The global Yacht Charter Market is valued at USD 7.5 Billion in 2022 and is projected to reach a value of USD 11.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.9% between 2023 and 2030.
The market for Yacht Charters has expanded significantly by over 15% annually. This development might be ascribed to the rising demand for individualized and unique travel experiences among high-net-worth individuals and luxury travelers.
Yacht Charter Market Size, 2022 To 2030 (USD Billion)
Many countries worldwide are developing policies to strengthen the coastal tourism sector due to climate change and environmental degradation. The maritime policy of the European Union supports the growth of coastal tourism and marine economic activity. For instance, In November 2022, Poland ranked eighth in the world and fifth in Europe in terms of exports of yachts. Poland produces ~22,000 yachts which include both general and luxury yachts.
The Yacht Charter sector had a fall in growth due to the COVID-19 pandemic's negative effects on world tourism. The pandemic led to a large drop in tourists visiting well-known locations and uncertainty and fear within the Yacht Charter sector. For instance, In 2022, U.S. yacht sales began to normalize after a period of solid growth. Consumer spending patterns shifted towards other accessible activities like travel, music concerts, and sporting events.
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- Europe generated more than 60% of the revenue share in 2022,
- Asia Pacific is expected to expand at the fastest CAGR from 2023 to 2030,
- By Contract Type, the Bareboat Contracted Yacht segment contributed more than 33% of revenue share in 2022,
- By Yacht Size, the 40m Yacht segment registered more than 40% of revenue share in 2022,
- By Yacht type, the Motorized Yacht segment recorded the most significant market share in 2022,
- By end use, Leisure Travel dominates the Yacht Charter market.
The Yacht Charter industry makes an essential contribution to the economy, and it also affects nearby communities and related businesses. Additionally, the market supports jobs in yacht maintenance and repair, brokerage, yacht management, and other related services. Collectively, the Yacht Charter industry provides employment opportunities for thousands of individuals globally. The expansion of ancillary sectors like yacht construction and the production of marine equipment also benefits from the market, which increases economic activity and investment. Marine tourism has a positive impact on economic growth in several ways. It also earns foreign exchange and contributes to government revenue. It creates jobs and makes an essential contribution to the local economy. In addition, it provides various sociocultural benefits such as strengthening communities and promoting sustainable tourism. Many countries worldwide are developing policies to strengthen the coastal tourism sector due to climate change and environmental degradation.
Top Market Trends
- Sustainability and eco-consciousness: As people become more aware of environmental problems, there is a noticeable movement towards sustainability in several different businesses, including the Yacht Charter market. Charter customers are looking for environmentally friendly options including yachts with alternative or hybrid propulsion systems, waste management techniques, and sustainable practices. In response, Yacht Charter firms are implementing eco-friendly policies, promoting eco-aware travel, and incorporating sustainable technologies and practices into their daily operations.
- Emerging Destinations & Unexplored Waters: While well-known Yacht Charter locations like the Mediterranean and the Caribbean still draw visitors, there is a rising trend towards visiting less-traveled-to and emerging locations. Charter customers want to explore uncharted waters to find pristine coastlines, fascinating cultures, and unique experiences. These regions include Southeast Asia, the South Pacific, and inaccessible islands. These growing locations are now included in the services of Yacht Charter companies, giving tourists the chance to journey outside of the usual tourist sites and partake in authentic off-the-beaten-path experiences.
- Wellness and well-being: The need for wellness and well-being has emerged as a major trend in the tourism industry, and the Yacht Charter market is no exception. Customers of Charter are looking for holistic experiences that encourage rest, renewal, and general well-being. Wellness amenities including aboard spas, fitness centers, yoga studios, and healthy food options are now available on Yacht Charters. Yacht Charter firms are introducing wellness-focused components to meet the growing demand for health-conscious vacation experiences, from wellness getaways to personalized wellness programs.
