Global Industry Analysis: What is Yachts Charter Market, Size, Share, Growth, Trends and Forecasts 2016–2024″ is a report on the “Yachts Charter Market.”
What is Yachts Charter Market
The most basic definition of chartering a yacht is paying a price to rent out an owner’s superyacht for an agreed-upon period of time while following a pre-arranged schedule of the destinations you will be visiting while on board. In addition to having access to the superyacht’s amenities, which may include a pool, beach club, theatre, and toybox (which commonly contains equipment for water sports such as wakeboarding and snorkelling), you will also get access to the superyacht’s crew and crew members. Guests will be looked after by the yacht’s crew during charters, who will take care of their every need, including ferrying them to and from shore, washing their laundry, and preparing meals prepared by the yacht’s chef.
Size Of Yachts Charter Market
According to a CAGR of 5.2 percent, the global yacht charter market size would rise from 2020 to 2027 to a value of USD 6.5 billion. Luxurious marine tourism and personalised services are driving the industry’s rapid expansion, according to experts. The market is predicted to grow as more people participate in competitive and recreational boating activities around the world.
Yachts Charter Market Share
In the 20ft to 50ft range, yachts can be used for both pleasure and business travel. It is projected that the category below 20ft would take the second place in terms of both year-on-year growth and market share in the upcoming years.
The epidemic had a devastating effect on the yacht charter market. The impact on the industry is evident, as many companies experienced supply chain disruptions as a result. The growth of the sector was hampered by a lack of qualified workers.
Yachts Charter Market Trends
In order to stay one step ahead of the competition, several charter companies have arrangements with yacht manufacturers that guarantee them access to new yachts for charter.
Imperial Yachts and Admiral Yachts’ parent business, The Italian Sea Group, signed a new 100-meter project, Project Titanium, in March 2021. There is a target date of 2025 for the completion of Titanium.
In July 2020, MarineMax will acquire Northrop & Johnson, which would offer the company with complete global boating solutions.
New yachts in the fleet necessitated a large investment in fleet upgrades by charter businesses.
For example, Northrop & Johnson reported closing transactions on the 120-foot (37-meter) Benetti motor yacht TANUSHA, two Pershing yachts LOUNOR and AMJU, and the Lürssen classic 130-foot (39.7-meter) superyacht ARIONAS in May 2021.
Situational Analysis of the Competitive Landscape
The yacht charter market is moderately fragmented, with a large number of participants in the field. A large number of new businesses are entering the market. Burgess, Northrop & Johnson, and Dream Yacht Charter are some of the leading companies in the market. The corporations are expanding their reach by increasing the size of their fleets and entering new and uncharted markets.
Scope Of The Yacht Charter Market
The yacht charter market is divided into three categories: charter type, yacht type, and geographic location. The market is divided into three categories based on charter type: bareboat, cabin, and crewed. The market is classified based on yacht type into three categories: sailing yachts, motorboat yachts, and other yacht types. The market is divided into four geographical segments: North America, Europe, Asia-Pacific, and the Rest of the World.
