The global Yacht Charter Market was valued at US$ 52268.8 Million in 2021 and is expected to surpass US$ 93506.3 Million by 2030, registering a CAGR of 6.9% during the forecast period (2022-2030), according to the Global Yacht Charter Market, By Yacht Type (Motor Yacht (Displacement Type, Semi-Displacement, Planing, Catamaran and Trimaran) and Sailing Yacht (Sloop, Schooner. Catamaran and Ketch)), By Consumer Type (Corporate, Retail (Individual, Family/Group, Couple and Others), and By Yacht Size (Large (over 50m), Medium (30m – 50m) and Small (up to 30m)) by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
Yacht chartering is the practice of chartering or renting motor yacht for leisure and vacation activities. Skippered charters are yachts rented with a professional crew, which consists a skipper or captain who is responsible for maneuvering of the yacht. In many cases, skipper is aided by other crew members as well. Super charter can cost around US$ 135,481 to US$ 260,124 per week plus expenses. Yacht charter companies are focusing towards vertical integration with major yacht manufacturers in order to increase their revenue
Increasing number of celebrity endorsements of luxury products such as yacht has increased consumer interest in these products. This, in turn, has significantly increased the number of potential consumers for yacht charters. Furthermore, various celebrities perceive yachts as a leisure product, which in turn, is expected to boost the demand for yacht charters among wealthy population. For instance, in February 2015, Burgess Yachts during its 40th anniversary showcased REGINA, a luxury yacht featured in Bond movie Skyfall. Hollywood star Daniel Craig, who plays the role of James Bond in the movie, was present at the product launch in the Bahamas. Thus, these factors are expected to boost the global yacht charter market growth over the forecast period.
Key Developments
- Key companies in the market are focused on business expansion, in order to gain competitive edge in the market. For instance, February 2022, Fraser Escape Bareboat Charters announced the new addition of 43m/140 explorer motor yacht to their management fleet of yacht.
Global Yacht Charter Market - Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 Pandemic has had a negative impact on the economies of many nations worldwide. The travel and tourist industry was severely impacted by the worldwide coronavirus (COVID-19) pandemic, especially the yacht charter sector. Everyone participating in the industrial value chain experienced a state of panic as a result of the epidemic, which also caused a great deal of industry uncertainty. And hence the global yacht charter market witnessed slow growth during the pandemic. .
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Browse 150 market data tables* and 90 figures* on “Global Yacht Charter Market- Global Forecast to 2030”
Key Trends and Analysis of the Global Yacht Charter Market:
- Thailand is the most popular charter destination in Asia Pacific. The number of super yachts in Phuket is increasing due to the rising high-tier population in the region. For instance, Yacht Solutions, a super yacht marine consultancy based in Phuket, entered into joint venture with Italthai Marine Limited – a ship building company based in Bangkok. The objective of the joint venture was to cater to growing demand for super yachts in the region.
- Turkey is the most popular charter destination in Eastern Europe. Gulets, a type of motor yacht, is the most common type of yacht used in the region. These yachts have a strong construction, good performance, and large internal capacity. For instance, in 2011, Charterworld.com launched Gulet Yacht DOLCE MARE – a luxury gullet fitted with the latest equipment – for easy navigation and sailing across Turkey.
- Dubai is the most popular charter destination in MEA. Harbours around the country are being developed in order to cater to the growing number consumers visiting the charter destination. The International Dubai Boat Show is conducted every year since 2008 showcasing various yachts for charters.
- Major players operating in the global Yacht Charter 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.
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