- Technological innovations: To improve the visitor experience and expedite operations, the Yacht Charter industry is adopting technological innovations. Luxury yachts are incorporating cutting-edge onboard amenities including high-speed internet connectivity, smart home automation systems, cutting-edge entertainment systems, and virtual reality experiences. Additionally, to offer seamless and individualized service to charter customers, Yacht Charter businesses are utilizing technology for effective booking procedures, online platforms for itinerary customization, and digital concierge services.
The global Yacht Charter market can be categorized on the following: Contract Type, Yacht Size, Yacht Type, End Use, and Region. Based on Contract Type, the market can be categorized into Bareboat and Crewed. Additionally, based on Yacht Size, the market can be split further into Up to 40m, 40 to 60m, and Above 60m. Moreover, based on Yacht Type, the market can be segregated into Motor Yachts, Sail Yachts, and Other Yacht Types. Furthermore, based on End Use, the market can be fragmented further into Leisure, Business, and Other End Uses. Likewise, the market is segmented based on Region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on the Contract Type
Bareboat Contracted Yacht Charters to Account for the Holds the Largest Share
Based on the Type of Contract, Bareboat Yacht Charters dominate the market for yacht rentals. In a bareboat charter, a yacht is rented without a crew or any other extras, and the charterer is solely responsible for navigating and running the boat. For seasoned sailors or people who prefer to run their own boat experience, this kind of charter offers flexibility and freedom. The sense of adventure, solitude, and control that bareboat charters give their clients can be credited for their popularity. Bareboat contractual Yacht Charters dominate the market, reflecting the preferences of independent and seasoned sailors who want the freedom to explore numerous leisurely locations.
Based on Yacht Size
40m Yacht to Accommodate the Maximum Revenue
Based on Yacht Size, it is anticipated that the Yacht Charter market will generate the most money from 40m yachts. These boats appeal to a sizable number of charter customers because they strike a mix between luxury, comfort, and manageability. 40m yachts are the perfect backdrop for a lavish and unforgettable charter experience thanks to their large room, high-end facilities, and elegant design. Having vast living spaces, roomy staterooms, and a range of onboard entertainment options, their size enables comfortable lodging for a greater number of passengers. The need for upmarket and large charter choices, which satisfy the tastes of charter clients seeking a high-end experience on the water, is shown by the popularity of 40m yachts in earning maximum revenue.
Based on Yacht Type
Motorized Yacht will dominate the market during Forecast Period
Motorized Yachts are anticipated to rule the Yacht Charter Market during the anticipated period. A wide variety of charter customers are drawn to the power, speed, and luxury that motorized boats offer. These yachts have strong engines that allow for quick navigation and efficient cruising, giving the freedom to visit several locations in a short amount of time. The numerous amenities and roomy interiors of motorized yachts also give charter guests a fashionable and pleasant setting. Motorized yachts are anticipated to maintain a strong market presence and draw a sizable portion of charter reservations due to their adaptability and attraction to both experienced yachting aficionados and first-time charterers.
Based on End Use
Leisure Travel is Dominate the Yacht Charter Market
The Yacht Charter market is expected to be dominated by leisure travel. Individuals and families wishing for opulent and memorable vacations are the main consumers of Yacht Charters. Charter passengers traveling for pleasure are looking for a chance to unwind, go on an adventure, and travel to far-off places in the utmost comfort and solitude. With access to breathtaking coastlines, secret anchorages, and top-notch amenities on board, Yacht Charters provide a distinctive and exclusive way to experience the sea. As travelers prioritize personalized and immersive travel, the demand for leisure Yacht Charters is expected to increase even further. This will make this market segment the dominant one and will encourage the creation of novel services and experiences that are catered to the wants and preferences of leisure travelers.
