The global yacht charter market size is projected to reach US$ 25.4 Bn by 2027, expanding at a CAGR of 7% during the forecast period 2020 to 2027.
According to the report, the global yacht charter market is projected to witness major expansion owing to the emergence of luxury tourism across Asia Pacific. Shift of consumer trend from ownership to rental is anticipated to drive the yacht charter market. Newer business models are emerging regarding yacht charters, such as skippered charters or cruise style charters.
The yacht charter market is expanding rapidly, as it is a more cost-effective solution than ownership, and chartering a yacht saves year-round maintenance costs. A majority of yacht charter customers are high net worth individuals (HNWI). Rise in the number of HNWIs is projected to drive the yacht charter market. Countries in Asia Pacific, such as India, South Korea, and China, are witnessing significant increase in the population of HNWIs. Stable economic conditions and high interest in travel and luxury among HNWIs are estimated to drive the global yacht charter market. Governments across the globe are investing in tourism infrastructure, which is anticipated to further propel nautical tourism and boost the yacht charter market. Rise in consumer participation in watersports & sailing and increased spending on leisure & luxury travel are driving the yacht charter market.
Expansion of Global Yacht Charter Market
Based on yacht size, the medium segment held a leading share of the yacht charter market. The small segment also held a significant share; however, demand is gradually shifting toward mid-sized yachts, owing to the preference for luxury.
In terms of customer, the corporate and retail segments accounted for leading shares of the global yacht charter market. Chartered yachts are increasingly being utilized for corporate events, worldwide. Yachts chartered by corporates are emerging as a venue for investors’ meets and client presentations. The retail segment comprises travel agencies and brokers who book yachts. Retailers manage the travel, negotiations, contracts, and taxes related to hiring a yacht, which saves the end user from these hassles.
Regional Analysis of Global Yacht Charter Market
In terms of region, the global yacht charter market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe held a notable share of the global yacht charter market, owing to the high demand from areas surrounding the Mediterranean Sea. The yacht charter market in Europe has been expanding, owing to the high preference for nautical tourism in the region. Croatia and Greece, together, held a major share of the yacht charter market in Europe, due to scenic coastlines and rise in nautical tourism in these countries.
A yacht is needed to be registered under a country of choice, and subsequently, has to comply with the maritime law of that country, called flag state. The flag state limits and defines the arrival of yachts registered with other countries. Global registration is required to sail and charter the yacht, worldwide, which demands higher registration charges and taxations. Limitations of cross border operations and requirement of skipper license are some more challenges to the yacht charter market. Chartering of a yacht is subject to weather and season. Europe and North America witness low demand during the winter months, while Asia Pacific witnesses low demand in the monsoon season.
Prominent players operating in the global yacht charter market include Boat International Media Ltd., Boatbound Inc., Burgess, Charter Yachts Australia, CharterWorld LLP, Dream Yacht Charter, Fairline Yacht, Fraser Yacht, Incrediblue Ltd., Inter Yacht Charter, Mertello Yachting and Company, Nicholson Yachts, Northrop & Johnson, Sailing Thailand Island Cruises Co., Ltd., Simpson Marine, Super Yacht Logistics, LLC., Thai Charters, West Coast Marine Yacht Service Pvt Ltd., Yacht Charter Fleet, Yachtico, Inc., and Zizooboats GmbH.
The Yacht Charter market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Yacht Charter market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Yacht Charter market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Yacht Charter market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Yacht Charter market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Yacht Charter capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Yacht Charter by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Yacht Charter market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Yacht Charter market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Yacht Charter market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Yacht Charter industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Yacht Charter market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Yacht Charter market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Yacht Charter market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Yacht Charter market. These factors have benefited the growth of the global market for Yacht Charter. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Yacht Charter. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Yacht Charter are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are:
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