A new market study, titled “Yacht Charter Market Forecast 2021-2028” has been featured on Fortune Business Insights™.
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The global yacht charter market size is expected to reach USD 10.82 billion by 2027 backed by the growing number of HNWI and the increasing number of intermediaries that is likely to boost the demand for yacht charter services globally. Fortune Business Insights published this information in its latest report, titled, “Yacht Charter Market Size, Share & COVID-19 Impact Analysis, By Yacht Type (Motor Yacht, Sailing Yacht, Others), By Length Type (Up to 40m, 40 to 60 m, and Above 60m), By End Use Type (Leisure, Business, and Others), By Contract Type (Bareboat and Crewed) and Regional Forecasts, 2020-2027.” The report further observes that the market stood at USD 6.50 billion in 2019 and is projected to exhibit a CAGR of 6.6% between 2020 and 2027.
The global pandemic, COVID-19, has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during the forecast period.
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What does the Report Provide?
The market report provides in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth in the forthcoming years. Moreover, the research analyst has adopted several research methodologies to obtain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
Growing Number of High-Net-Worth Individuals to Augment Growth
According to the World Report 2020 by Capgemini, the number of high-net-worth individuals (HNWI) grew by about 9% in 2019 despite economic slowdown, geopolitical slowdown, and international trade wars. Moreover, North America with 11%, followed by Europe with 9% rise in the income of HNWI, surpassed Asia-Pacific for the first time since 2012. The growing number of such individuals is likely to propel the demand for yacht charter services for leisure and recreational purposes. Moreover, the active participation of intermediaries as a medium between boat charter companies and customers to negotiate sales terms is anticipated to boost the global yacht charter market growth in the forthcoming years.
Motor Yacht to Hold Largest Market Share
Based on yacht type, the motor yacht segment is expected to hold the largest yacht charter market share in terms of revenue owing to the growing demand for such type yachts for recreational and personal purposes across the globe.
Increasing Number of Water Sports in Europe to Promote Growth
Among all the regions, Europe is expected to remain dominant and hold the highest position in the global market in the forthcoming years. This dominance is attributable to the increasing number of water-based sport activities that is likely to thrive the number of yacht charter services in the region between 2020 and 2027. Europe stood at USD 8.01 billion in 2019.
On the other hand, North America is expected to hold the second position in the market during the forecast period. This is ascribable to factors such as presence of diverse coastline, along with the option of several cruising destinations in countries such as the U.S.
Facility Expansion by Major Companies to Intensify Industry Competition
The global market comprises small, medium, and large companies striving to maintain a stronghold by focusing on expanding their facilities to develop advanced yachts to cater to the growing marine tourism industry. Moreover, the adoption of strategies such as collaboration, the introduction of new products, and merger and acquisition is expected to bode well for the growth of the market in the forthcoming years.
March 2020 – Fraser Yachts announced the addition of Benetti RANIA 42M/ 137’ 10” motor yacht to its existing charter fleet. According to the company, the yacht can accommodate 12 guests and has s sleek and modern interior styled by the award winning Redman Whiteley Dixon studio.
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List of the Companies Profiled in the Global Market for Yacht Charter:
- Dream Yacht Charter (Maryland, USA)
- Worldwide Boat (Florida, USA)
- Fraser Yachts (Monaco, Europe)
- NORTHROP & JOHNSON (Florida, USA)
- Nicholson Yachts (New Port, USA)
- Simpson Marine Limited (Hong Kong, China)
- Ocean Independence (Zurich, Switzerland)
- MasterCraft Boat Holdings, Inc. (Tennessee, USA)
NOTE: Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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