New York, United States , Feb. 12, 2024 (GLOBE NEWSWIRE) -- A motorized or sail-powered boat used primarily for leisure is a yacht. Yachts can be privately owned (by a person or a company) or leased out for charter. With lengths ranging from 75 feet to more than 250 feet, large, opulent, professionally crewed motor yachts, and sailing yachts are available. Many luxury yacht manufacturers also offer yachts for renting and private use to deliver a seamless luxury experience full of high standards and comfort. OEMs strategically focus on building high-speed yachts to satisfy consumer demand due to the rising popularity of water sports and marine tourism.
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Increased Purchasing Power and Rising Disposable Incomes Drive the Global Market
According to Straits Research, “The global yacht charter market size was valued at USD 15,205.2 million 2022. It is expected to reach USD 48,910.2 million by 2031, growing at a CAGR of 11.1% during the forecast period (2023–2031).” Yachting is undoubtedly a consumer discretionary activity, so the industry's growth is directly impacted by disposable income. Due to solid increases in purchasing power in developing countries, first-tier income-ranking countries no longer dominate the global economy. Furthermore, many OEMs are currently focusing on implementing alternative energy sources for yachting-related uses. Solar-powered yachts are becoming increasingly popular as alternatives to older, diesel-powered yachts. Instead of using conventional fuels, modern technologies like fuel cells, biodiesel, and hydro generators still offer much room for innovation.
Use of Middlemen and Hybrid Business Models Create Tremendous Opportunities
The yacht market is experiencing an increase in brokers' involvement in the market, along with an increase in buyers and charters. They are principally in charge of organizing viewings, agreeing on the terms of the sale, handling the paperwork, and collecting and allocating the proceeds. Customers are also drawn to renting yachts because they can view the interiors of the yachts in real time on their phones and tablets. The hospitality and leisure industries are seeing increased interest in yachts. For instance, the Ritz-Carlton hotel chain launched "The Ritz-Carlton Yacht Collection" in May 2018. This collection included modern duplex suites, a spa, a signature restaurant, and a bar. New cruises are being created by several lines, including those on small ships and luxurious vessels. Due to such participation, the market for yacht charters is expected to grow faster soon.
Europe Yacht Charter Market Share is expected to grow at a CAGR of 14.9% during the forecast period. Europe is the world leader in manufacturing luxury yachts, with Italy receiving the most orders in the area. Due to strong government support and many yacht manufacturers in the country, Italy has maintained its position as the top producer of luxury yachts in the world in recent years. However, market participants are currently examining their domestic and international customer bases to increase market share. Manufacturers in the European region are working harder to produce environmentally friendly yachts and are pursuing sustainable growth. For instance, Catamaran used 75% recycled materials to build a luxury yacht. After its useful life, the Vaan R4 can be recycled because it was made with recyclable, circular materials. Additionally, natural materials like certified wood, cork, linen, lyocell, a substitute for silk, and leather substitute made from plants are used to construct the boat. These programs provide high-end luxury while having no adverse environmental effects.
Asia-Pacific is anticipated to grow at a CAGR of 17.6% during the forecast period. The luxury yacht market in Asia-Pacific is expected to expand at the highest CAGR during the forecast period. High yacht project investments are expected to support market expansion in the region. The production of yachts is also anticipated to rise in the upcoming years due to expanded production facilities in the China and Taiwan region. Taiwan is beginning to show promise as a yacht manufacturing location in the Asia-Pacific region. Taiwan has attracted attention from all over the world for its inexpensive but luxurious yachts of the highest caliber, with consistent increases in revenue and average yacht length. It is anticipated that Asia-Pacific will increase its market share during the forecast period.
- Based on the size, the global yacht charter market is bifurcated into small (up to 30m), medium (30m-50m), and large (over 50m). The medium (30m-50m) segment is the highest contributor to the market and is expected to grow at a CAGR of 14.9% during the forecast period.
- Based on the size, the global yacht charter market is bifurcated into motor yachts and sailing yachts. The motor yacht segment is the highest contributor to the market and is expected to grow at a CAGR of 15.9% during the forecast period.
- Based on application, the global yacht charter market is bifurcated into vacation/ leisure and sailing. The vacation/ leisure segment is the highest contributor to the market and is expected to grow at a CAGR of 14.8% during the forecast period.
- Europe is the most significant revenue contributor and is expected to grow at a CAGR of 14.9% during the forecast period.
The Top 10 players in the global yacht charter market's are Boatsetter, Charter Yachts Australia, Fraser Yacht, Martello Yachting and Company, Nautal, Princess Yachts Limited, Sailogy S.A, Northrop and Johnson, Yachtico Inc, and Zizooboats Gmbh.
- In August 2022, Zizoo, a charter company, partnered with a marine tech SME globally.
- In February 2021, the world's top brand for luxury goods, Rolls-Royce Motor Cars, announced a new strategic partnership with Northrop and Johnson, the leader in luxury yachting and lifestyle.
Global Yacht Charter Market: Segmentation
- Small (Up To 30m)
- Medium (30m-50m)
- Large (Over 50m)
- Motor Yacht
- Sailing Yacht
- Vacation/ Leisure
- North America
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