The global yacht charter market was worth USD 22.3 million in 2022 and is projected to reach a value of USD 40.5 million by 2030 expanding at a CAGR of 6.1% over the forecast period of 2022-2030.
Global Yacht Charter Market– Overview
Yacht charter is defined 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.
These are also 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. Also, the rising disposable income of the masses, rising popularity of water-based adventures, and technological advancements in the field have boosted the market growth.
Key Market Trends
Every market has its growth determinant and challenges. one of the major factor that has fueled the market growth over the forecast period is the 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. This has in turn, boosted the market growth over the forecast period.
Also, rising focus of governments to expand marine tourism sector in their respective countries is creating lucrative opportunities for the business vertical to prosper and the increasing emphasis of OEM manufacturers to build and launch advanced yachts has dominated the market growth.
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 have hindered the market growth over the forecast period.
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Segmental analysis of the market
Based on 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.
Based on Size
- Small
- Medium
- Large
Based on 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.
North America is anticipated to amplify at a considerable CAGR
The global yacht charter market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, North America has dominated the market growth over the forecast period. This is because of the growing disposable income of the masses, developing marine tourism, and increasing technological advancements in the field in the region.
Competitive Landscape
Some of the prominent companies operating in the market are Northrop & Johnson, Yachtico Inc., Sailogy S.A., Burgess, Ionian Catamarans, IYC, Royal Yacht International, and Princess Yacht Charter.
Major questions answered in this report
- What is the growth rate of the Global Yacht Charter Market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
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Key takeaways from the report
- The Global Yacht Charter Market is projected to expand at a CAGR of 6.1% over the forecast period.
- The rising disposable income of the masses to aid industry expansion is aiding market progression.
- The vacation/leisure segment is poised to expand significantly over the forecast period.
- North America has dominated the regional market sphere over the forecast period.
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