The Yacht Chartering Market is expected to experience a significant growth rate of 6.9% from 2022-2032 owing the growing recreational activities and water sports activities
The growth of the yacht charter market is driven by the increasing number of private islands on cruise itineraries, use of alternative source of energy & improvised purchasing power across the globe and increase in number of high-net-worth individuals. Furthermore, the increase in the demand for leisure activities due to a rise in disposable income and hectic lifestyles. The ease of booking a yacht has led to a rise in the popularity of yacht vacations among the youth to celebrate events in luxury, which is estimated to boost the market growth. Natural calamities and high costs associated with yacht charter are the key restraining factors of this market. Moreover, increased involvement of intermediaries & hybrid business models, rapid changes in yacht infrastructure and yacht tourism are estimated to boost the demand for yachts charter in the upcoming years. In addition, the rising popularity of boats and the increasing preference for luxurious & large-sized yachts that can accommodate large groups will further propel the market growth in the forecast period.
There is a strong trend toward renewing the marine fleets and rise in number of marine fleets increased by about 7% globally. Moreover, the adventure travel is growing at a rapid pace and cruise expeditions are experiencing the impact. Furthermore, numerous cruise builders are investing in land-based private islands that allow cruise lines to offer customers exclusive beach time as an extension of the onboard experience. Such rise in trends from the millionaires along with the increase in add-on services is estimated to fuel the demand for the yacht charter industry in the forecast period.
The spending of cruise line brands increased owing to which the growth of yacht chartering also increased for instance in September 2023, Royal Caribbean invested $250 million in the development of CocoCay in the Bahamas. People around the world are preferring the yachts for recreational purposes which are celebrated at the world’s beautiful destinations due to which the private islands are gaining traction.
The increase in involvement of brokers is a notable trend in the yacht industry, driven by a rise in number of buyers and charter clients. Brokers play a vital role, facilitating viewings, negotiating sales terms, managing paperwork, and overseeing the collection and distribution of sale proceeds. Moreover, the use of tablets and smartphones as mediums for customers to gain real insights into yachts is drawing more people toward yacht rentals.
In addition, yachts are venturing into the leisure and hospitality sectors, with the global yacht tourism industry experiencing remarkable growth. Luxury travel has also seen a significant upswing. Yacht tourism has evolved into an exclusive form of recreation, coexisting with well-established mass entertainment systems. Yacht chartering is no longer limited to the aristocracy, however, has expanded to the middle class. Yacht tourism takes various forms, including fishing, sightseeing, and leisure sailing, with the latter being the most favored. The success of yacht tourism has led to an increased demand for luxury yacht charters in the foreseeable future.
Key players operating in the global yacht chartering market are Boatsetter, Inc., MARTELLO YACHTING & COMPANY, SAILOGY S.A., Northrop & Johnson, Ionian Catamarans, IYC, ZIZOOBOATS GmbH, Yachtico, Inc., Boatjump, S.L., and West Coast Marine Yacht Services Pvt. Ltd., among others.
Key Market Insights
The growth of the yacht charter market is driven by the increasing number of private islands on cruise itineraries, use of alternative source of energy & improvised purchasing power across the globe and increase in number of high-net-worth individuals. Furthermore, the increase in the demand for leisure activities due to a rise in disposable income and hectic lifestyles. The ease of booking a yacht has led to a rise in the popularity of yacht vacations among the youth to celebrate events in luxury, which is estimated to boost the market growth. Natural calamities and high costs associated with yacht charter are the key restraining factors of this market. Moreover, increased involvement of intermediaries & hybrid business models, rapid changes in yacht infrastructure and yacht tourism are estimated to boost the demand for yachts charter in the upcoming years. In addition, the rising popularity of boats and the increasing preference for luxurious & large-sized yachts that can accommodate large groups will further propel the market growth in the forecast period.
