Global Yacht Charter Market To Be Driven By The Growing Culture Of Luxurious Vacation And Recreational Activities In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Yacht Charter Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global yacht charter market, assessing the market based on its segments like size, type, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Yacht Charter Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 15.71 Billion
• Forecast CAGR (2023-2028): 12.2%
• Forecast Market Size (2027): USD 31.32 Billion
Motor yachts are a popular choice for luxurious charter vacations and can cover larger distances in lesser amount of time. These are designed to offer comfort, aesthetic interiors, and proper facilities. Luxurious facilities such as sundeck jacuzzi, health spas, movies, submarines, and waterslides further strengthen their demand. Travelling is a vastly loved activities among people.
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Additionally, the growing hectic schedules and stressed lifestyle cycle further increases demand for such leisure time-offs. Yacht provides people with a platform where they can cruise around their favourite spots and relax with their friends and family. These factors further positively influence its demand and consequently, growth of the market.
With an array of beautiful destinations like the Atlantic Ocean, the Mediterranean Sea, and Baltic Sea, among others, Europe, is a significant market in the yacht charter market. The region’s growing tourism industry is driving the growth of the demand for yacht charter.
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Yacht Charter Market Market Segmentation
Yacht chartering refers to hiring a yacht for the purpose of travelling to different coastal or island destinations. It is used for recreational reasons like cruising, entertaining, water sports, among others. Apart from luxurious facilities, these include sleeping cabins and kitchen for overnight trips.
Based on size, the market is segmented into:
• Small (Up to 30m)
• Medium (30m-50m)
• Large (Over 50m)
On the basis of type, the market is divided into:
• Motor Yacht
• Sailing Yacht
The applications of yacht charter include:
• Vacation/ Leisure
The major regional markets include:
• North America
• Latin America
• Middle East and Africa
Yacht Charter Market Market Trends
The rising disposable income and growing interest in marine tourism and underwater exploration activities is contributing to the growing global yacht charter market. Along with the rising trend in planning vacations with friends and family for alleviating the stress of routine work life, the facility of online booking, efficient customer support, and less complexity of documentation, which has made renting easy, are major reasons for propelling the yacht charter market.
Additionally, these also offer the advantage of private getaways away from the hustle and bustle of cities. Vacation and trips have become a rising trend and with social media influencers promoting the experience of such activities, the market is expected to invigorate during the forecast period. Luxurious business events are also an additional factor helping the industry.
Key Market Players
The major players in the market are Charter Yachts Australia, Princess Yachts Limited, Sailogy S.A., Yachtico Inc., and Northrop & Johnson Inc., among others.
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