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2021
U.s. 60-80 Feet Motorized Yacht Charter Market

U.S. 60-80 Feet Motorized Yacht Charter Market

by Application (Vacation or Leisure and Others): Opportunity Analysis and Industry Forecast, 2021-2030
Update Available On-Demand

Report Code: A14325
Pages: 83
Nov 2021 | 2309 Views
Author(s) : Abhay S , Sonia M
Tables: 38
Charts: 16
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COVID-19

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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.

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. 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.

Yacht is a motor-driven or sail-driven vessels that is used for recreational purposes. Yachts can be privately owned (individual or by a company) or can be lend for chartering. Many luxury yacht manufacturers are providing yachts for renting as well as private purposes to provide seamless and luxurious experiences with enhanced comfort. OEMs are strategically focusing on developing high-speed yachts to cater to the demands of customers, due to increase in inclination toward marine tourism and water sports. The two major types of charters are bareboat and crewed, which are employed for sailing purposes. These boats offer all the benefits, from absolute relaxation to explore various destinations.

US-60-80-Feet-Motorized-Yacht-Charter-Market-2021-2030

The growth of the U.S. 60-80 feet motorized yacht charter market is driven by increase in number of private islands on cruise itineraries, shift toward alternative sources of energy & rise in disposable income, and increase in number of high net worth individuals. However, high cost associated with yacht chartering and rise in environmental concerns associated with boating act as the key deterrent factor of the market. On the contrary, increase in involvement of intermediaries & hybrid business models, changes in yacht infrastructure, and rise in trend of yacht tourism are expected to offer ample opportunities for the expansion of the market across the U.S.

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.

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. 

Increase in number of private islands on cruise itineraries 

The trend of adventure traveling is growing at a rapid pace, and cruise expeditions are witnessing the impact. As per the industry experts operating across U.S.-based yachting industry, there are about 25 expedition cruise ships on order across different yacht manufacturers, most of which have been contracted in 2017. 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. In addition, in 2017, cruise lines offered ports on a total of seven private islands, and later increased services to other islands in 2019 and 2020. As per the National Marine Manufacturers Association (NMMA), the U.S. experienced rise in number of marine fleets by about 12% in 2020, as compared to 2019. Increase in affluent population and add-on services offered by cruise are further expected to fuel the growth of the yacht charter industry in future.

In addition, the purchasing power in Asia is expected to rise by eight times between 2010 and 2030, whereas by the next 20 years, inequalities between developed and developing economies will be narrowed. This trend is paving the way for the growth of the yacht charter industry during the forecast period.

Shift toward alternative sources of energy and rise in disposable income 

As yachting is a consumer discretionary activity, the growth of the industry is directly related to the disposable income. The world’s economy is no longer driven by the first-tier income-ranking countries due to robust purchasing power of developing countries. Furthermore, many of the OEMs are now focusing on implementing alternative sources of energy for yachting purpose. 

For instance, solar-powered yachts are becoming a popular alternative to replace conventional diesel-powered yachts, owing to increase in awareness regarding environmental concerns. For instance, new technologies such as hydro generators, bio diesel, and fuel cells are used, and have scope for innovation to replace traditional fuels, thus contributing toward the market growth.

High cost associated with yacht charter 

Yachts have a chartering price, which is considered as the weekly rate to rent the boat, and this varies as per the boat depending on their facilities. The cost of a yacht charter is dependent on a number of factors, including the type of yacht, the charter destination, local taxes, and the base cost. 

Therefore, yacht charters have a wide range of base prices. Moreover, charters can cost from $10,000 per week on smaller sailing yachts and catamarans up to $150,000+ per week on the most luxurious motor superyachts. 

In addition, yacht chartering incurs hidden cost along with the taxes and value-added tax (VAT), Insurance, crew gratuity, advanced provisioning allowance and others that cost roughly 15–30% of the base price. Moreover, this minimal charge is collected prior to charter. Thus, high associated with yacht charter acts as a barrier to many customers in developing countries, which restrains the growth of the 60–80 feet motorized yacht market.