There is a strong trend toward renewing the marine fleets and rise in number of marine fleets increased by about 7% globally. Moreover, the adventure travel is growing at a rapid pace and cruise expeditions are experiencing the impact. Furthermore, numerous cruise builders are investing in land-based private islands that allow cruise lines to offer customers exclusive beach time as an extension of the onboard experience. Such rise in trends from the millionaires along with the increase in add-on services is estimated to fuel the demand for the yacht charter industry in the forecast period.
The spending of cruise line brands increased owing to which the growth of yacht chartering also increased for instance in September 2023, Royal Caribbean invested $250 million in the development of CocoCay in the Bahamas. People around the world are preferring the yachts for recreational purposes which are celebrated at the world’s beautiful destinations due to which the private islands are gaining traction.
The increase in involvement of brokers is a notable trend in the yacht industry, driven by a rise in number of buyers and charter clients. Brokers play a vital role, facilitating viewings, negotiating sales terms, managing paperwork, and overseeing the collection and distribution of sale proceeds. Moreover, the use of tablets and smartphones as mediums for customers to gain real insights into yachts is drawing more people toward yacht rentals.
In addition, yachts are venturing into the leisure and hospitality sectors, with the global yacht tourism industry experiencing remarkable growth. Luxury travel has also seen a significant upswing. Yacht tourism has evolved into an exclusive form of recreation, coexisting with well-established mass entertainment systems. Yacht chartering is no longer limited to the aristocracy, however, has expanded to the middle class. Yacht tourism takes various forms, including fishing, sightseeing, and leisure sailing, with the latter being the most favored. The success of yacht tourism has led to an increased demand for luxury yacht charters in the foreseeable future.
Key players operating in the global yacht chartering market are Boatsetter, Inc., MARTELLO YACHTING & COMPANY, SAILOGY S.A., Northrop & Johnson, Ionian Catamarans, IYC, ZIZOOBOATS GmbH, Yachtico, Inc., Boatjump, S.L., and West Coast Marine Yacht Services Pvt. Ltd., among others.
Key Market Insights
- By size, the small (Up to 30m) segment dominated the global market and is estimated to reach $ 9701.5million by 2032, with a CAGR of 7.3%.
- By type, the motor yacht segment was the highest revenue contributor to the market, with $ 15434.2 million in 2035, with a CAGR of 6.6%.
- By application, the vacation/leisure segment was the highest revenue contributor to the market, with $ 9949.1 million in 2035, with a CAGR of 7.3%.
- By region, Europe is the highest revenue contributor, accounting for $ 10808.3 million in 2035, with a CAGR of 6.7% during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the yacht charter market analysis from 2022 to 2032 to identify the prevailing yacht charter market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the yacht charter market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global yacht charter market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By SIZE
- Small (Up to 30m)
- Medium (30m-50m)
- Large (Over 50m)
By TYPE
- Motor Yacht
- Sailing yacht
- Other yacht
By APPLICATION
- Vacation/Leisure
- Sailing
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Boatsetter, Inc.
- SAILOGY S.A.
- Northrop & Johnson
- IYC
- ZIZOOBOATS GmbH
- Yachtico, Inc.
- MARTELLO YACHTING & COMPANY
- Ionian Catamarans
- Boatjump, S.L.
- West Coast Marine Yacht Services Pvt. Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: YACHT CHARTER MARKET, BY SIZE
CHAPTER 5: YACHT CHARTER MARKET, BY TYPE
CHAPTER 6: YACHT CHARTER MARKET, BY APPLICATION
CHAPTER 7: YACHT CHARTER MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, 'Yacht charter Market by Type, Size, and Application: Opportunity Analysis and Industry Forecast, 2019-2026',the global yacht charter market was valued at $15.20 billion in 2018, and is projected to reach $25.16 billion by 2026, registering a CAGR of 6.3% from 2019 to 2026. By type, the motor segment was the highest revenue contributor in 2018, accounting for $10.76 billion, and is estimated to reach $18.65 billion by 2026, registering a CAGR of 7.2% during the forecast period. In 2018, the Europe region accounted the major market share of the yacht charter market.Europe dominates the market in terms of revenue, followed by Asia-Pacific ,North America, and LAMEA. In Asia-Pacific, Japan dominated the yacht charter market in 2018, whereas rest of Asia-Pacific is expectedto grow at a significant rate during the forecast period.
