Yacht Charter Market is Predicted to Rise at a CAGR of 6.1% during the Forecast Period, mentions TMR Study

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Jul 19, 2022, 07:30 ET

The increasing demand from retail customers is responsible for the rising demand for small yachts. Small yachts are easier to utilize in shallow waters and are less expensive to hire.
Due to its eco-friendliness and lower operating costs compared to other yachts, the sailing yachts category commanded a significant proportion of the global market in 2021

WILMINGTON, Del., July 19, 2022 /PRNewswire/ -- The global yachting market size stood at more than US$ 22.3 Mn in 2021. The yacht industry statistics predict the market to rise at a CAGR of 6.1% during the forecast period, from 2022 to 2031. The global yacht charter revenue is likely to attain valuation of US$ 40.5 Mn by 2031. With more people owning yachts and more people becoming interested in luxury sailing, the global yacht charter market is likely to expand quickly. Due to better services provided by incumbent yacht charter firms as well as the entry of new companies with technologically superior vessels, the market is likely to be stimulated.

The popularity of luxury and motor yacht charter, growth of marine tourism, and rising tendency amongst high-net-worth individuals to rent yachts instead of buying them for special occasions are likely to drive the market's expansion. Additionally, yacht chartering businesses are using new business prospects in the yacht charter market by providing value-added services like onboard cuisine, onboard entertainment, as well as boat maintenance solutions to customers.

Due to rise in water-based leisure activities, high cost of ownership for yachts in regions like North America and Europe, boom in marine tourism, and a tendency toward yacht chartering over yacht ownership. The revenue from yacht charter is also anticipated to rise as a result of services like crewed chartering, cabin chartering, as well as skippered chartering.

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Key Findings of Market Report

The global yacht charter market is likely to observe an increasing trend of unique interior design, such as interiors crafted with exotic leather and products' visual consistency. Lighting, modern woodwork, and furnishings are increasingly being fitted onto sailing and motor boats, which is expected to fuel growth of the global yacht charter market.
In 2021, the retail consumer category led the global yacht charter market depending on customer type. Various high-net-worth individuals and tourists are chartering yachts more often, which is likely to contribute to its market dominance.
An increase in the popularity of aquatic leisure pursuits, water sports, as well as marine tourism is also expected to drive the global market for private yacht charter in the years to come. The practice of holding commercial and formal meetings between important state officials and businesspeople offshore aboard yachts is one of the emerging yacht industry trends that is estimated to strengthen the industry.

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Global Yacht Charter Market: Growth Drivers

The popularity of renting out motor boats, which are made to order and have marine outboard/engines, is rising. The decline in owner-operator yacht ownership owing to rising operating costs of a boat and engagement of largest yacht charter companies to help yacht owners manage their fleet effectively are likely to drive the market.
Based on volume, Europe led the global yacht charter market in 2021, partly as a result of the massive inflow of international visitors to areas like the Mediterranean region for maritime tourism and increase in water-based sports and pleasure activities.

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Global Yacht Charter Market: Key Players

Some of the key market players are

Super Yacht Logistics, LLC
Martello Yachting and Company
Boat International Media Ltd.
Sailing Thailand Island Cruises Co., Ltd.
West Coast Marine Yacht Services Pvt Ltd.
Zizooboats GmbH

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Global Yacht Charter Market: Segmentation

Yacht Type

Sailing Yachts
Motor Yachts
Catamaran Yacht

Yacht Size

Small
Medium
Large

Consumer Type

Corporate
Retail
Others

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