Yacht Charter Market By SIZE (Small (Up to 30m), Medium (30m-50m), Large (Over 50m)), By TYPE (Motor Yacht, Sailing yacht, Other yacht), By APPLICATION (Vacation/ Leisure, Sailing, Others): Global Opportunity Analysis and Industry Forecast, 2024-2032
The Yacht Chartering Market is expected to experience a significant growth rate of 6.9% from 2022-2032 owing the growing recreational activities and water sports activities– Allied Market Research
The growth of the yacht charter market is driven by the increasing number of private islands on cruise itineraries, use of alternative source of energy & improvised purchasing power across the globe and increase in number of high-net-worth individuals. Furthermore, the increase in the demand for leisure activities due to a rise in disposable income and hectic lifestyles. The ease of booking a yacht has led to a rise in the popularity of yacht vacations among the youth to celebrate events in luxury, which is estimated to boost the market growth. Natural calamities and high costs associated with yacht charter are the key restraining factors of this market. Moreover, increased involvement of intermediaries & hybrid business models, rapid changes in yacht infrastructure and yacht tourism are estimated to boost the demand for yachts charter in the upcoming years. In addition, the rising popularity of boats and the increasing preference for luxurious & large-sized yachts that can accommodate large groups will further propel the market growth in the forecast period.
There is a strong trend toward renewing the marine fleets and rise in number of marine fleets increased by about 7% globally. Moreover, the adventure travel is growing at a rapid pace and cruise expeditions are experiencing the impact. Furthermore, numerous cruise builders are investing in land-based private islands that allow cruise lines to offer customers exclusive beach time as an extension of the onboard experience. Such rise in trends from the millionaires along with the increase in add-on services is estimated to fuel the demand for the yacht charter industry in the forecast period.
The spending of cruise line brands increased owing to which the growth of yacht chartering also increased for instance in September 2023, Royal Caribbean invested $250 million in the development of CocoCay in the Bahamas. People around the world are preferring the yachts for recreational purposes which are celebrated at the world’s beautiful destinations due to which the private islands are gaining traction.
The increase in involvement of brokers is a notable trend in the yacht industry, driven by a rise in number of buyers and charter clients. Brokers play a vital role, facilitating viewings, negotiating sales terms, managing paperwork, and overseeing the collection and distribution of sale proceeds. Moreover, the use of tablets and smartphones as mediums for customers to gain real insights into yachts is drawing more people toward yacht rentals.
In addition, yachts are venturing into the leisure and hospitality sectors, with the global yacht tourism industry experiencing remarkable growth. Luxury travel has also seen a significant upswing. Yacht tourism has evolved into an exclusive form of recreation, coexisting with well-established mass entertainment systems. Yacht chartering is no longer limited to the aristocracy, however, has expanded to the middle class. Yacht tourism takes various forms, including fishing, sightseeing, and leisure sailing, with the latter being the most favored. The success of yacht tourism has led to an increased demand for luxury yacht charters in the foreseeable future.
Key players operating in the global yacht chartering market are Boatsetter, Inc., MARTELLO YACHTING & COMPANY, SAILOGY S.A., Northrop & Johnson, Ionian Catamarans, IYC, ZIZOOBOATS GmbH, Yachtico, Inc., Boatjump, S.L., and West Coast Marine Yacht Services Pvt. Ltd., among others.
Key Market InsightsBy size, the small (Up to 30m) segment dominated the global market and is estimated to reach $ 9701.5million by 2032, with a CAGR of 7.3%.
By type, the motor yacht segment was the highest revenue contributor to the market, with $ 15434.2 million in 2035, with a CAGR of 6.6%.
By application, the vacation/ leisure segment was the highest revenue contributor to the market, with $ 9949.1 million in 2035, with a CAGR of 7.3%.
By region, Europe is the highest revenue contributor, accounting for $ 10808.3 million in 2035, with a CAGR of 6.7% during the forecast period.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the yacht charter market analysis from 2022 to 2032 to identify the prevailing yacht charter market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the yacht charter market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global yacht charter market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy SIZESmall (Up to 30m)
Medium (30m-50m)
Large (Over 50m)
By TYPEMotor Yacht
Sailing yacht
Other yacht
By APPLICATIONVacation/ Leisure
Sailing
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersBoatsetter, Inc.
SAILOGY S.A.
Northrop & Johnson
IYC
ZIZOOBOATS GmbH
Yachtico, Inc.
MARTELLO YACHTING & COMPANY
Ionian Catamarans
Boatjump, S.L.
West Coast Marine Yacht Services Pvt. Ltd.
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