Global yacht charter sales is expected to grow at a healthy CAGR of over 5.4% during the forecast period 2021-2031, according to a study by ESOMAR-certified market research firm, Future Market Insights (FMI). The study tracks yacht charter sales in 20+ countries, offering a lucid analysis on how growth trend will unfold.
Spurred by these factors, the market is poised to exhibit 5.4% between 2021 and 2031. Growth will continue as demand for recreational activities increases, especially with the expansion of the tourism sector.
Market players have been attempting to provide advanced yacht for charter as they have realised the value of incorporating cutting-edge technology. As a result, existing players are increasingly attempting to preserve full operational transparency and deliver advanced smart yachts with a range of smart technologies to offer multifunctional areas and spaces, main saloon, and beach clubt.
For instance, the sensational mega yacht LANA (107m/351.1ft) from Italian shipyard Benetti embraces art deco dignity and seamlessly blends it with the sporty curves, pale colours, and various textures of contemporary architecture. Guests will enjoy a beautiful beach club with fold-down terraces, a hammam-style spa and a gym, as well as big lounges with cinema-style seating.
Apart from that, yachts spend the majority of their time cruising within reach of the coast. As a result, the players are investing to make 4G LTE and 5G networks more available than ever before, offering cost-effective high-bandwidth connectivity to consumers on board through bonded 5G compliant data systems.
Such offerings entice customers to spend long hours with their families and friends, or to make their holidays memorable. All aspects of a luxury yacht, including navigation, safety, and extraordinary convenience, are improving due to new technologies.
Another factor that is expected to boost the growth of the yacht charters is the short-term rentals, which typically last one to three days and are not affected by seasonality, a factor that limits the number of days available for renting yachts. With the rising demand for short-term rentals, yacht charter service providers are concentrating on regular rental rates for two-day yacht charters, which are usually 40-50 percent of the weekly fare.
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Key Takeaways from the Yacht Charter Market Study
- The yacht charter market is forecast to rise at a CAGR of 5.4% between 2021 and 2031.
- High spending on luxury vacations catapults the U.S. as a key market.
- Demand in Thailand will continue rising in response to the expanding tourism sector
- Indonesia and Maldives will emerge as popular yacht charter destinations in Asia Pacific
- Demand in GCC countries will rise at above 7% CAGR between 2021 and 2031
“Leading players in the global yacht charter market are nvesting in cutting-edge yacht interiors, such as the use of one-of-a-kind textiles and fabrics with an emphasis on sustainability to match the yacht aesthetic. Unique motor and sailing yachts with new decor, woodwork, and beautiful lighting are introduced by businesses,” says an FMI analyst.
Impact of COVID-19 on the Market:
Before the COVID-19 pandemic, there was a moderate rate of growth in the demand for yacht charter globally. After the pandemic, major global markets have faced dual impacts. The demand for technology-driven motor yacht has increased due to its variety of benefits. But with stay-at-home orders and safer-at-home advisories issued across the world the demand of the yacht charter has decelerated in response to the implementation of various restrictions. The restrictions were also imposed on the tourist places such as Indonesia, Malaysia, the U.K. and the U.S.
Who is winning?
Some of the key players present in the yacht charter market are NORTHROP & JOHNSON, Yachtico Inc., Sailogy S.A., Sweet Escape Yacht Charters, ARGO NAUTICAL LIMITED, Burgess, Sunseeker , Royal Yacht International, Ionian Catamarans and IYC, Mooring Company, and Zizooboats GmbH, among others. Extensive discount offerings on the yacht charters during the seasons and on some events such as corporate parties or pre-wedding shoots and other such events has driven a desire among end consumers to opt for the charters embedded with smart technologies.
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Yacht Charter Market by Category
Yacht Type
- Sailing Yacht
- Sloop
- Schooner
- Catamaran
- Ketch
- Motor Yacht
- Displacement Type
- Semi-Displacement
- Planing
- Catamaran
- Trimaran
Size
- Small (up to 30m)
- Medium (30m-50m)
- Large (over 50m)
Consumer Type
- Corporate
- Retail
- Individual
- Family/Group
- Couple
Region
- Rest of EMEA
- APAC
- Americas
- Mediterranean
- Caribbean
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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