With growing application in luxury cruise businesses around the world, the demand for yacht charters is largely reliant on the overall net worth on people around the world. Owing to the relative ease of use, better navigation and communications, motorized yacht charters are preferred more by users, despite the exotic allure of sailing yachts.
As per a recent study by Future Market Insights on the global yacht charter market, European countries hold more than half of the worldwide market share, particularly those which are located in the Mediterranean including, Italy, Greece, and Spain. This can be attributed to the rising marine tourism business in the region driven by favorable climates and eye-pleasing natural environs.
Businesses Focus on Geographic Presence and Improvements of Service
The market for yacht charters is consolidated with key businesses including Le boat, Sunsail, Dream Yacht Charter, Footloose, and Kiriacoulis operating primarily in Europe and North America that already have an established culture for recreational sailing. On the other hand, the Asia Pacific market is fragmented, owing to the numerous regional businesses that are operating in a limited number of countries.
With rising popularity of yacht chartering activities in the countries of the Asia Pacific, businesses are working towards expanding their operations here. For example, Fraser Yachts announced the initiation of its operations in Hong Kong, Indonesia, Vietnam, the Philippines, and Thailand, in February 2018 to take advantage of the quick growth observed in the region in recent years. In addition to expanding their operations across many regions, charter companies have also modified their vacation packages for prospective tourists to visit a wide variety of international holiday destinations.
A key activity that has witnessed increased adoption by yacht charter businesses is to constantly enhance the yachting experience and services for the travelers. Users are increasingly showing a preference to greater luxury with state-of-the-art amenities and personalized services. This has resulted in the addition of facility enhancements including internet connectivity, online ticket bookings, and superlative hospitality experiences.
Technological Advancements Encourage Use of Eco-Friendly Materials in Yacht Charters
Yacht charter businesses are increasingly emphasizing on the introduction of yachts with technologically advanced such as audio visual systems to improve the experience of consumers on board. Newer variants of sailboats are also equipped with multiple communication and navigation tools such as Satellite Phones, GPS, and Wi-Fi, in addition to making use of eco-friendly materials and designs for eco-friendly sustainability.
For example, Oceanco released its most technologically advanced super-yacht, the Black Pearl, which offers the first true zero-emission cruising operations for a yacht that is larger than 100 meters. The vessel makes use of three 70-meter mast and sails that have been designed to supplement the hybrid power supply system with optimal energy inputs from the wind. The yacht also has a revolutionary recovery system to absorb excess heat, and push it back into the ship to be used for powering electronic accessories, among other facilities.
Similarly, Newcastle’s Safira yacht is made completely from recycled, reclaimed, or scrap materials, in addition to running on biodiesel fuel combinations, without compromising on luxury.
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