Yacht Charter Market Growth & Trends
The global yacht charter market size is expected to reach a market size of USD 9.7 billion by 2027, registering a CAGR of 5.2% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness strong growth owing to growing inclination of travelers towards luxury marine tourism. Furthermore, the growing popularity of water sports and recreational activities coupled with an increase in the number of high net-worth population is also expected to impact the growth positively.
Increasing adoption of Internet and the resulting impact on marketing techniques, sales channels, price transparency, and product personalization offered by service providers are the factors expected to increase the popularity of online yacht charter booking. The ongoing collaboration between online yacht charter service providers and leading travel agencies to offer combined airline and yacht packages is one of the key trends observed in the global market. This collaboration allows customers to book trips with promotional offers while booking their flight tickets. The adoption of this strategy is directly boosting the demand.
The rise in the number of high net worth individuals and upper class and upper middle-class population is also expected to drive the market over the forecast period. According to the World Bank, High Net-worth Individuals (HNWI) account for less than 1% of world’s total population but possess over 40% of the world’s total wealth. Growing young population among HNWI coupled with preference for celebrating events such as weekend parties, birthdays and anniversaries in charted yachts is expected to boost the market.
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Yacht Charter Market Report
Yacht Charter Market Report Highlights
- By yacht type, motor yacht segment is expected to be a key segment, exhibiting the highest CAGR over the forecast period. This can be majorly credited to its growing use for both personal and sports applications
- The 20 ft to 50 ft length segment is expected to dominate the market in 2019 and it is expected to register superior growth throughout the forecast period. The anticipated growth in the 20 ft to 50 ft length segment can be credited to their widespread adoption for leisure & recreational applications and growing popularity in water sports
- Asia Pacific is anticipated to register a higher CAGR over the forecast period on the back of rising upper and upper middle class population and government initiatives that promote marine tourism
- The yacht market is oligopolistic in nature and is dominated by key players such as The Beneteau S.A; Sunseeker International Ltd.; The Moorings Limited; Camper & Nicholsons International Ltd.; Sunsail Worldwide Sailing Ltd.; Argo Nautical Limited; Kiriacoulis Mediterranean Cruises Shipping S.A.; Boat International Media Ltd.; Yachtico Inc.; and Fraser Yachts Florida Inc.
Yacht Charter Market Segmentation
Grand View Research has segmented the global yacht charter market on the basis of yacht type, yacht length, contract type, and region:
Yacht Type Outlook (Revenue, USD Million, 2016–2027)
- Sailing Yacht
- Motor Yacht
Yacht Length Outlook (Revenue, USD Million, 2016–2027)
- Up to 20 ft
- 20 to 50 ft
- Above 50 ft
Yacht Charter Contract Type Outlook (Revenue, USD Million, 2016–2027)
- Bareboat Charter
- Crewed Charter