Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Yacht Charter market.
Trusted Business Insights presents an updated and Latest Study on Yacht Charter Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Yacht Charter market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Yacht Charter Market
The global yacht charter market size was valued at USD 5.4 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 4.1% from 2021 to 2027. The growing preference among travelers for luxury marine tourism and personalized services are the primary factors that are fueling the growth. Rising participation of people in competitive and recreational boating activities across the globe is expected to increase the market. Furthermore, growing corporate tourism activities is also expected to significantly contribute to support the demand.
The demand for yacht charter has increased significantly over the last few years owing to the booming tourism sector, increase in disposable income, and inclination of people towards recreational and leisure activities. The increasing wealth of people has been observed as an evident trend is significantly contributing to the demand. Thus, increasing disposable income of the individuals is anticipated to have a positive influence on the global market. The emergence of high net worth individuals, which is the primary customer base, has increased to 22.4 million in 2018, which is nearly 2% higher than that of 2017. This hike is expected to impact the market positively. Also, the growing trend of luxury travel is expected to create growth opportunities for the global market in the near future.
Despite the high Total Cost of Ownership (TCO) associated with personal yacht, the marine travel and tourism activities have not been much affected owing to the easy availability of yacht chartering. Also, rising number of promotional events, growing number of yacht service providers, and increasing availability are some of the factors supporting the growth of the market. Moreover, it has been observed yacht chartering is highly preferred among the younger generations. As majority of young high net worth customers prefer celebrating events such as weekend parties, birthdays and anniversary in charted yacht as vacations.
Currently, offline yacht charter bookings are substantially high. However, increasing online portals has proved to be a beneficial platform across the globe. Factors, such as ease of checking availability and booking yacht online through online platforms are anticipated to attract a higher number of customers during the forecast period. The service providers can earn more profit by synchronizing their offline efforts with online portals. The online booking platforms are also expected to decrease the operational cost per booking, since, online reservation portal/software comes with considerably lower startup costs as compared to setting up a conventional physical office location.
Yacht Length Insights: Yacht Charter Market
The length of the yacht ranges from 35 ft to 180ft. The 20 to 50 ft segment lead the yacht charter market in 2019. This segment is also expected to exhibit the fastest growth over the forecast period 2021-2027. The high growth can be attributed to factors such as availability of variants, which also includes a vessel having wind sailing capabilities that help save fuel and ensure traveling in favorable wind direction. Additionally, low maintenance, shallow draft for water anchorages capability, and lower moorage cost making it a preferred choice for the end-users.
Yachts length below 20ft and 20ft to 50ft segment can be used for both recreational as well as personal purposes. The segment below 20ft is expected to hold the second position after 20ft to 50ft segment in terms of both year-on-year growth as well as market share in the forthcoming years. The growth of less than 20 ft segment is owing to easy availability at affordable charges and low maintenance requirements. Also, the emerging trend in developed economies of Europe and North America region for using renewable energy sources such as wind energy and solar energy in marine vessels is most likely to play an critical role in propelling the demand for less than 20 ft since less than 20 ft yacht require less energy for propulsion.
Contract Type Insights: Yacht Charter Market
Crewed charter contract type emerged as the leading segment in 2019 and accounted for over 70% revenue share. The yacht crew is a crucial element in making a good holiday to a vacation, of which customers talk about forever. Also, in certain European countries, 79-ft (24-m) is the cutoff point above which it is mandatory to have a permanent crew on board, therefore demand for a yacht of length more than 79ft will also boost the segment growth. The rising popularity of yacht booking for corporate and anniversary parties is expected to increase the demand in the near future.
Shifting preference towards marine tourism and voyages has also fueled the demand for the crew that is familiar with the navigational routes. Additionally, the crew is also required on yacht for technical maintenance such as engine oiling and other system inspections for the smooth functioning of the vessel systems. Furthermore, high-net-worth individuals are squeezing in more travel itineraries into shorter time frames. High preference for spending quality time during a short vacation in exceptional and remarkable accommodations has increased the adoption of crew-yacht over the years.
Yacht Type Insights: Yacht Charter Market
The motor-yacht segment lead the market in 2019 and expected to retain its dominance throughout the forecast period. The demand is driven by the advantages of this type, such as power and speed, and the ability to cover greater distances in less time. Additionally, motor-yachts can also sail in shallow-draft, offering its guests a chance to navigate almost any archipelago or coastline, regardless of whether the passage is narrow, or the water is shallow. Also, substantial growth in luxury marine tourism in the recent past is expected to increase the segment over the forecast period.
The motor-yacht segment is also expected to emerge as the fastest-growing segment during the forecast period. This growth can be attributed to the high demand for motor-yacht for personal as well as recreational activities in countries across the globe, especially in the Mediterranean region. Countries such as Croatia, Morocco, and the U.S. have witnessed active participation of adults in sporting and recreational boating events boosting the demand. Increasing demand for recreational activities, tournaments, and product sales on account of rising affinity for outdoor recreational activities are the factors expected to support the growth.
Regional Insights: Yacht Charter Market
Europe emerged as the largest regional market in 2019 and is expected to continue leading over the forecast period. Countries, such as Greece, Croatia, and Turkey, which are among the most popular tourist destinations, hold the majority of the regional revenue share. Also, factors such as the growing popularity of water adventures and fishing activities and the increasing number of high-net-worth individuals s expected to drive the regional market over the forecast period.
Asia Pacific is anticipated to emerge as the fastest-growing region over the forecast period. The improved standard of living owing to a rise in disposable income is a critical factor responsible for the changing consumer preference. Furthermore, government initiatives for the development of tourism activities in countries such as India and China are anticipated to drive the growth. The initiatives, such as Incredible India and Swadesh Darshan Scheme in India are expected to fuel the growth.
Rising popularity of recreational activities supported by the increasing participation in marine recreational activities in countries such as Australia, China, Thailand, Indonesia, and Singapore is also expected to bolster the regional growth. However, recently the outbreak of Covid-19 has affected the GDPs of various countries such as China, South Korea, and Italy. Owing to this outbreak the market is anticipated to witness steady growth in the near future.
Key Companies & Market Share Insights: Yacht Charter Market
In order to capture a greater market share, the key players adopting strategies such as entering into collaboration, making investments to update legacy yachts, engaging in mergers and acquisitions. The market participants are also focusing on improving the yachting experience for their customers. Also, with the increasing popularity as a luxury good, the participants are investing in yachts updating and crew training for enhanced traveling experience for the consumers. The market participants are investing in improving infrastructures such as online booking portals, websites, and marine satellite connectivity for onboard connectivity and entertainment. Some of the prominent players in the yacht charter market include:
Key companies Profiled: Yacht Charter Market Report
- Beneteau S.A
- Sunseeker International Ltd.
- The Moorings Limited
- Camper & Nicholsons International Ltd.
- Sunsail Worldwide Sailing Ltd.
- Argo Nautical Limited
- Kiriacoulis Mediterranean Cruises Shipping S.A.
- Boat International Media Ltd.
- Yachtico Inc.
- Fraser Yachts Florida Inc.
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends for each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global yacht charter market report on the basis of yacht type, yacht length, contract type, and region:
Yacht Type Outlook (Revenue, USD Million, 2016 – 2027)
- Sailing Yacht
- Motor Yacht
Yacht Length Outlook (Revenue, USD Million, 2016 – 2027)
- Up to 20 ft
- 20 to 50 ft
- Above 50 ft
Contract Type Outlook (Revenue, USD Million, 2016 – 2027)
- Bareboat Charter
- Crewed Charter
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