Pune, India, July 19, 2022 (GLOBE NEWSWIRE) -- The global yacht charter market size stood at USD 6.50 billion in 2019. The market is estimated to rise from USD 6.83 billion in 2020 to USD 10.82 billion by 2027 at 6.6% CAGR during the forecast period. The growing number of HNWI and the increasing number of intermediaries that is likely to boost the demand for yacht charter services globally. The demand for yacht charter has increased significantly over the last few years owing to the booming tourism sector, rising disposable income, and inclination of people towards recreational and leisure activities.
Fortune Business Insights published this information in its latest report, titled, “Yacht Charter Market Size, Share & Industry Analysis, By Yacht Type (Motor Yacht, Sailing Yacht, Others), By Length Type (Up to 40m, 40 to 60 m, and Above 60m), By End Use Type (Leisure, Business, and Others), By Contract Type (Bareboat and Crewed) and Regional Forecasts, 2020-2027.”
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 6.6% |
| 2027 Value Projection | USD 10.82 billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 6.50 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 200 |
| Segments covered | Based on yacht type, the motor yacht segment is expected to hold the largest yacht charter market share in terms of revenue owing to the growing demand for such type yachts for recreational and personal purposes across the globe. |
| Growth Drivers | Growing Number of High-Net-Worth Individuals to Augment Growth |
| Increasing Number of Water Sports in Europe to Promote Growth |
Market Drivers:
Growing Number of High-Net-Worth Individuals to Augment Growth
According to the World Report 2020 by Capgemini, the number of high-net-worth individuals (HNWI) grew by about 9% in 2019 despite economic slowdown, geopolitical slowdown, and international trade wars. Moreover, North America with 11%, followed by Europe with 9% rise in the income of HNWI, surpassed Asia-Pacific for the first time since 2012. The growing number of such individuals is likely to propel the demand for yacht charter services for leisure and recreational purposes. Moreover, the active participation of intermediaries as a medium between boat charter companies and customers to negotiate sales terms is anticipated to boost the global yacht charter market growth in the forthcoming years.
The global pandemic, COVID-19, has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during the forecast period.
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Highlights of the Report:
The market report provides in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth in the forthcoming years. Moreover, the research analyst has adopted several research methodologies to obtain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
Regional Segmentation:
Increasing Number of Water Sports in Europe to Promote Growth
Among all the regions, Europe is expected to remain dominant and hold the highest position in the global yacht charter market in the forthcoming years. This dominance is attributable to the increasing number of water-based sport activities that is likely to thrive the number of yacht charter services in the region between 2020 and 2027. Europe stood at USD 8.01 billion in 2019.
On the other hand, North America is expected to hold the second position in the market during the forecast period. This is ascribable to factors such as presence of diverse coastline, along with the option of several cruising destinations in countries such as the U.S.
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Competitive Landscape-
Facility Expansion by Major Companies to Intensify Industry Competition
The global market comprises small, medium, and large companies striving to maintain a stronghold by focusing on expanding their facilities to develop advanced yachts to cater to the growing marine tourism industry. Moreover, the adoption of strategies such as collaboration, the introduction of new products, and merger and acquisition is expected to bode well for the growth of the market in the forthcoming years.
List of Players Operating in the Yacht Charter Market are as follows:
- Dream Yacht Charter
- Worldwide Boat
- Fraser Yachts
- NORTHROP & JOHNSON
- Nicholson Yachts
- Simpson Marine Limited
- Ocean Independence
- MasterCraft Boat Holdings, Inc.
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Yacht Charter Market Segmentation:
By Yacht Type:
- Motor Yacht
- Sailing Yacht
- Others
By Length Type:
- Up to 40m
- 40 to 60 m
- Above 60m
By End Use Type:
- Leisure
- Business
- Others
By Contract Type:
- Bareboat
- Crewed
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Yacht Charter Market
5. Global Yacht Charter Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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