Yacht chartering is the practice of renting or chartering, a sailboat or motor yacht and travelling to various coastal or island destinations. It is a key activity in the area of service that is connected to the recreational boating. The changes in the yacht infrastructure for better performance further creates an opportunity for augmentation of the market over the assessment period. Moreover, to reduce the production cost, manufacturers are shifting toward the utilization of modular construction method for yacht building. Also, the average size of large yachts increased from 47.8m in 2013 to 51.6m in 2017. In addition, people across the globe are accepting the changing constructed based yachts by breaking off from the traditional Caribbean and Mediterranean waters for sailing in Asia-Pacific, the Middle East, and Antarctic. This shift coupled with the development in yacht infrastructure has caused the growth of the yacht market as it is used as an attraction factor for people across the globe.
Furthermore, the yacht charter distinguishes between two type of renting i.e. bareboat yacht chartering and chartering with the skippers/ crew.
In addition, global yacht charter market is expected to remain influenced by eternal need for luxury and change in lifestyle. Moreover, introduction of new materials such as structural glass has allowed yacht architectures to reach new levels of sophistication.
Growth in number of yacht production, under construction projects is estimated to have a significant growth for the yacht charter market. Featuring helipads, swimming pools, saunas, hot tubs, and more yachts are epitome of luxury. Also, the key operating players in this business are adopting acquisition and expansion strategies to have their presence internationally. For instance, the boat rental Spain based company Nautal has raised €1million in funding to consolidate its market position in Spain and also planning to expand in U.S.
The yacht charter market remained one of the few bright spots in an otherwise troubled global economy. With strong underlying drivers such as rise in ultra-net worth of individuals, surge in inclination toward recreational & expeditions, and rise in trend of yacht tourism, the market is expected to witness significant growth during the forecast period. At the same time, the sector is facing restraint i.e. high cost, and natural calamities.
Additionally, the increasing number of private islands on cruise itineraries, use of alternative source of energy & improvised purchasing power across the globe, and increase in number of high net worth individuals are boosting to the growth of global yacht charter market. Furthermore, the increase in the demand for leisure activities due to a rise in disposable income and hectic lifestyles also responsible for the growth of market. The ease of booking a yacht has led to a rise in the popularity of yacht vacations among the youth to celebrate events in luxury, which estimated to create an opportunity for the market growth.
Natural calamities and high cost associated with yacht charter are the key restraining factor of this market. Moreover, increased involvement of intermediaries & hybrid business models, rapid changes in yacht infrastructure and yacht tourism to boost demand for yachts charter in the upcoming years. In addition, the rising popularity of boats and the increasing preference for luxurious & large sized yachts that can accommodate large groups will further propel the market growth in future.
Key Findings Of The Study
In 2018, by type, the Motorized type segment generated the highest revenue.
In 2018, by size, the medium segment was the highest revenue contributor.
In 2018, by application, the vacation/leisure segment was the highest revenue contributor.
In 2018, region-wise, Europe contributed the highest revenue, followed by Asia-Pacific, North America, and LAMEA.
The key players analyzed in the yacht charter market report include Sailogy S.A., Yachtico Inc., Zizooboats GmbH, Fraser Yacht, Boatsetter, Northrop & Johnson, Nautal, Martello Yachting And Company, Princess Yacht limited and Charter Yachts Australia.
Companies Mentioned
- Boatsetter, Inc.
- SAILOGY S.A.
- Northrop & Johnson
- IYC
- ZIZOOBOATS GmbH
- Yachtico, Inc.
- MARTELLO YACHTING & COMPANY
- Ionian Catamarans
- Boatjump, S.L.
- West Coast Marine Yacht Services Pvt. Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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