Yacht Charter Global Market Report 2022: Consistently Growing Number of High Net Worth Individuals Bolsters Sector - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 9, 2023--
The “Yacht Charter Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030” report has been added to ResearchAndMarkets.com’s offering.
The global Yacht charter market was valued at US$ 16.49 Bn in 2021 witnessing a steady growth in recent years. However, with the onset of the COVID-19 pandemic, almost all operations in the yacht charter market were halted due to severe lockdown restrictions and lack of tourism.
On account of the significant drop in 2020 and estimated quick recovery in 2021 and 2022, the global yacht charter market is expected to bounce back with a CAGR of 25.6% during the forecast period from 2022 to 2030.
Consistently growing number of high net worth individuals to drive the global yacht charter market
The market is highly driven by rising inclination towards luxury cruising worldwide. This further complemented by consistently increasing number of high-net-worth individuals globally. In 2020, the number of high-net-worth individuals worldwide increased by nearly 9%, according to 2020 World Health Report by Capgemini. This represents a promising user base for yacht charter companies. With increasing interest in luxury cruising along with consistently increasing number of high net worth, especially in Asia Pacific, the yacht charter market is set to register robust growth over the forecast period.
Motor yachts segment to lead the market throughout the forecast period
Motor yachts segment led the overall yacht charter market in 2020. The segment contributed to over 70% of the total market value generated worldwide. Despite the exotic experience offered by sailing yachts, motor yachts are typically more preferred over the counterparts. This is primarily due to higher speed, power, space and luxury offered by motor yachts as compared to sailing yachts. Motor yachts have larger space for entertainment, bigger cabins and usable deck space. In addition, they are easier to operate as compared to sailing boats. Thus, people with limited sailing experience prefer chartering motor yachts. Other features offered by motor yachts include sophisticated communication & navigation systems, electronic entertainment systems and amenities.
Europe dominates the market with more than 50% market share; Asia Pacific to emerge as the next promising market
Europe led the overall yacht charter market worldwide with market share, in terms of value, of over 50% in 2020. The European market is principally governed by Mediterranean countries including Greece, Croatia, Italy, Spain and France among others in the region. In addition, the U.K., Germany and some of the Nordic countries too form major markets for yacht chartering business.
The market growth in Europe is primarily supported by favorable climate and spectacular natural beauty. In addition, the region is home to the 2nd highest number of high net worth individuals worldwide. This has further ensured substantial demand for yacht charter services in the region.
Geographic expansion and service enhancement to remain the key strategies
The overall yacht charter market is quite consolidated in nature with major companies such as TUI Marine (including Sunsail, Le boat and Footloose), Dream Yacht Charter and Kiriacoulis among others holding the majority of market share. These companies primarily have their operations in Europe and North America having strong yacht charter sector. In case of Asia Pacific, the region is home to large number of regional yacht charter companies serving limited number of countries, making the market quite fragmented in the region. This is attributed to low popularity of yacht chartering in the current scenario.
- Sailing Yachts
- Motor Yachts
- Small (Upto 30m)
- Medium (30 to 60m)
- Large (Above 60m)
- Bareboat Charter
- Crewed Charter
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Yacht Charter market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Yacht Charter market?
- Which is the largest regional market for Yacht Charter market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Yacht Charter market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Yacht Charter market worldwide?
Key Topics Covered:
2. Executive Summary
3. Yacht Charter Market: Business Outlook & Market Dynamics
4. Yacht Charter Market: By Yacht Type, 2020-2030, USD (Million)
5. Yacht Charter Market: By Yacht Size, 2020-2030, USD (Million)
6. Yacht Charter Market: By Contract Type, 2020-2030, USD (Million)
7. North America Yacht Charter Market, 2020-2030, USD (Million)
8. UK and European Union Yacht Charter Market, 2020-2030, USD (Million)
9. Asia Pacific Yacht Charter Market, 2020-2030, USD (Million)
10. Latin America Yacht Charter Market, 2020-2030, USD (Million)
11. Middle East and Africa Yacht Charter Market, 2020-2030, USD (Million)
12. Company Profile
- Boat International Media Ltd.
- Camper & Nicholsons International Ltd.
- Charterworld Ltd.
- Collaborative Boating Inc.
- Cosmos Yachting Ltd.
- Dream YC SARL
- Fairline Yachts Ltd.
- Fraser Yachts
- Kiriacoulis Mediterranean Cruises Shipping SA Le Boat
- Nigel Burgess Ltd.
- Northrop & Johnson Inc.
- Sailogy SA
- Sunsail Inc.
- The Moorings
- Yachtico Inc.
- Zizooboats GmbH
For more information about this report visit https://www.researchandmarkets.com/r/wrah22
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INDUSTRY KEYWORD: SPORTS YACHTING
SOURCE: Research and Markets
Copyright Business Wire 2023.
PUB: 01/09/2023 10:39 AM/DISC: 01/09/2023 10:39 AM