The global yacht charters market has witnessed growth due to rise in water sports and recreation activities along with surge in number of private islands on cruise itineraries.
PORTLAND, Ore., Jan. 8, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Yacht Charter Market by Type (Motorized yacht, Sailing Yacht and Others), Size {(Small (up to 30m), Medium (30m-50m), large (over 50m)}, and Application (Vacation/Leisure, Sailing and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global yacht charter market size was valued at $ 11405.2 million in 2022 and is projected to reach $ 20202.5 million by 2032, registering a CAGR of 6.9% from 2023 to 2032.
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116 – Tables
45 – Charts
255 – Pages
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Prime determinants of growth
Market expansion is being propelled by various factors such as growth of water sports and recreation activities and increase in number of private islands on cruise itineraries. However, the high cost associated with yacht charter and the weather and safety concerns hamper the growth of the market. Moreover, increased involvement of intermediaries & hybrid business models and a change in yacht infrastructure are expected to provide opportunities for market growth during the forecast period.
Report Coverage and Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$ 11405.2 million |
|
Market Size in 2035 |
$ 20202.5 million |
|
CAGR |
6.9 % |
|
No. of Pages in Report |
255 |
|
Segments covered |
Size, Type, Application, and Region. |
|
Drivers |
Growth of water sports and recreation activities. Increase in number of private islands on cruise itineraries. |
|
Opportunities |
Weather and safety concerns associated with yacht charter. Increased involvement of intermediaries and hybrid business models. |
|
Restraints |
High cost associated with yacht charter. Weather and safety concerns associated with yacht charter. |
The Small (Upto 30m) segment to maintain its leadership status throughout the forecast period
By size, the small (upto 30m) segment held the highest market share in 2022, accounting for more than two-fifth of the global yacht charter revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 7.3% from 2023 to 2032, owing to the water sports enthusiasm.
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The motor yacht segment to maintain its leadership status throughout the forecast period
By type, the motor yacht segment held the highest market share in 2022, accounting for more than three fourth of the global yacht charter market.
The Vacation/ Leisure segment to maintain its lead position during the forecast period
By application, the Vacation/ Leisure segment accounted for the largest share in 2022, contributing to nearly half of the global Yacht charters Market revenue, and is estimated to maintain its leadership status throughout the forecast period.
Europe to maintain its dominance by 2032
By region, Europe held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global Yacht charters Market revenue. However, the Asia-Pacific is expected to witness the fastest CAGR of 7.9% from 2023 to 2032.
Key Developments in the Yacht Charter Industry:
In October 2023, IYC, the yacht brokerage firm, initiated a new venture into the Middle East by establishing its inaugural branch in Dubai. This expansion is a result of a collaboration with Vision Investments Limited, a subsidiary of Al Ameeri Group Holding, marking IYC’s fifteenth global location.
In September 2022, the watercraft rental platform Boatsetter secured a funding of $70 million, aiming to transform into the “Airbnb of boats” with a goal to feature 50,000 listings in 700 global locations. This funding demonstrates Boatsetter’s commitment to expanding its presence and offerings in the yacht charter market.
Key Highlights of the Report:
The report presents a comprehensive analysis of the truck yacht charter market, offering detailed insights into market dynamics, trends, and key players.
The yacht charter market share has been thoroughly examined from 2022 to 2032, providing a comprehensive understanding of the industry’s growth trajectory.
The research study includes the latest developments in the yacht charter market, keeping stakeholders informed about emerging trends and innovations.
Top companies operating in the industry have been profiled in the research study, offering a detailed overview of their strategies, market presence, and contributions to the yacht charter sector.
The research study encompasses various segments and regions, providing a holistic view of the market landscape and helping stakeholders make informed decisions.
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Leading Market Players: –
Volkswagen Group
Ford Motor Company
Renault S.A
AB Volvo
General Motors
Mercedes-Benz AG (Daimler AG)
Toyota Motor Corporation
Tesla, Inc.
BMW AG
Hyundai Motor Group
The report provides a detailed analysis of these key players in the global yacht charters market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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