December 27th, 2022
The global yacht charter market is driven by an upsurge in leisure activities as consumers across demographics discover the pleasure of yachting to exotic locations. Charter yachts are immensely popular as they rival the best that luxury hotels have to offer with the added advantage of complete seclusion as any tourists can travel to a waterbody of their choice. Tourists can visit several locations in a single trip and avoid the inconvenience of bumper-to-bumper traffic or lengthy waits at airport departure lounges, making yacht charters extremely appealing for those pressed for time or willing to pay for a premium experience.
As per Fairfield Market Research, the global yacht charter market is on track to register an impressive CAGR of 22.85% from 2021 to 2027.
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Government Initiatives to Play Major Role in Popularizing Yacht Charters
National governments are putting various initiatives in place to boost local tourism and yacht charters are vital in this. The govt. of Indonesia has excluded the Clearance and Approval for Indonesian Territory (CAIT) from its marine tourism policy. This resulted in a profit of $600 million in 2019 alone.
Yacht Charter Companies Entering Into Celebrity Partnerships to Raise Awareness
Yacht charter companies are seeking out alliances with social media influencers to tap previously undeserved millennial or Gen Z audiences. Celebrities are chartering yachts for private getaways and documenting their experiences on social media, exponentially raising awareness among younger clientele who have the disposable income to indulge in luxuries such as charter yachts.
Motor Yachts Most Popular in the Yacht Charter Market Due to Their Design and Range
The motor yacht segment is anticipated to race ahead of other segments in the yacht charter market as it can cover maximum distances in the shortest timeframe. The shallow design of motor yachts allows them to easily enter narrow passages and coastlines, boosting their demand amongst end-users. Motor yachts have a larger deck space than other options in the yacht charter market, allowing tourists to be in the lap of luxury while travelling the high seas.
Wealthy Europeans to Continue Chartering Yachts to Travel to Unexplored Locations
Europe comprised almost half of the global yacht charter market with a share of 48% in 2020 and this is likely to continue for the forecast period. Europe has long been a highly sought-after tourist destination and Mediterranean nations such as Turkey and Italy will propel demand going forwad. Several companies on the continent already offer a combination of online yacht charter bookings with flights to provide a complete package to travellers.
The presence of a significant high-net-worth (HNI) population has resulted in a large number of watercraft licenses issued here to cater to the wealthy clientele’s discerning taste. In 2017, the European Commission stated that 60,000 yachts in European waters generate revenue of Euro 6 billion annually. Nonetheless, the highest growth rate of 24% is predicted to be in the dynamic Asia Pacific region as robust economic growth leads to a spike in HNIs, especially in Southeast Asia.
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Companies Looking at Both Organic and Inorganic Growth in the Yacht Charter Market
Companies in the yacht charter market are adopting different strategies including mergers and acquisitions, joint ventures, and collaborations to strengthen their competitive position. Companies studied in this report on the yacht charter market are Mertello Fairline Yacht, Thai Charters, Dream Yacht Charter, Fraser Yacht, Charter Yachts Australia, Boatbound Inc., CharterWorld LLP, Incrediblue Ltd., Burgess, Boat International Media Ltd., Simpson Marine, Northrop & Johnson, and Sailing Thailand Island Cruises Co., Ltd.
In 2018, Sailogy S.A. acquired Master Yachting and became the number one company in the yacht charter market. In the same year, rival Princess Yachts launched six models developed through its GBP 100 million investment programme from 2015. Other companies such as Click&Boat and Marine Max Group have also chosen an acquisition strategy to solidify their presence in the yacht charter market.
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