Pune, India, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Yacht Charter Market Size
The global yacht charter market size was USD 7.22 billion in 2022. The market is projected to grow from USD 7.59 billion in 2023 to USD 11.06 billion by 2030, exhibiting a CAGR of 5.5% during the forecast period. Yacht charter is a service for hiring boats for leisure and recreational purposes. Professionally crewed yachts are equipped with luxurious amenities and are chartered for leisure and corporate purposes. They offer a seamless luxury experience with the highest standards of comfort. They are also used for fishing and sailing in some parts of the world especially in European countries, which is also elevating market expansion. This information is provided by Fortune Business Insights, in its report titled, “Yacht Charter Market, 2023-2030.”
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 5.5 % | |
| Yacht Charter Market Size Projection 2030 | USD 11.06 billion | |
| Base Year | 2022 | |
| Yacht Charter Market Size in 2023 | USD 7.22 billion | |
| Historical Data for Yacht Charter Market | 2019-2021 | |
| No. of Pages | 140 | |
Yacht Charter Market Drivers & Restraints-
Increasing Popularity of Marine Tourism Activities and Recreational Boating to Drive Market Expansion
The rising popularity of marine tourism and leisure activities and the growing disposable income of the populace are driving market growth. Moreover, recreational boating has been gaining popularity, thus propelling the demand for yacht rental services. The presence of advanced booking systems is enabling customers to charter yachts with ease at the time of booking flight tickets, which is further elevating market augmentation.
Additionally, governments of several economies are launching programs and initiatives to boost marine tourism, thus contributing to industry proliferation. For instance, the Indian government is planning to develop infrastructure and services to support local tourism and port city tours, encourage cruise travel, and increase maritime tourism.
On the other hand, the high cost of yacht charter services along with high hidden costs such as value-added tax, insurance, and other costs will hamper market expansion in the coming years.
COVID-19 Impact-
Substantial Decline in Product Demand Amid COVID-19 to Hinder Market Expansion
The spread of COVID-19 worldwide severely impacted the tourism industry globally as lockdowns and travel restrictions were imposed and the number of tourists visiting places decreased. The pandemic has caused uncertainties in the industry and disturbances for members of the industrial value chain. Industry players are making several decisions to overcome the uncertainty created by the pandemic, including safety and precautionary measures in charter contracts. In other regions, such as Europe, Asia Pacific, Latin America, and the Middle East & Africa, the yacht charter market growth declined during 2020 due to uncertainties.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/yacht-charter-market-105123
Yacht Charter Market Segmentation:
Bareboat Segment to Lead Stoked by Extensive Usage for Sailing and Fishing
As per contract type, the market is divided into bareboat and crewed. Among these, the bareboat segment dominated the market in 2022 owing to the privacy offered by bareboat yachts as compared to crewed ones. Moreover, people typically rent bareboat yachts for sporting events, fishing, or sailing from one destination to another, which further aids segment growth.
Up to 40m Segment to Dominate Backed by its Affordability and Ease of Use
According to yacht size, the market is split into up to 40 meters, 40 to 60 meters, and above 60 meters. Among these, the up to 40-meter segment held the dominant market share in 2022. End-users prefer yachts of up to 40 meters in size owing to their low maintenance costs, affordability, ease of use, and low mooring costs, thus aiding segment expansion.
Motor Yacht Segment to Hold Major Share Due to Surging Demand for Recreational and Personal Activities
By yacht type, the market is arrayed into motor yachts, sailing yachts, and others. Among these, the motor yacht segment captured the largest share in 2022. The growing demand for motor yachts for recreational and personal activities in various countries worldwide is propelling segment expansion. Furthermore, motor yachts can be sailed in shallow water, allowing customers to navigate almost all coastlines and narrow and shallow creeks.
Leisure Segment to Hold Largest Share Due to Growing Tourism Sector
BY end-user, the market is split into leisure, business, and others. Among these, the leisure segment led the market in 2022 owing to increased tourism. The emergence of new tourist destinations offering beautiful scenery and luxury cruises has encouraged ultra-rich people worldwide to discover these tourist destinations. Moreover, leading players focusing on providing luxury cruising for their customers will boost segment expansion.
Geographically, the market is segregated into North America, Europe, Asia Pacific, and the Middle East & Africa.
Yacht Charter Market Report Coverage-
The report provides valuable insights into drivers, restraints, opportunities, and threats influencing market dynamics in the forthcoming years. The market is studied by dividing it into segments and regions. Market share, growth rate, and valuation of each segment and region are given as well. Furthermore, the impact of COVID-19 is studied to enable industry stakeholders to make informed decisions.
Yacht Charter Market Regional Insights:
Europe to Dominate Due to Growing Number of Tourist Destinations
Europe captured the largest yacht charter market share in 2022 backed by the growing popularity of marine tourism and the increasing number of tourist destinations in the region. The growing popularity of water sports and fishing activities along with the rising number of upper-class individuals are also augmenting the industry in the region.
The Asia Pacific market is anticipated to register the highest CAGR in the coming years backed by rising urbanization, growing living standards, and increasing disposable income. The rising popularity of recreational activities such as water sports and fishing in Thailand, Malaysia, Singapore, China, Japan, and Australia and the expanding maritime tourism sector also contribute to market expansion.
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Yacht Charter Market Competitive Landscape-
Launch of New Luxury Yachts by Industry Leaders to Drive Market Expansion
Industry leaders often make strategic moves, such as partnerships, collaborations, mergers, and acquisitions, to maximize profits and gather larger revenues. For example, in January 2022, Yachting Partners International (YPI) a full-service yachting house recently introduced its first and only luxury charter yacht for cruising on the Nile River. Located in Luxor, Egypt, the 180-footer, christened Berge, will take seafarers along Africa’s longest river. The route of the Berge runs between Luxor and Aswan and is dotted with breathtaking natural wonders and landmarks.
Top Yacht Charter Companies Analyzed In Report:-
- Worldwide Boat LLC (U.S.)
- Dream Yacht Group (U.S.)
- Northrop & Johnson (France)
- Sailo Inc. (Monaco)
- Camper & Nicholsons (Japan)
- Ocean Independence (Switzerland)
- Burgess Yachts (U.K.)
- The Moorings Limited (U.S.)
- Boatbookings (U.K.)
- Ritzy Charters LLC (U.S.)
Yacht Charter Market Segmentation:-
By Contract Type
- Bareboat
- Crewed
By Yacht Size
- Up to 40m
- 40 to 60m
- Above 60m
By Yacht Type
- Motor Yacht
- Sail Yacht
- Others
By End-use
- Leisure
- Business
- Others
Yacht Charter Industry Development:
September 2022: The Biograd company Angelina Yacht Charter acquired 85% share in the Split-based charter company Ultra Sailing. With this acquisition, it will be the largest charter company in Croatia with more than 260 vessels in its fleet. This move will enable the company to survive against the leading global players in the Croatian market such as Dream Yacht, Sunsail, and Navigare.
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Table of Contents:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- Technological Development
- Impact of Covid-19
- Global Yacht Charter Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Contract Type
- Bareboat
- Crewed
- Market Analysis, Insights and Forecast – By Yacht Size
- Up to 40 meters
- 40 to 60 meters
- Above 60 meters
- Market Analysis, Insights and Forecast – By Yacht Type
- Motor Yacht
- Sail Yacht
- Others
- Market Analysis, Insights and Forecast – By End-use
- Leisure
- Business
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
Toc Continued…..
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