearly three-fourths of the total share, and is estimated to maintain its dominant position and expected to register the highest CAGR of 7.2% during the forecast period.
Based on the size, the medium segment accounted for the largest share in 2018, holding nearly half of the total share and is estimated to maintain its dominant position throughout the forecast period. However, a large segment is the fastest-growing segment and registers the highest CAGR of 7.3% throughout the forecast period.
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Based on region, Europe contributed the highest share, accounting for more than half of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 8.8% from 2019 to 2026.
Leading market players analyzed in the research include Boatsetter, Fraser Yacht, Nautal, Sailogy S.A., Yachtico Inc., Charter Yachts Australia, Martello Yachting & Company, Princess Yachts limited, Northrop & Johnson, and Zizooboats GmbH.
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