Key companies competing against one another in the global yacht charter market are Yachtico, Inc., Zizooboats GmbH, Boat International Media Ltd., and Charterworld Limited. Besides these, other prominent names in the market are Burgess, Incrediblue Limited, Boatbound Inc., Martello Yachting and Company, Northrop & Johnson, Fairline Yachts Ltd., SuperYacht Logistics, Fraser Yachts, and West Coast Marine Yacht Services Pvt. Ltd. Keen players in the global yacht charter market are shifting their gaze towards the emerging markets in Asia Pacific, Latin America, and the Middle East and Africa, where increasing spending capacity of people and relatively new tourist hotspots spell a lot of opportunity for them.
A report by Transparency Market Research forecasts the global market for yacht charter to register a 7.2% CAGR during the period between 2017 and 2025 to attain a value of US$14.987 bn by 2025 from US$8.123 bn in 2016. Volume-wise, it predicts the market to grow to 7,684 units from 6,054 units in 2016 by clocking a healthy 7.2% CAGR.
The different types of yacht in the global yacht charter market are sailing yachts, motor yachts, and catamarans yachts. Among them, the sailing yacht accounts for a substantial share in the market due to their soaring popularity with first time sailors and sea enthusiasts. Sailing yachts can be further sub-segmented into classic yachts, open yachts, etc.
Asia Pacific is considered a lucrative market that will likely outshine all others in terms of growth rate. The market in the region is receiving a major boost from the rising number of charter destinations, increasing wealth of people, and greater availability of yachts. Thailand, Australia, Singapore, and Malaysia are some of the popular yacht chartering destinations in Asia Pacific. The market in Asia Pacific is slated to expand at an 8.0% CAGR from 2017 to 2025, as per the TMR report.
Increasing Number of Yacht Charter Destinations Proves Beneficial for Market
Yacht charter involves renting a yacht for entertainment purposes such as corporate parties and vacations. Yacht owners commonly charter their yachts when they are not using them, in order to cover some of the maintenance costs.
Majorly fuelling the global market for yacht charter is the changing lifestyle of people and the increasing number of yacht charter destinations, worldwide. Additionally, the ease of booking yachts and emergence of ones built with superior technology and better materials are also serving to up demand in the market. Business and corporate houses are particularly driving up demand in the market with bookings for office parties in serene places. As a result, the demand for large yachts are growing at a considerable rate, especially among large groups for hosting corporate parties.
Emergence of High Net Worth Individuals to Create Growth Opportunities
A noticeable trend in the market is the rising demand for luxury yachts due to the increasing wealth of people. Thus, improving disposable incomes is likely to have a positive influence on the global market. The emergence of high net worth individuals and growing demand for holidaying is also expected to open up several opportunities for the global market in the near future.