Yacht Charter - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Yacht Charter Market is accounted for $15.36 billion in 2019 and is expected to reach $27.00 billion by 2027 growing at a CAGR of 7.3% during the forecast period. Increase in inclination toward marine tourism and growth in several private islands on cruise itineraries are some of the major factors driving the growth of the market. However, natural calamities and high cost associated with yacht charter are hampering the growth of the market.
Yachts can be privately owned (individual or by a company) or can be lent for chartering. The yachts charter is a motor-driven or sail-driven vessel that is primarily used for recreational purposes. Many luxury yacht manufacturers also provide yachts for renting as well as personal purpose to provide a seamless extravagance experience with high standards and comforts. It provides several advantages, from complete recreation to astonishing adventures. Yacht owners generally rent their yachts when they will not be using them, as it will cover some of the maintenance expenditure.
Based on the type, the sailing yachts segment is going to have a lucrative growth during the forecast period owing to the rise in demand for eco-friendly yachts among yacht enthusiasts as they are getting aware of the unfavourable effects yachting can have on the environment. Fuel pollution is one of the damaging by-products in the modern era, and a substantial amount of this comes from the yachting industry. Therefore, sailing yachts use a small amount of fuel as a comparison to motor yachts. Besides, sailing yachts are less costly and can go much further distances than motor yachts.
By geography, Europe is anticipated to hold considerable market share during the forecast period 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.
Some of the key players profiled in the 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, and Northrop & Johnson.
• Sailing Yachts
• Motor Yachts
Contract Type Covered:
• Bareboat Charter
• Skippered Charter
• Crewed Charter
• Vacation/ Leisure
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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