Pune, India., Feb. 08, 2023 (GLOBE NEWSWIRE) -- The global yacht charter market size is anticipated to reach USD 10.82 billion by 2027, according to a recent report by Fortune Business Insights. The growth of the market is attributed to the rising number of high net worth individuals (HNWIs) and intermediaries, which is expected to boost demand for yacht charter services worldwide. The report, titled "Yacht Charter Market Size, Share & Industry Analysis," details that the market was valued at USD 6.50 billion in 2019 and is expected to showcase a compound annual growth rate of 6.6% from 2020 to 2027. The market is segmented based on yacht type, length type, end-use type, contract type, and region.
The global pandemic, COVID-19, has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during the forecast period.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 6.6% |
| 2027 Value Projection | USD 10.82 billion |
| Base Year | 2019 |
| Market Size in 2020 | USD 6.83 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 200 |
Key Takeaways:
- Augmented Involvement of Intermediaries to Set a Positive Trend for Market Growth
- Increasing Inclination towards Marine Tourism to Boost Market Growth
- Significant Product Offerings by Dream Yacht Charter Company to Brighten its Market Prospects
- Bareboat Segment is Anticipated to Hold Major Market Share
Drivers & Restraints-
Growing Number of High-Net-Worth Individuals to Augment Growth
According to the World Report 2020 by Capgemini, the number of high-net-worth individuals (HNWI) grew by about 9% in 2019 despite economic slowdown, geopolitical slowdown, and international trade wars. Moreover, North America with 11%, followed by Europe with 9% rise in the income of HNWI, surpassed Asia-Pacific for the first time since 2012. The growing number of such individuals is likely to propel the demand for yacht charter services for leisure and recreational purposes. Moreover, the active participation of intermediaries as a medium between boat charter companies and customers to negotiate sales terms is anticipated to boost the global yacht charter market growth in the forthcoming years.
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Competitive Landscape
Facility Expansion by Major Companies to Intensify Industry Competition
The global market comprises small, medium, and large companies striving to maintain a stronghold by focusing on expanding their facilities to develop advanced yachts to cater to the growing marine tourism industry. Moreover, the adoption of strategies such as collaboration, the introduction of new products, and merger and acquisition is expected to bode well for the growth of the market in the forthcoming years.
Segments-
Motor Yacht to Hold Largest Market Share
Based on yacht type, the motor yacht segment is expected to hold the largest yacht charter market share in terms of revenue owing to the growing demand for such type yachts for recreational and personal purposes across the globe.
| Segmentation | By Yacht Type
|
By Length Type
| |
By End-User Type
| |
By Contract Type
|
Regional Insights-
Increasing Number of Water Sports in Europe to Promote Growth
Among all the regions, Europe is expected to remain dominant and hold the highest position in the global yacht charter market in the forthcoming years. This dominance is attributable to the increasing number of water-based sport activities that is likely to thrive the number of yacht charter services in the region between 2020 and 2027. Europe stood at USD 8.01 billion in 2019.
On the other hand, North America is expected to hold the second position in the market during the forecast period. This is ascribable to factors such as presence of diverse coastline, along with the option of several cruising destinations in countries such as the U.S.
What does the Report Provide?
The market report provides in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth in the forthcoming years. Moreover, the research analyst has adopted several research methodologies to obtain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
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A list of prominent Yacht Charter manufacturers operating in the global market:
- Dream Yacht Charter (Maryland, USA)
- Worldwide Boat (Florida, USA)
- Fraser Yachts (Monaco, Europe)
- NORTHROP & JOHNSON (Florida, USA)
- Nicholson Yachts (New Port, USA)
- Simpson Marine Limited (Hong Kong, China)
- Ocean Independence (Zurich, Switzerland)
- MasterCraft Boat Holdings, Inc. (Tennessee, USA)
Industry Development:
March 2020 – Fraser Yachts announced the addition of Benetti RANIA 42M/ 137’ 10” motor yacht to its existing charter fleet. According to the company, the yacht can accommodate 12 guests and has s sleek and modern interior styled by the award winning Redman Whiteley Dixon studio.
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Yacht Charter Market Analysis, Insights and Forecast, 2020-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Yacht Type
- Motor Yacht
- Sailing Yacht
- Others
- Market Analysis, Insights and Forecast – By Length Type
- Up to 40m
- 40m to 60m
- Above 60m
- Market Analysis, Insights and Forecast – By End Use Type
- Leisure
- Business
- Others
- Market Analysis, Insights and Forecast – By Contract Type
- Bareboat
- Crewed
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Yacht Charter Market Analysis, Insights and Forecast, 2020-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Yacht Type
- Motor Yacht
- Sailing Yacht
- Others
- Market Analysis, Insights and Forecast – By Length Type
- Up to 40m
- 40m to 60m
- Above 60m
- Market Analysis, Insights and Forecast – By End Use Type
- Leisure
- Business
- Others
- Market Analysis, Insights and Forecast – By Contract Type
- Bareboat
- Crewed
- Market Analysis – By Country
- U.S.
- Canada
- Mexico
- Europe Yacht Charter Market Analysis, Insights and Forecast, 2020-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Yacht Type
- Motor Yacht
- Sailing Yacht
- Others
- Market Analysis, Insights and Forecast – By Length Type
- Up to 40m
- 40m to 60m
- Above 60m
- Market Analysis, Insights and Forecast – By End Use Type
- Leisure
- Business
- Others
- Market Analysis, Insights and Forecast – By Contract Type
- Bareboat
- Crewed
- Market Analysis – By Country
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific Yacht Charter Market Analysis, Insights and Forecast, 2020-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Yacht Type
- Motor Yacht
- Sailing Yacht
- Others
- Market Analysis, Insights and Forecast – By Length Type
- Up to 40m
- 40m to 60m
- Above 60m
- Market Analysis, Insights and Forecast – By End Use Type
- Leisure
- Business
- Others
- Market Analysis, Insights and Forecast – By Contract Type
- Bareboat
- Crewed
- Market Analysis – By Country
- Japan
- China
- India
- South Korea
- Rest of Asia Pacific
- Rest of the World Yacht Charter Market Analysis, Insights and Forecast, 2020-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Yacht Type
- Motor Yacht
- Sailing Yacht
- Others
- Market Analysis, Insights and Forecast – By Length Type
- Up to 40m
- 40m to 60m
- Above 60m
- Market Analysis, Insights and Forecast – By End Use Type
- Leisure
- Business
- Others
- Market Analysis, Insights and Forecast – By Contract Type
- Bareboat
- Crewed
- Competitive Analysis
- Key Industry Developments
- Global Market Share Analysis (2019)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- Dream Yacht Charter
- Worldwide Boat
- Fraser Yachts
- NORTHROP & JOHNSON
- Nicholson Yachts
- Simpson Marine Limited
- Ocean Independence
- MasterCraft Boat Holdings, Inc.
Continued...
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