Yacht Charter Market Size, Industry Analysis Report By Type (Motorized Yacht, Sailing Yacht), By Size (Small, Medium, and Large), by Application (Vacation/Leisure, Sailing) & Region – Forecasts By 2030
- PUBLISHED ON
- 2024-09-27
- NO OF PAGES
- 239
- CATEGORY
- Automotive & Transportation
The yacht charter market was worth USD 22.3 million in 2021 and is anticipated to expand at a CAGR of 6.1% over 2022-2030. It is further reckoned to be influencing by various growth inducing factors and accumulate a valuation of USD 40.5 million by 2030.
The growing disposable income of the masses, rising popularity of water-based adventures, and technological advancements in the field are primarily augmenting the outlook of this marketplace.
Alongside, rising focus of governments to expand marine tourism sector in their respective countries is creating lucrative opportunities for the business vertical to prosper.
Moreover, increasing emphasis of OEM manufacturers to build and launch advanced yachts is adding momentum to the progression of this industry.
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 are hindering the remuneration scope of the worldwide yacht charter market.
Yacht charter is referred to 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. They are 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.
Yacht Charter Market- Key Trends
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.
Growing technological innovations in the field to bolster market growth
There has been a rising integration of advanced technologies into yachts. These technologies not only enhance the features of these marine vessels but also protect them from internal and external hindrances.
Yacht Charter Market- Segmental Assessment
By 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.
By Size
• Small
• Medium
• Large
By 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.
Yacht Charter Market- Geographical Landscape
The major regions constituting the geographical ambit of this business vertical are North America, Middle East & Africa, Europe, Asia Pacific, and Latin America. Among these, North America is projected to amplify substantially over the forecast duration of 2022-2030. This is ascribed to the growing disposable income of the masses, developing marine tourism, and increasing technological advancements in the field.
Yacht Charter Market- Competitive Hierarchy
The prominent players defining the competitive terrain of this marketplace are Northrop & Johnson, Yachtico Inc., Sailogy S.A., Burgess, Ionian Catamarans, IYC, Royal Yacht International, and Princess Yacht Charter.
Notably, in February 2022, Northrop & Johnson inked a partnership deal with NetJets to jointly provide enhanced marine travel experiences to their customers.
Report scope
Global Yacht Charter Market: Historical Trends- 2018-2021
Global Yacht Charter Market: Forecast Years- 2022-2030
Global Yacht Charter Market 2021- USD 22.3 million
Global Yacht Charter Market CAGR- 6.1%
Global Yacht Charter Market 2030- USD 40.5 million
Key Segments Reported-
• By Type (Motorized Yacht, Sailing Yacht, and Others)
• By Size (Small, Medium, and Large)
• By Application (Vacation/Leisure, Sailing, and Others)
Major Regions and Countries Covered-
• North America (U.S., Canada, and Mexico)
• South America (Brazil, Argentina, and Colombia)
• Europe (Germany, U.K., France, Italy, Spain, and Russia)
• Middle East & Africa (UAE, Saudi Arabia, Egypt, and South Africa)
• Asia Pacific (China, Japan, India, Australia, South Korea, and ASEAN)
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
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Business Solution
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Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The yacht charter market was worth USD 22.3 million in 2021 and is anticipated to expand at a CAGR of 6.1% over 2022-2030. It is further reckoned to be influencing by various growth inducing factors and accumulate a valuation of USD 40.5 million by 2030.
What are the drivers shaping various markets?
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. With prompt socio-economic developments, people are being bestowed with ample earning opportunities which in turn is increasing their spending power.
Who are the key competitors of market Players?
Some of the major players operating within the market are Northrop & Johnson, Yachtico Inc., Sailogy S.A., Burgess, Ionian Catamarans, IYC, Royal Yacht International, and Princess Yacht Charter.
What are the top performing segments, and countries / regions of each of the markets?
The major regions constituting the geographical ambit of this business vertical are North America, Middle East & Africa, Europe, Asia Pacific, and Latin America. Among these, North America is projected to amplify substantially over the forecast duration of 2022-2030.
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