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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.
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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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