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.
Motorized waterway vehicles that are mostly rented or bought for pleasure purposes are referred to as yachts in yacht charter. These yachts are typically used for parties or opulent cruises. They are equipped with a wide range of opulent amenities operated by trained crew members. Chartered yachts are roomy by design, ranging in length from 75 to more than 250 feet. Some of these boats are also rented by businesses.
The outlook of this market is primarily being boosted by increased disposable income among the general public, the appeal of water-based adventures, and technological developments in the industry.
Along with this, governments’ increased emphasis on developing the marine tourism industry in their individual nations is opening up lucrative prospects for the industry to thrive.
Furthermore, this industry’s growth is being accelerated by OEM manufacturers’ increasing attention on designing, developing, and launching cutting-edge boats.
Global 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. With prompt socio-economic developments, people are being bestowed with ample earning opportunities which in turn is increasing their spending power. This in turn is adding traction to the development of this market vertical.
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. The incorporation of AI, Big Data, and field analyzing technologies into yachts help the concerned bodies to identify potential obstacles, predict upcoming natural disasters, while reducing human errors in the same. These factors are stimulating the overall dynamics of this business sphere.
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Global 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.
Global 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.
Global 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)
Top players profiled- Northrop & Johnson, Yachtico Inc., Sailogy S.A., Burgess, Ionian Catamarans, IYC, Royal Yacht International, and Princess Yacht Charter.
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