According to a report, the global yacht charter market is projected to reach around $25.5 billion by 2027, expanding at a CAGR of around 7 percent during the forecast period.
Global Yacht Charter Market: Key Insights
- According to the report, the global yacht charter market is projected to witness major expansion owing to the emergence of luxury tourism across Asia Pacific.
- Shift of consumer trend from ownership to rental is anticipated to drive the yacht charter market.
- Newer business models are emerging regarding yacht charters, such as skippered charters or cruise style charters.
Expansion of Global Yacht Charter Market
- The high cost associated with yacht ownership is encouraging customers to opt for yacht charter instead of buyouts. A yacht charter is a more economic travel scheme, as consumers pay only once during the usage as against for ownership, and can fly to the destination and then charter rather than sail to the destination, saving time and fuel. Consumer preference associated with owing luxury assets such as yachts is changing, and people are more acceptable towards charter services, which is estimated to drive the yacht charter market.
- Remote destinations such as Alaska, U.S., Sea of Cortez U.S., Antarctica, and Micronesian islands in Asia Pacific are gaining popularity among tourists, which, in turn, is estimated to boost the yacht charter market.
- Increased popularity of yacht charters for corporate events and business affairs is anticipated to drive market growth.
- Flag state rules, regulatory uncertainties, and cross-border operations are likely to hamper the growth of the yacht charter market.
Based on yacht size, the medium segment held a leading share of the yacht charter market. The small segment also held a significant share; however, demand is gradually shifting toward mid-sized yachts, owing to the preference for luxury.
In terms of customer, the corporate and retail segments accounted for leading shares of the global yacht charter market. Chartered yachts are increasingly being utilized for corporate events, worldwide. Yachts chartered by corporates are emerging as a venue for investors’ meets and client presentations. The retail segment comprises travel agencies and brokers who book yachts. Retailers manage the travel, negotiations, contracts, and taxes related to hiring a yacht, which saves the end user from these hassles.
Regional Analysis of Global Yacht Charter Market
In terms of region, the global yacht charter market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe held a notable share of the global yacht charter market, owing to the high demand from areas surrounding the Mediterranean Sea. The yacht charter market in Europe has been expanding, owing to the high preference for nautical tourism in the region. Croatia and Greece, together, held a major share of the yacht charter market in Europe, due to scenic coastlines and rise in nautical tourism in these countries.
Global Yacht Charter Market: Key Players
Prominent players operating in the global yacht charter market include Boat International Media Ltd., Boatbound Inc., Burgess, Charter Yachts Australia, CharterWorld LLP, Dream Yacht Charter, Fairline Yacht, Fraser Yacht, Incrediblue Ltd., Inter Yacht Charter, Mertello Yachting and Company, Nicholson Yachts, Northrop & Johnson, Sailing Thailand Island Cruises Co., Ltd., Simpson Marine, Super Yacht Logistics, LLC., Thai Charters, West Coast Marine Yacht Service Pvt Ltd., Yacht Charter Fleet, Yachtico, Inc., and Zizooboats GmbH.
These insights are based on a report on Yacht Charter Market by Transparency Market Research.