Rise in trend of yacht tourism 

In the U.S., the trend of yacht tourism has been witnessed to grow exponentially, due to rise in trend of marine travelling and increase in recreational activities carried out across water along with sea-based office parties & gatherings. Yacht tourism has become elite kind of leisure with well-entrenched mass entertainment system. Yacht tourism is not only restricted to aristocrats but it has also expanded to middle class. It has many forms such as fishing, sightseeing, and leisure sailing with the latter being the most preferred. Increase in the success of yachting tourism has resulted in intensified orders of 60-80 feet yachts in the forthcoming years. 

U.S. 60-80 Feet Motorized Yacht Charter Market
By Application

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Others is projected as the most lucrative segments

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.

Key Benefits For Stakeholders

  • This study presents analytical depiction of the U.S. 60-80 feet motorized yacht charter market analysis along with current trends and future estimations to depict imminent investment pockets.
  • The overall market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the U.S. 60-80 feet motorized yacht charter market with a detailed impact analysis.
  • The current market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
  • The Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

U.S. 60-80 Feet Motorized Yacht Charter Market Report Highlights

Aspects Details
BY APPLICATION
  • Vacation or leisure
  • Others
Key Market Players Anacortes Yacht Charters, Boatsetter, Charles Charters, GetMyBoat, Metro Yacht Charters of New York, Northrop & Johnson, Ritzy Charters, Sailo, Seattle Yachts, Tranquilisea Yachting, Yachtico Inc.
 

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The growth of the U.S. 60-80 feet motorized yacht charter market is driven by numerous developments & growth strategies carried out by the top service providers operating across the industry. The leading companies stated that the U.S. 60–80 motorized yacht market is expected to witness significant growth in the future. In addition, U.S. yacht charter market is expected to remain influenced by need for luxurious lifestyle. Moreover, introduction of new materials such as structural glass has allowed yacht architectures to reach new levels of sophistication.

Moreover, the increase in number of yacht production as well as under construction yacht projects is estimated to have a significant growth for the U.S. yacht market. Featuring helipads, swimming pools, saunas, hot tubs, and more, yachts are epitome of luxury. In addition, key operating players in this business are adopting acquisition and expansion strategies to strengthen their foothold internationally. For instance, the boat rental Spain-based company, Nautal raised funding of $1.1 million to consolidate its market position in Spain and expand in the U.S.

The U.S. based yacht charter market remained one of the few bright spots, due to efficient services offered by the key players operating across the U.S. With strong underlying driving factors such as increase in number of private islands on cruise itineraries, shift toward alternative sources of energy, rise in disposable income coupled with purchasing power, and surge in population with high net worth, the market is expected to witness significant growth during the forecast period.

 

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FREQUENTLY ASKED QUESTIONS?

A. Yacht charter holds a market share of $215.9 million in 2020 and is projected to be valued at $803.7 million in 2030 with a CAGR of 14.0% during 2021-2030.

A. Yes yacht chartering is a profitable business across the U.S. as most of the companies operating across the industry have developed products to be used across the industry which makes it a profitable business across the country.

A. The sample for U.S. 60-80 feet motorized yacht charter market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

A. Boatsetter, Yachitco, Northrop & Johnson, Charles Charter are some of the major companies operating across the country.

A. The company profiles of the top market players of U.S. 60-80 feet motorized yacht charter market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the U.S. 60-80 feet motorized yacht charter market.

A. Yacht charter companies offers rental services to its customers through which the company makes money.

A. Boatsetter, Yachitco, Northrop & Johnson, Charles Charter are some of the major companies operating across the country and holds a consideraqble market share across the country.

A. Investments followed by product developments are the upcomiong trends of yacht charters in U.S.

A. Yacht charter holds a market share of $215.9 million in 2020 and is projected to be valued at $803.7 million in 2030.

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