SEATTLE--(BUSINESS WIRE)--Yacht chartering is the practice of chartering or renting a motor yacht for traveling across coastal or island destinations. Yacht chartering is typically opted for vacation activity although it can be used for business events. There are two major types of charters namely skippered and bareboat. Skippered charter refers to a yacht is rented with a professional crew consisting of a captain/skipper who is responsible for maneuvering the yacht. Skippered charters are mainly used for larger yachts where the captain is required to have special nautical skills and experience.
The global yacht charter market is estimated to account for US$ 47.7 Bn in terms of value in 2019 and is expected to grow at a CAGR of 6.7% during forecast 2020-2027.
Market Drivers
- Increasing number of charter destinations is expected to accelerate growth of the global yacht charter market during the forecast period
- Rising income per capita is expected to boost the global yacht charter market growth over the forecast period
Market Opportunities
- Rising popularity of small yachts among couples can provide key market opportunities in the global yacht charter market
- Upgrading to eco-friendly technology can offer significant growth opportunities in the global yacht charter market
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Market Trends
1. Increasing consumer preference for medium and large yachts
Consumers, especially retail consumers, prefer to visit charter destinations in large groups as it is cost-effective as compared to individual and couple chartering. Moreover, this trend is further being promoted by rising number of high net worth individuals, who prefer to charter large luxury yachts. Various yacht charter companies are expanding their fleet of large and medium yachts to cater to this growing demand. For instance, in 2011, Sunsail launched Sunsail 444, a four-cabin catamaran yacht that is spacious and is designed to provide greater privacy to charter customers.
2. High demand in the corporate and retail sector
The corporate consumer segment comprises company executives who avail of yacht charter services for official purposes such as product launches and high-profile meetings. Corporate yacht charters are fully staffed and cater to every need of the executives. Yachts chartered for corporate events usually cater to elite clients with high disposable income. For instance, in 2015, Yachting Mediitererean, a yacht charter company based in Greece, provides luxury yachts for various events such as Monaco Grand Prix, Cannes Film Festival, and MPIM. Retail consumers usually charter yachts for leisure activities and social parties. Large yachts (over 50m) are most preferred by retail consumers usually comprising large groups of people, while individuals and couples tend to prefer small yachts (up to 30m).
Competitive Section
Major companies involved in the global yacht charter market are Antlos, Hanse Group, Sailogy S.A., Fun2Rent, Incrediblue Limited, Sunsail Ltd., Yachtico, Dream Yacht Charter, Boatbound Inc., Fraser Escape Bareboat Charters, The Moorings.
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Market Segmentation:
By Region
- North America
- Latin America
- Eastern Europe
- Rest of Europe
- Asia Pacific
- MEA
1. By Yacht Type
- Motor Yacht
- Displacement Type
- Semi-Displacement
- Planing
- Catamaran
- Trimaran
- Sailing Yacht
- Sloop
- Schooner
- Catamaran
- Ketch
2. By Consumer Type
- Corporate
- Retail
- Individual
- Family/Group
- Couple
- Others
3. By Yacht Size
- Large (over 50m)
- Medium (30m – 50m)
- Small (up to 30m)
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