Significant Growth in The Maritime Tourism Sector in Most of Countries is Escalating the Growth of the Yacht Charter Market

Significant growth in the maritime tourism sector is driving the market. In addition, the growing preference for personalised services in tourism activities is driving the industry. In accordance with this, rising public participation in recreational and competitive boating activities around the world is driving up demand for yacht charters. In accordance with this, rising public participation in recreational and competitive boating activities around the world is driving up demand for yacht charters. Furthermore, rising per capita income levels and a growing preference for luxury trips to exotic locales are positively benefiting the market. Besides this, many significant firms are providing online yacht chartering services to their consumers, which are increasing in popularity among individuals. Aside from that, ongoing advances in yacht infrastructure, such as the development of hybrid business models, are contributing to the market's overall optimism. Other factors driving the market include the growing popularity of fishing and water sports, as well as the increased use of renewable energy as the principal fuel in various marine vehicles, including yachts, as a result of a greater emphasis on sustainable development among the general public. The launch of technologically advanced indoor Yacht Charters by the market players are some of the factors driving the growth of Yacht Charter Market. For instance, the French Revenue Authorities issued an official tax bulletin in January 2020 with some new restrictions that will apply to charter contracts executed after March 30, 2020. While the boat sails in EU waters, VAT will be paid at a 20% rate, and there will be no VAT when the yacht sails in foreign waters. Any boat in EU waters is subject to VAT in full.

According to Marketlook Consulting’ research report “Global Yacht Charter Market Analysis, 2021”, the Global Yacht Charter market is anticipated to grow at a CAGR of 6.76% during 2022-29 The market would reach USD 34.12 Bn by 2029.

Based on Yatch Type, Motor Yatch segment acquired a significant market share in 2021. This increase might be ascribed to an increase in demand for motor boats for personal and recreational purposes in many countries throughout the world. Motorboats have various advantages, including increased speed, power, and the ability to go to longer places in less time. Furthermore, motor boats can sail in shallow water, allowing customers to cross practically any shoreline as well as narrow and shallow streams. Furthermore, the growing number of athletic events, boating competitions, and tournaments creates a high demand for motor yachts.

Based on Charter Type, the Bareboat segment acquired a considerable market share in 2021 owing to escalating environmental and safety risks. A bareboat charter is an arrangement in which an individual rents ships without the supply of crews or services. The guy will be in command of the boat. The person or group of persons that rent the boat from the owner are responsible for its upkeep. Many bareboat chartering businesses also provide courses to teach students basic navigation skills and prepare them for bareboat chartering. Some firms may also provide captain charters, which include a skipper but no additional crew. Furthermore, the majority of bareboat boats that are chartered are up to 40 metres in length. Often, people lease bareboat yachts for fishing, sporting events, or sailing from one location to another.

“Global Yacht Charter Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Yacht Charter providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

Europe Dominated the Market

Based on Leading regions, Europe dominated the global Yacht Charter market in 2021 and is projected to maintain its dominance during the forecasted period 2022-29 because of the abundance of tourist locations and the rapid growth of the marine tourism industry. Croatia, Greece, Spain, and Italy are among the most popular tourist destinations and contribute significantly to the country's GDP. Furthermore, the growing popularity of fishing activities, and water sports, and the expanding number of upper-class individuals are expected to drive market expansion in the region during the projection period. Cooperation between airline booking and online charter service providers in Europe, as well as an increase in the number of watercraft licences given, are likely to drive market growth. Furthermore, the presence of high-net-worth individuals is projected to boost the market growth. Furthermore, the presence of high-net-worth individuals is projected to boost the market growth. According to the European Commission's study on the navigation and tourist industry (2017), there are around 6 million ships in European waters, with 60,000 hired yachts generating a total yearly revenue of 6 billion euros. Moreover, growing urban populace and surging awareness among people and escalating expenditure on health and well-being products are projected to fuel the demand for Yacht Charter in the forthcoming period as stated in Marketlook Consulting research report “Global Yacht Charter Market Analysis, 2021”. 

According to Marketlook Consulting’, the key players with a considerable market share in the global Yacht Charter market are Dream Yacht Charter, Ocean Independence, Imperial Yachts, Yachtico, Asta Yachting, OceanBLUE Yachts Ltd, Simpson Marine, Northrop and Johnson, Y.CO, Burgess.

Market Segmentation:

1. By Yacht Type (Motorboat Yacht, Sailing Yacht, Other Yacht Types)
2. By Charter Type (Bareboat, Crewed, Cabin)
3. By Size (Small (Upto 30m), Medium (30 To 60m), Large (Above 60m))
4. By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)
5. By End Use (Leisure, Business, Others)
6. By Company (Dream Yacht Charter, Ocean Independence, Imperial Yachts, Yachtico, Asta Yachting, OceanBLUE Yachts Ltd, Simpson Marine, Northrop and Johnson, Y.CO, Burgess)

Key questions answered in the study:

1. What are the current and future trends of the Yacht Charter industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Yacht Charter industry?
5. What is the customer orientation, purchase behavior, and expectations from the Yacht Charter firms across various regions?