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U.S. 60-80 Feet Motorized Yacht Charter Market Expected to Reach $803.7 Million by 2030-Allied Market Research

 

Report Code : A14325

quote By application, the vacation or leisure segment held majority of the market share in 2020. quote

Abhay Singh
Lead Analyst, Automotive and Transportation at Allied Market Research

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According to a recent report published by Allied Market Research, titled, “U.S. 60-80 Feet Motorized Yacht Charter Market by Application: Opportunity Analysis and Industry Forecast, 2021–2030,” the U.S. 60-80 feet motorized yacht charter market was valued at $215.9 million in 2020, and is projected to reach $803.7 million by 2030, registering a CAGR of 14.0% from 2021 to 2030.

Yacht chartering is the process of using yachts to travel across sea to perform recreational activities on water. It is a key activity in the area of service that is connected to the recreational boating. Changes in yacht infrastructure for better performance further creates potential opportunity for the growth of the yacht charter market during the assessment period. Moreover, to reduce the production cost, manufacturers are shifting toward the utilization of modular construction method for yacht building.

In addition, manufacturers across the globe are developing efficient yachts that are capable to travel across seas such as Caribbean & Mediterranean waters to Asia-Pacific, the Middle East, and Antarctic sea for leisure activities. This shift coupled with the development in yacht infrastructure has led to the growth of the yacht market, as it is used as an attraction factor for people across the U.S. Furthermore, the yacht charter distinguishes between two type of renting, i.e., bareboat yacht chartering and chartering with the skippers/crew.

In addition, the growth of the U.S. 60-80 feet motorized yacht charter market is expected to be influenced by eternal need for luxury coupled with improvement in lifestyle. Moreover, the introduction of new materials such as structural glass has allowed yacht architectures to reach new levels of sophistication.

The U.S. 60-80 feet motorized yacht charter market is segmented into application. The applications covered in the study include vacation or leisure and others.

Covid-19 Impact Analysis

  • The COVID-19 pandemic outbreak has caused widespread economic downturn, as several countries imposed strict lockdowns to contain the infection.
  • This has affected diverse industries; manufacturing is one of the severely impacted sectors. For instance, a major player, Princess Yachts reported that sales were 50% lower in April 2020 than in April 2019.
  • There has been significant impact on supply chains globally. Boats and engine manufacturing companies have faced huge losses during the first & second quarter of 2020 due to disrupted supply chains and production schedules.
  • The rapid spread of COVID-19 in the U.S., Europe, and Asian economies resulted in nationwide lockdown and a temporary halt of production facilities to prevent further spread.
  • With increasing number of cases, consumers opted to spend on necessities and food supply compared to recreational & leisure activities in the highly impacted regions, including Europe and Asia-Pacific.
  • The North American yacht chartering market witnessed a slight dip in the first quarter of 2020, owing to the pandemic's sudden outbreak. Companies having reservations either delayed or cancelled their possible trips, due to imposed government restrictions to retain the spread of COVID-19.

The key players profiled in the U.S. 60-80 feet motorized yacht charter market are Anacortes Yacht Charters, Boatsetter, Charles Charters, GetMyBoat, Metro Yacht Charters of New York, Northrop & Johnson, Ritzy Charters, Sailo, Seattle Yachts, Tranquilisea Yachting, and Yachtico Inc

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quote U.S. 60-80 Feet Motorized Yacht Charter Market by Application (Vacation or Leisure and Others): Opportunity Analysis and Industry Forecast, 2021–2030 quote

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