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2020
Yacht Charter Market

Yacht Charter Market

by Type (Motorized yacht, Sailing Yacht and Others), Size [Small (up to 30m), Medium (30m-50m), Large (over 50m)] and Application (Vacation/Leisure, Sailing and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027
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Report Code: A02553
Pages: 231
Sep 2020 | 27356 Views
Author(s) : Akshay J
Tables: 102
Charts: 53
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COVID-19

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Yacht Charter Market Outlook 2021-2027:

The global yacht charter market was valued at $15,205.24 million in 2018, and is projected to reach $27,793.57 million by 2027, registering a CAGR of 15.0%. 

The yachts charter is basically a motor driven or sail driven vessels that are primarily used for recreational purposes. Yachts can be privately owned (individual or by a company) or can be rented for chartering.

The luxurious facilities are fitted in yacht that come with large, luxurious, professionally crewed motors or sailing yachts with varying length from 75 feet and expanding to more than 250 feet. 

Yacht-Charter-Market-2020-2027

Many luxury yacht manufacturers also provide yachts for renting as well as private purpose to provide seamless luxury experience with high standard and comfort. Due to increase in inclination toward marine tourism and water sports, OEMs are strategically focusing on developing high-speed yachts to cater to the high demand from the customers.

They are hired for vacation and corporate purposes. The two main kinds of charters are bareboat and crewed. They are also employed for sailing purposes. It offers all the benefits, from absolute relaxation to amazing adventures. Chartering a yacht allows one to explore a variety of destinations that offer all the comforts. The yacht charter market trends are decided on the basis of forecast from 2020 to 2027.

COVID Impact Analysis: With the advent in COVID-19 pandemic across the globe, the yacht charter market has been affected as the yacht manufacturing units have been shut down due to the imposed lockdown in major countries across the globe. In addition, the unavailability of skilled labor has affected the market growth. However, the yacht charter market in Africa is expected to register a significant growth in the near future, owing to its rising adoptions in chartering activities.

The growth of the yacht charter market is driven by increase in 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, increase in demand for leisure activities due to 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 cost 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 expected to boost the demand for yachts charter in the upcoming years. In addition, rise in popularity of boats and the increasing preference for luxurious & large-sized yachts that can accommodate large groups will further propel the yacht charter market growth in future.

Yacht Charter Market
By Type

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Motor by type segment is projected as the most lucrative segments

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The global yacht charter market is segmented based on size, type, and application. Based on size, the yacht charter market is segmented into large (over 50 m), medium (30m to 50 m) and small (up to 30m).

Based on type, the market is divided into sailing yacht, motorized yacht, and others (inflatable boat, Catamaran, gullet) and on the basis of application, the market is further divided into vacation/ leisure, sailing, and others. Based on region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Yacht Charter Market
By Size

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Large by Size segment is projected as the most lucrative segments

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Some of the key players in the yacht charter market are Sailogy S.A., Yachtico Inc., Zizooboats GmbH, Fraser Yacht, Boatsetter, Northrop & Johnson, Nautal, Martello Yachting And Company, Princess Yacht
limited and Charter Yachts Australia.

Increase in number of private islands on cruise itineraries

There is a strong trend toward renewing the marine fleets and they have increased by about 7% globally. Moreover, the adventure travel is growing at a rapid pace and cruise expeditions are witnessing its impact. As per BRL Consultants, there are 25 expedition cruise ships on order, most of which have been contracted in 2017. Furthermore, the number of 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. For instance, MSC with Ocean Cay in the Bahamas, Norwegian Cruise Lines owns a private island in the Bahamas, Great Stirrup Cay, which is used as a port-of-call on certain itineraries. Such rising trend from the millionaires along with the increase in add-on services will boost the demand for the yacht charter industry in future.

Yacht Charter Market
By Application

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Others by application segment is projected as the most lucrative segments

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High cost associated with yacht charter

Yachts have a base price, which is the weekly rate to rent the boat. 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, the 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, it also has hidden cost coupled with the Taxes and Value Added Tax (VAT), Insurance, Crew Gratuity, Advanced Provisioning Allowance and others that are not mandatory but cost roughly 15-30% of the base price and is collected prior to charter, and it’s similar to an expense account that the captain can access during the charter. Such cost is barrier to many developing countries customers, which further restrains the growth of the yacht charter market.

