Global Yacht Charter Market- Description
Yacht charter is referred to as a time of motorized waterway vessels that are predominantly rented or purchased for recreational purposes. These yachts are mostly used to luxury cruise trips or parties. They are powered with a wide array of luxurious facilities handled by professional crew members. Chartered yachts are spacious in nature with expanding lengths to 75 to more than 250 ft. Some of these vessels are also hired for corporate purposes.
Global Yacht Charter Market- Overview
The yacht charter market was worth USD 22.3 million in 2021 and is anticipated to expand at a CAGR of 6.1% over 2022-2030. It is further reckoned to be influencing by various growth inducing factors and accumulate a valuation of USD 40.5 million by 2030.
The growing disposable income of the masses, rising popularity of water-based adventures, and technological advancements in the field are primarily augmenting the outlook of this marketplace.
Alongside, rising focus of governments to expand marine tourism sector in their respective countries is creating lucrative opportunities for the business vertical to prosper.
Moreover, increasing emphasis of OEM manufacturers to build and launch advanced yachts is adding momentum to the progression of this industry.
Besides, the ease of yacht booking through online channels along with the widespread increase in political and corporate events across the globe are bolstering the growth of this market sphere.
On the flipside, high cost of yacht charters along with the travel obstacles caused by natural calamities are hindering the remuneration scope of the worldwide yacht charter market.
Global Yacht Charter Market- Key trends
Rising disposable income of the masses to aid industry expansion
Booking a chartered yacht can get quite expensive since it is equipped with a wide array of luxurious facilities. Hence, apart from corporate organizations and official trip organizers, only individuals with high income levels can afford to book a yacht for personal recreation based purposes. With prompt socio-economic developments, people are being bestowed with ample earning opportunities which in turn is increasing their spending power. This in turn is adding traction to the development of this market vertical.
Growing technological innovations in the field to bolster market growth
There has been a rising integration of advanced technologies into yachts. These technologies not only enhance the features of these marine vessels but also protect them from internal and external hindrances. The incorporation of AI, Big Data, and field analyzing technologies into yachts help the concerned bodies to identify potential obstacles, predict upcoming natural disasters, while reducing human errors in the same. These factors are stimulating the overall dynamics of this business sphere.
Global Yacht Charter Market- Segmental assessment
By Type
• Motorized Yacht
• Sailing Yacht
• Others
The motorized segment is likely to showcase a considerable progression by 2030. This is attributable to the various benefits offered by motor yachts including high speed, enhanced power, along with the ability to cover longer distances in lesser time.
By Size
• Small
• Medium
• Large
By Application
• Vacation/Leisure
• Sailing
• Others
The vacation/leisure segment is slated to generate significant returns over the stipulated timeline due to the rising disposable income of the masses and increasing developments in the marine tourism sector.
Global Yacht Charter Market- Geographical Landscape
The major regions constituting the geographical ambit of this business vertical are North America, Middle East & Africa, Europe, Asia Pacific, and Latin America. Among these, North America is projected to amplify substantially over the forecast duration of 2022-2030. This is ascribed to the growing disposable income of the masses, developing marine tourism, and increasing technological advancements in the field.
Global Yacht Charter Market- Competitive Hierarchy
The prominent players defining the competitive terrain of this marketplace are Northrop & Johnson, Yachtico Inc., Sailogy S.A., Burgess, Ionian Catamarans, IYC, Royal Yacht International, and Princess Yacht Charter.
Notably, in February 2022, Northrop & Johnson inked a partnership deal with NetJets to jointly provide enhanced marine travel experiences to their customers.
Report scope
Global Yacht Charter Market: Historical Trends- 2018-2021
Global Yacht Charter Market: Forecast Years- 2022-2030
Global Yacht Charter Market 2021- USD 22.3 million
Global Yacht Charter Market CAGR- 6.1%
Global Yacht Charter Market 2030- USD 40.5 million
Key segments reported-
• By Type (Motorized Yacht, Sailing Yacht, and Others)
• By Size (Small, Medium, and Large)
• By Application (Vacation/Leisure, Sailing, and Others)
Major regions and countries covered-
• North America (U.S., Canada, and Mexico)
• South America (Brazil, Argentina, and Colombia)
• Europe (Germany, U.K., France, Italy, Spain, and Russia)
• Middle East & Africa (UAE, Saudi Arabia, Egypt, and South Africa)
• Asia Pacific (China, Japan, India, Australia, South Korea, and ASEAN)
Top players profiled- Northrop & Johnson, Yachtico Inc., Sailogy S.A., Burgess, Ionian Catamarans, IYC, Royal Yacht International, and Princess Yacht Charter.
Analysis of the impact of COVID-19 and the Russia-Ukraine War:
The readers of this section will be better informed on the effects of the pandemic, the post-pandemic, and the Russia-Ukraine War on the global market for refrigerated freight services. The factors that have changed since the poll was done include demand, consumption, transportation, consumer behavior, and supply chain management. Industry experts have also emphasized the crucial factors that will help players identify opportunities and maintain the sector as a whole in the approaching years.
Key Questions Answered in the Report:
- What will be the development pace of market? What is the growth rate of the global market?
- Who are the key manufacturers in the market space? Who are the world’s leading manufacturers?
- What are sales, revenue, and price analysis of the top manufacturers of market?
- Who are the distributors, traders, and dealers of market? What are the key factors driving the Global market?
- What are the market opportunities and threats faced by the vendors in the industries?
- What are deals, incomes, and value examinations by types and applications of the market?
- What are the primary factors driving market?
- What are the market’s advantages, disadvantages, and risks, as well as an overview of the market?
- Who are the Top Manufacturers in the Market in Terms of Sales, Revenue, and Price Analysis?
- Analysis of Industry Revenue, Sales, and Pricing, what is the difference between Equipment by region, type, and application?
