Major players in the yacht charter market are Northrop & Johnson, Yachtico Inc., Sailogy S.A., Burgess, Princess Yacht Charter, Fraser Yacht, Beneteau S.A, Sunseeker International Ltd., The Moorings Limited, Camper & Nicholsons International Ltd., Sunsail Worldwide Sailing Ltd., Argo Nautical Limited, Kiriacoulis Mediterranean Cruises Shipping S.A., Boat International Media Ltd and Le Boat.
The global yacht charter market grew from $13.51 billion in 2022 to $14.94 billion in 2023 at a compound annual growth rate (CAGR) of 10.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The yacht charter market is expected to grow to $22.02 billion in 2027 at a CAGR of 10.2%.
The yacht charter market includes revenues earned by entities by chartering a motor yacht to make a profit off of the investment.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Yacht charter refers to a contract for the provision of sailing or motor yachts on a temporary basis.The charterer, or ship owner, hires out his ship for a price.
The skipper of the yacht does not have to be the person who charters the yacht. These are used for a specific period of time as a part of marine tourism for luxurious experiences.
Europe was the largest region in the yacht charter market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in yacht charter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of yacht charter are motorized yachts, sailing yachts, and other types.A sailing yacht refers to a small boat that uses wind power to propel it forward.
The contract includes bareboat charter, and crewed charter. The various sizes include large, medium, and small and are used in vacation or leisure, sailing, and other applications.
The growing popularity of luxury marine tourism is expected to propel the growth of the yacht charter market going forward.Marine tourism refers to leisure endeavors entailing travel away from one’s home and having the marine environment as their host or main focus.
Yacht charters are widely used as a premium form of marine tourism for luxurious and tremendous experiences. For instance, according to India.com, an India-based news portal, the luxury cruise tourism, the industry has seen a 50% increase in growth. The total number of cruise calls on Chennai, Cochin, Mumbai, Mangalore, and Mormugao was 285 in 2019 and is expected to climb to 593 in 2020. Therefore, the growing popularity of luxury marine tourism is driving the growth of the yacht charter market.
Product innovations are a key trend gaining popularity in the yacht charter market.Major companies operating in the yacht charter market are focused on developing new product innovation solutions to strengthen their position in the market.
For instance, in April 2022, Sunseeker, a UK-based luxury motor yacht manufacturer, launched a 30m Sunseeker 100 that started a new era in flybridge design and functionality for the British yard. This was the first 29.85-meter sunseeker consisting of unique entertainment features at the fore, the sweeping flybridge, with complete walk-around access from bow to stern, which is one of the exceptional entertainment areas that define the 100 Yacht.
In April 2022, Northrop & Johnson, a US-based superyacht brokerage and charter firm, acquired Superyacht Management Company SYM for an undisclosed amount.This transaction increases the range of superyacht services offered by Northrop & Johnson and establishes the firm as a full-service brokerage handling all facets of superyacht ownership.
Superyacht Management Company SYM is a France-based provider of services focused on the operational and management side of owning a superyacht.
The countries covered in the yacht chartermarket report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The yacht charter market research report is one of a series of new reports that provides yacht charter market statistics, including yacht charter industry global market size, regional shares, competitors with a yacht charter market share, detailed yacht charter market segments, market trends and opportunities, and any further data you may need to thrive in the yacht charter industry. This yacht charter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.