Wilmington, Delaware, United States, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for yacht charter is anticipated to advance at a CAGR of 6.1% from 2022 to 2031, according to a recent market research report by Transparency Market Research. The industry was valued at US$ 22.3 Mn in 2021 and is projected to reach US$ 40.5 Mn by the end of 2031. Booming marine tourism industry in several developed economies and rise in costs associated with ownership of a yacht drive the global market. Furthermore, increase in number of innovative yacht chartering services, such as crewed chartering, skippered chartering, and cabin chartering, offered by market players propels market demand.
Yacht Charter Market: Key Findings of Report
- Increase in Trend of Conducting Off-shore Meetings on Yachts: The number of meetings between world leaders and top business executives conducted on yachts has increased in the past few years. These meetings, held in picturesque locations away from the distractions of the office, enables more focused and productive discussions. This trend toward holding meetings on yachts is a positive development for the yacht charter market, as it drives demand for these services.
- Rise in Popularity of Sailing Yachts: Rise in preference for sailing yachts can be attributed to low operational costs. These yachts are fuel efficient, which translates to lower operating costs and higher profit margins for yacht charter companies. Additionally, sailing yachts are becoming increasingly sophisticated, with a range of modern amenities on board. This combination of cost-effectiveness and comfort is driving demand for sailing yachts, which is benefiting the yacht charter market.
- Players Offering Innovative Value-Added Services: Companies are offering a range of innovative value-added services to attract customers in order to stay competitive in the yacht charter market. These services include on-board entertainment, such as live music and DJ sets, gourmet meals prepared by top chefs, and luxury spa treatments. Other examples include private excursions to secluded beaches and island destinations, and water sports equipment rentals. By offering these types of value-added service, yacht charter companies are able to differentiate themselves and attract a larger customer base, driving growth in the market.
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Yacht Charter Market: Growth Opportunities
- Rise in demand for various water-based adventure and recreational activities
- Growth of the marine tourism sector
- Increase in trend of chartering luxurious yachts for special occasions, rather than buying them, among individuals with high net worth
Yacht Charter Market: Key Players
Leading companies assessed in market report on the yacht charter industry are Boat International Media Ltd., Charter Yachts Australia, Fairline Yacht, Inter Yacht Charter, Northrop & Johnson, Super Yacht Logistics, LLC, Yacht Charter Fleet, Boatbound, Inc., CharterWorld LLP, Fraser Yachts, Martello Yachting and Company, Sailing Thailand Island Cruises Co., Ltd., Thai Charters, Yachtico, Inc., Burgess, and West Coast Marine Yacht Services Pvt. Ltd. Leading market players are adopting various growth strategies in order to enhance visibility and attract more customers. Key strategies used by industry players to capture larger market share include offering customized and extensive value-added services to end-users, and investing in acquisition of technologically advanced and luxurious yachts.
Yacht Charter Market: Regional Growth Assessment
Europe led the global industry for yacht charter services in 2021. This is ascribed to the booming tourism industry that provides a large influx of foreign tourists for water-based recreational activities. This trend is dominant in areas such as Croatia and Mediterranean basin. Increase in demand for chartering motor yachts in order to explore faraway islands is boosting market growth in North America. Furthermore, surge in number of large-sized and comfort yachts in the region is supporting market expansion in the region.
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Yacht Charter Market: Segmentation
Yacht Charter Market, by Yacht Type
- Sailing Yachts
- Motor Yachts
- Catamaran Yachts
Yacht Charter Market, by Motor Yacht Sub Type
- Classic Yachts
- Open Yachts
- Others
Yacht Charter Market, by Yacht Size
- Small
- Medium
- Large
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Yacht Charter Market, by Consumer Type
- Corporate
- Retail
- Others
Yacht Charter Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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