Increased Involvement of Intermediaries & hybrid business models

Increased involvement of the brokers in the yacht charter market is also a growing trend in the yacht industry as there is an increase in the number of buyers and charters. Their job majorly includes arranging viewings, negotiating the terms of sale, handling the paperwork and collecting and distributing the sale price. Also, the medium through which the customer can actually view the real insights of yachts through tablets and phones are attracting customers to rent the yacht. Furthermore, yachts are entering into leisure and hospitality markets. For instance, the Ritz-Carlton group has announced “The Ritz-Carlton Yacht Collection” starting from May 2018 that includes innovative duplex suites, a spa, a signature restaurant, and a bar. A number of lines are creating a new category of cruise, small-ship vacations and luxury vessels. Such involvement will boost the yacht charter market growth in near future.

Yacht Charter Market
By Region

2027
Europe 
North America
Asia-pacific
Lamea

Asia-Pacific by region segment is projected as the most lucrative segments

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Key Benefits For Stakeholders

  • This study presents analytical depiction of the yacht charter market analysis along with the current trends and future estimations to depict the imminent investment pockets.
  • The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities of the market with a detailed impact analysis.
  • The current yacht charter market size is quantitatively analyzed from 2018 to 2027 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the yacht charter industry.

Key Market Segments

By Type

  • Motorized Yacht
  • Sailing Yacht
  • Others

By Size

  • Small (up to 30m)
  • Medium(30m-50m)
  • Large (over 50m)

By Application

  • Vacation/ Leisure
  • Sailing
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • Italy
    • Netherlands
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
 

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Chartering is the activity within the shipping industry where the charterer or a user hires the services of a vessel/ship from a ship owner. The yachts charter are a motor driven or sail driven vessels that are used primarily for recreational purposes. Yachts can be privately owned (individual or by a company) or can be lend for chartering. The luxurious facilities are fitted in yacht that comes with the large, luxurious, professionally crewed motors or sailing yachts with varying length from 75 feet and expanding to more than 250 feet.

The global yacht charter market is analyzed based on its prospect and future growth rate. The report highlights numerous factors that influence the growth of the global yacht charter market, which include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market.

The growth of the yacht charter market is driven by increase in 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, increase in demand for leisure activities due to rise in disposable income and hectic lifestyles has propelled the growth of the yacht charter industry in the developing countries. 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 cost 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 expected to boost the demand for yachts charter in the upcoming years. In addition, rising popularity of boats and increasing preference for luxurious & large sized yachts that can accommodate large groups, are expected to further propel the market growth in future.

Among the analyzed geographical regions, Europe is the highest revenue contributor, and Asia-Pacific is anticipated to create dominance during the forecast period, followed by North America and LAMEA. This growth is attributed to proactive development, rise in disposable income, and surge in inclination toward recreations and expeditions.
 

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FREQUENTLY ASKED QUESTIONS?

A. With the advent in COVID-19 pandemic across the globe, the yacht charter market has been affected as the yacht manufacturing units have been shut down due to the imposed lockdown in major countries across the globe.

A. The global yacht charter market was valued at $15,205.24 million in 2018, and is projected to reach $27,793.57 million by 2027, registering a CAGR of 15.0%. Europe is expected to lead the market throughout the forecasted period.

A. The report sample for global yacht charter market report can be obtained on demand from the website.

A. The leading online boat rental marketplace company Boatsetter announced a $10 million investment led by WestCap Group and Valor Equity as an extension of its Series A financing round.

A. Some of the key players in the yacht charter market are Sailogy S.A., Yachtico Inc., Zizooboats GmbH, Fraser Yacht, Boatsetter, Northrop & Johnson, Nautal, Martello Yachting And Company, Princess Yacht limited and Charter Yachts Australia.

A. The company profiles of the top ten players of the yacht charter market 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 industry along with their last three year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated.

A. Leading online boat rental community, Boatsetter, announced the acquisition of its competitor, Boatbound. This acquisition will help boatsetter to occupy good rank in peer-to-peer boat rental marketplace in the U.S., as the company is planning for international expansion.

A. The service providers of yacht charter industry are the different yacht vendors who are developing better and advanced yacht solutions for chartering which are equipped with efficient technology thus propelling the growth of the global market.

A. The key growth startegies of aircraft lighting industry players includes product launch, acquisition, expansion followed by different mergers, and partnerships related in the field of yacht chartering thus leading to the growth of the market

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