YACHT CHARTER MARKET ANALYSIS

Yacht charter is the practice of renting a motor yacht or sailboat and traveling to numerous island destinations. Yacht charters are typically used for vacation, business, and leisure activities. There are two types of charter namely skippered and bareboat, in which, bareboat charters involve a person renting a boat. Majority of bareboat companies offer courses to teach basic seamanship and prepare people for bareboat chartering. Various associated businesses such as yacht management, which assists in the construction of new yachts are also entering the market. Yacht charter companies are focusing on vertical integration with major yacht manufacturers in order to increase their revenue.

The global yacht charter market was valued at US$ 52268.8 Mn in 2021.

Recent Developments:

• Major companies in the market are focused on their business expansion, in order to gain a competitive edge in the market. For instance, in May 2022, Fraser Escape Bareboat Charters announced the new addition of 35M/112 Sunseeker motor yacht corazon to their management fleet of yacht.

Restraint:

• High seasonal pricing is expected to restrain growth of the global yacht charter market during the forecast period
• High taxation in certain regions is expected to hamper the global yacht charter market growth over the forecast period

Global Yacht Charter Market - Impact of Coronavirus (Covid-19) Pandemic:

Many countries’ economies have suffered as a consequence of the COVID-19 Pandemic. The global coronavirus (COVID-19) pandemic had a significant negative impact on the travel and tourism business, especially the yacht charter business. The outbreak, which also greatly increased industry uncertainties, generated a sense of apprehension among everyone involved in the industrial value chain. As a result, during the epidemic, the global yacht charter business grew slowly.

Europe held a dominant position in the global yacht charters market in 2021 Statistics:

Europe region dominated the global yacht charters market in 2021, accounting for a 59.3% share in terms of value, followed by North America and Asia Pacific respectively

Figure 1: Global Yacht Charters Market Share (%), By Region, 2021

Europe Yacht Charters Market is expected to witness a CAGR of 6.9% over the forecast period.

Europe Global Yacht Charters Market is expected to be one of the prominent region in the global market and witness high growth during the forecast period. This is owing increasing demand for yacht charters in emerging economies such as South Korea, India, and China.   Moreover, high disposable income, and high growth of tours and travel sector. It is expected to boost the regional market growth. 

Figure 2: Global Yacht Charters Market (US$ Mn) Analysis and Forecast, 2017 - 2030  

The global yacht charters market was valued at US$ 52268.8 Mn in 2021 and is expected to reach US$ 93506.3 Mn by 2030, growing at a CAGR of 6.9% between 2022 and 2030.

Major players operating in the global yacht charters market include Fun2Rent, Sunsail Ltd., Boatbound Inc., The Moorings, Yachtico, Hanse Group, Sailogy S.A., Fraser Escape Bareboat Charters, Dream Yacht Charter, Incrediblue Limited, and Antlos.