Based on Region
Europe to Lead Global Market due to the Region Being a Popular Tourist Destination
A renowned tourist destination, Europe is anticipated to dominate the worldwide Yacht Charter market on a regional basis. With its wide variety of coastal regions and attractive locations, Europe draws many travelers from all over the world. Particularly known for its magnificent scenery, clean waters, and lively coastal communities, the Mediterranean is a popular location for Yacht Charters. European nations with a rich nautical history, first-rate infrastructure, and a well-established network of marinas and yacht rental firms include Italy, Greece, Croatia, and France. The area's reputation in the Yacht Charter sector is further bolstered by its pleasant temperature, cultural attractions, and proximity to important international airports. The growth of the market in the region is anticipated to be fueled by the increasing popularity of fishing and aquatic sports, as well as the growing number of upper-class consumers. Market expansion is anticipated to be bolstered by European flight reservations, cooperation with online demand for charter service providers, and a rise in issued craft permits. The region's affluent populace is also likely to stimulate market growth.
The Yacht Charter Market is fragmented, with numerous small and large Yacht Charter companies, brokers, and online platforms, each offering its unique services and experiences. Companies are putting more emphasis on innovation, investing in new yacht purchases, implementing sustainable practices, and expanding their product offerings to include customized itineraries, wellness experiences, and technological improvements to acquire a competitive edge. Partnerships with five-star hotels, tour operators, and location management firms are becoming increasingly popular ways to expand customer reach and offer all-inclusive yacht vacation packages. As the market develops, the competition heats up, forcing businesses to stand out and offer great experiences to win over more customers. Additionally, the market participants are focused on enhancing the yachting experience for their consumers. In addition, with the increasing demand for yachts as a luxury product, participants are modernizing their yachts and training their crews to provide consumers with a superior travel experience. The market participants are investing in infrastructural enhancements such as online booking portals, websites, and marine satellite connectivity for connectivity and entertainment onboard.
The key players in the global Yacht Charter market include – Dream Yacht Charter (Italy), Yachtico (U.S.), Asta Yachting (Croatia), OceanBLUE Yachts Ltd. (UK), Simpson Marine (Hong Kong), Ocean Independence (U.S.), Imperial Yachts (Monaco), Northrop & Johnson (U.S.), YCO (UK), Burgess (U.S.) among others.
Recent Market Developments
- January 2022: Northrop & Johnson announced a partnership with Master & Dynamic, a renowned audio brand. This partnership will provide a Northrop & Johnson client with Master & Dynamic headphones, specially curated playlists, alongside other wellness items ideal for enjoying onboard a luxury yacht.
- September 2022: Angelina Yacht Charter of Biograd acquired an 85 percent stake in the Split-based charter company Ultra Sailing. With this acquisition, it will become the largest Croatian charter company. The combined fleet of vessels will exceed 260.
- January 2022: The Berg, a new luxury vessel, was introduced. This 55-meter vessel will be the first luxurious charter yacht to cruise the Nile. The charter route offered by Berge sails between Luxor and Aswan, taking in the scenery of the most renowned stretch of the Nile River, renowned for its architecture and natural beauty.
- January 2021: Burgess announced a new partnership with Marine Solutions in India. With this partnership, Burgess intends to serve its existing clients better and develop new relationships in India, enhancing its charter offering in the Indian Ocean.
Segmentation of the Global Yacht Charter Market
- Contract Type (Bareboat, Crewed)
- Yacht Size (Up to 40m, 40 to 60m, Above 60m)
- Yacht Type (Motor Yacht, Sail Yacht, Other Yachts)
- End-Use (Leisure, Business, Other End Uses)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Dream Yacht Charter (Italy)
- Yachtico (U.S.)
- Asta Yachting (Croatia)
- OceanBLUE Yachts Ltd. (UK)
- Simpson Marine (Hong Kong)
- Ocean Independence (U.S.)
- Imperial Yachts (Monaco)
- Northrop & Johnson (U.S.)
- YCO (UK)
- Burgess (U.S.)
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attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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