United States, 12 February 2019 -- Yacht Charter Market To Hit US$ 15.86 Bn By 2026
According to a new market research report published by Credence Research “Yacht Charter Market (Yacht Type – Sailing Yacht and Motor Yacht; Yacht Size – Small (Upto 30m), Medium (30 to 60m) and Large (Above 60m); Contract Type – Bareboat Yacht Charter and Crewed Yacht Charter) – Growth, Future Prospects and Competitive Analysis, 2018 - 2026”, the global yacht charter market is set to expand with a CAGR of 5.4% throughout the forecast period to reach US$ 15.86 Bn by 2026.
The yacht charter market growth is highly driven due to increasing interest in luxury cruising from high net worth and ultra-high net worth individuals (UHNWI) worldwide. With more than 200,000 households falling under ultra-high net worth category, yacht charter has been gaining immense popularity since the past few years. Similarly, according to 2017 World Health Report by Capgemini, the total number high net worth individuals (HNWI) worldwide increased by nearly 8% to a record-breaking 16.5 Mn. This has ensured a promising consumer base for yacht charter services worldwide.
Further, due to increasing interest of people towards marine tourism, yacht charter business is set to exhibit robust growth in the following years. Recreational boating has been witnessing immense popularity since the past few years, paving way for yacht charter services. Rising affluence and inclination towards luxurious lifestyle has significantly uplifted the demand for yacht chartering services across the world. Emergence of new tourist destinations (such as Southeast Asia) offering luxury cruising along with scenic beauty has been encouraging the HNWIs and UHNWIs across the world to explore such tourist destinations.
Increasing efforts from yacht builders and service providers focusing on providing more luxury features and memorable experience is another important factor encouraging yacht charter business. Yacht charter companies are now more focused on providing enhanced luxury cruising to their consumers. These companies have increased their focus towards improving their infrastructure including more sophisticated bars & restaurants, internet connectivity and other related IT tools. In addition, yacht charter companies emphasize on providing online booking and guides for yacht charter. This has further facilitated the service, thereby supporting the market growth.
On the basis of type, the yacht charter market is led by motor yachts segment accounting for more than 2/3rd of the total market value. Asia Pacific is set to register the highest growth rate of 6.0% throughout the forecast period. The market here expected to be mainly driven by the consistently growing number of millionaires in the region along with increasing popularity of Southeast Asia as the next-big destination for yacht charter.
Some of the major players profiled in the report include Boatbookings.com, Camper & Nicholsons International Ltd., Fraser Yachts, Le Boat (division of Travelopia), Kiriacoulis Mediterranean, Sunsail, Inc. (division of Travelopia), The Moorings (division of Travelopia), Collaborative Boating, Inc., Cosmos Yachting Ltd., Nigel Burgess Ltd., Sailogy SA, Yachtico, Inc., Fairline Yachts Ltd., Zizooboats GmbH, Charterworld Ltd., Boat International Media Ltd., Northrop & Johnson and others.
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