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Global Yacht Charter Market to Grow at a CAGR of 12.20% During 2022-2027, Aided by the Increasing Inclination towards Sea Exploration Activities

According to a new report by EMR titled, ‘Global Yacht Charter Market Report and Forecast 2022-2027’, the market attained a value of nearly USD 15.71 billion in 2021. The global yacht charter industry is further expected to grow at a CAGR of 12.20% between 2022 and 2027 to reach USD 31.32 billion by 2027.

The yacht charter industry is being driven by the increasing spending by business class population towards leisure and exploration activities to escape from work-induced stress, anxiety, and depression. In the modern era, people are attracted towards sea exploration and yacht sailing adventures. In addition to this, the rising standards of living, the rapid technological advancements bolstering the luxurious experience in marine tourism, and the growing awareness about yacht charter destinations across the world are some of the major driving factors for the market. Moreover, the emergence of online booking systems, which offer greater convenience to clients by reducing the complexity of documentation and bringing clarity to the terms and agreements, is anticipated to provide impetus to the market in the forecast period. Furthermore, the market is anticipated to be aided by the favourable government initiatives to support marine tourism.

In July 2020, Marine Max Inc. (NYSE: HZO) announced the acquisition of Northrop & Johnson at an undisclosed amount. This acquisition is likely to make Marine Max Inc. a prominent leader in the field of superyacht services.

In terms of region, Europe is likely to account for a significant share in the market and is anticipated to witness a steady growth in the forecast period. The strong foothold of major yacht charter firms and growing popularity of major yacht charter destination are the major factors driving the market in the region. In addition to this, the rising foot fall of tourists, inclined towards marine tourism and yacht sailing in the region is anticipated to aid the market in the coming years.

Market Breakup by Size, Type, Application, and Region:

  • The market is segmented based on size into small (up to 30m), medium (30m-50m), and large (over 50m).
  • Based on type, the market is divided into motor yacht, sailing yacht, and other yacht.
  • The significant applications include vacation/ leisure, and sailing, among others.
  • Region-wise, the global market for yacht charter can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for yacht charter is being driven by the increasing inclination towards leisure, adventure, and sea exploration activities.
  • The growing innovations and R&D activities aimed towards advancing the features of yacht are anticipated to attract more clients, which is expected to boost the market growth in the forecast period. 
  • The increasing disposable incomes and the growing popularity of various yacht charter destinations are anticipated to propel the market growth. 
  • The market is expected to be aided by the emerging facility of online booking, which offers greater convenience to clients.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for yacht charter for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the size, types, applications, and major regions of yacht charter.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global yacht charter market are Charter Yachts Australia, Princess Yachts Limited, Sailogy S.A., Yachtico Inc., and Northrop & Johnson Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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