Yacht Charter Market is expected to reach a CAGR of 3.3% during 2016-2026
Posted: Jun 26, 2017
Europe to be the leading regional market in the global yacht charter market over the forecast period
The rapidly developing global yacht charter market is encouraging new players to enter the market and is also ushering in technological advancements in yachts and improving the services offered by yacht charter companies. Various associated businesses such as yacht management, which assists in the construction of new yachts are also fast emerging. Yacht charter companies are focussing on vertical integration with major yacht manufacturers to increase their revenue.
The global yacht charter market is estimated to witness a steady growth rate in the coming decade
Growing number of bookings by young customers and increasing collaboration between online yacht charter mediators and flight booking service providers are key trends observed in the global yacht charter market. Online yacht charter service providers are collaborating with leading travel agencies to offer combined yacht and airline packages. New promotional booking methods are allowing customers to book boat trips while booking their flight tickets. Also, this strategy is being increasingly adopted by online mediators as a direct response to growing customer inclination towards considering the proximity of airports for booking yachts. Yacht charter services have witnessed significant adoption from younger travelers looking to experience sailing holidays. A majority of young customers are first-time boaters, who often celebrate events such as birthdays and weekend parties in luxury yachts to make it unique and memorable.
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Currently, the number of offline yacht charter bookings is substantially high; however, the emergence of online yacht charter service providers has proved to be a useful marketing platform for vendors operating in the global yacht charter market and is expected to attract an increasingly large number of young customers over the forecast period.
Europe yacht charter market is expected to gain significant market share by 2026 over 2015
The North America yacht charter market was valued close to US$ 150 Mn in 2015 and is likely to reach a valuation of more than US$ 200 Mn by 2026, registering a CAGR of 3.3% during the assessment period. The North America yacht charter market is expected to represent absolute $ opportunity of US$ 4.4 Mn in 2017 over 2016. Customers in North America prefer to visit charter destinations in large groups to primarily enjoy the benefits of group discounts offered by various yacht charter companies and also to reduce personal spending by sharing expenses among themselves. In the U.S., consumers are more inclined towards yachts that provide comfort rather than performance. Moreover, as most consumers in the region are tech savvy, yacht charter companies focus on providing customers with yachts that are equipped with the latest technology.
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In Eastern Europe, Turkey attracts the maximum number of tourists. This country is the most popular charter destination. Motor yacht is mostly used in this region by yacht service providers. These yachts are strong build, spacious and backed by good engines. Revenue from the yacht charter market in Europe is expected to increase 1.4X over the forecast period. The Europe yacht charter market is anticipated to be valued at more than US$ 500 Mn by the end of 2026, expanding at a CAGR of 3.4% over the forecast period. Several suitable market conditions are likely to expedite the growth of the Europe yacht charter market in the years to come. The yacht charter market in the Middle East is projected to witness a moderate growth during the forecast period. In 2015 the Middle East yacht charter market crossed a market valuation of US$ 10 Mn and is likely to stay below US$ 25 Mn till the end of 2026.
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