Dublin, Dec. 29, 2021 (GLOBE NEWSWIRE) -- The "Yacht Charter Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
Yacht Charter Market was valued at 15.69 billion in 2020 and is projected to reach USD 24.6 billion by 2026, registering a CAGR of 5.79% during the forecast period.
The COVID-19 crisis had a severe impact on the tourism and travel industry. Globally, the yacht charter industry has been brought to halt by the pandemic. The impact is clear on the industry as many companies faced disturbances with their supply chain. The unavailability of skilled labor has affected the market growth. The industry players are doing their best to counter the situation. However, once the coronavirus situation improves, the charter market is expected to bounce back
The yacht charter market is primarily driven by the factors like rising disposable income coupled with the purchasing power of people, increasing demand for competitive and recreational boating activities, etc. However, factors like high costs of yacht rentals, taxation policies in certain regions are hindering the market growth.
Yacht charters are typically used for vacation, business, and leisure activities. A yacht charter provides an easy and convenient way to enjoy a long holiday with family and friends without owning any yacht. Yacht charter firms not only offer the yacht but in addition to that, they will provide the best itinerary as per the requirements of the customers, with captain and crew along with online or on-call support till total charter duration. Considering the potential of the market, various associated businesses such as yacht management, which assists in the construction of new yachts are also entering the market. Yacht charter companies are now focusing on vertical integration with major yacht manufacturers to increase their revenue.
Key Market Trends
Increment in Fleet Size is Driving the Market
Various yacht charter companies are adding new yachts for staying ahead of their competitors as various charter companies have contracts with the yacht manufacturer that the new yacht being launched will be first provided to them for chartering. For instance
In March 2021, Imperial Yachts has 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.
Similarly, In July 2020, MarineMax further expanded its worldwide yacht services with the acquisition of Northrop & Johnson that will provide end-to-end global boating solutions for MarineMax.
Along with the addition of new yachts in the fleet charter companies have invested huge amounts for upgrading their fleet. For instance,
In May 2021, Northrop & Johnson announced closing deals including the 120-foot (37m) Benetti motor yacht TANUSHA, two Pershing yachts LOUNOR and AMJU, the 130-foot (39.7m) classic superyacht ARIONAS from Lurssen
North America and Europe Is Expected to Lead the Market
Most consumers in North America are preferring to visit chartered destinations to avail large discounts. Especially in the United States, consumers are inclined towards comfort over performance.
Northern American yachting season is from May to October, whereas in South America it runs from January to September. Florida has one of the largest gatherings of private superyachts. It has two coastal borders one in the Atlantic and the other in the Gulf of Mexico and it holds around 30,000 lakes.
Similarly, Europe preferred as on of the top destination for marine culture, particularly northern Europe has a very rich culture of yacht charters, countries such as England, Ireland, Scotland, Denmark, Norway, Sweden, Germany, and Russia, have the presence of a variety of options to choose from crewed yachts, luxury yachts, and motor yachts. Many superyachts are also available for charter along with explorer/expedition yachts. The summer season mainly from May to about September is the best time to charter a yacht in Europe.
Many countries are reforming their rules and tax regulation which is affecting the yacht charter market. For instance, in January 2020, the French Tax Authorities released an official tax bulletin with some new rules which will be affecting charter contracts signed after March 30th, 2020. The VAT will be charged at a 20% rate when the yacht is sailing in EU water bodies, and there will be no VAT while sailing in international waters. As long as any boat is in EU waters it is fully subjected to VAT.
As developments in the current situation are quite fluid and constant, one would expect that certain measures are put in place, including legislation and governmental directives, which would give some certainty to the industry.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Charter Type
5.1.1 Bareboat
5.1.2 Cabin
5.1.3 Crewed
5.2 By Yacht Source
5.2.1 Sailing Yacht
5.2.2 Motorboat Yacht
5.2.3 Others
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 Brazil
5.3.4.2 Mexico
5.3.4.3 United Arab Emirates
5.3.4.4 Other Countries
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Dream Yacht Charter
6.2.2 Yachtico
6.2.3 Asta Yachting
6.2.4 OceanBLUE Yachts Ltd.
6.2.5 Simpson Marine
6.2.6 Ocean Independence
6.2.7 Imperial Yachts
6.2.8 Northrop and Johnson
6.2.9 Y.CO
6.2.10 Burgess
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/g2am14
