Yachts Charter to be worth US$14.987 bn by 2025, globally - Transparency Market Research

Albany, New York, Nov. 08, 2017 -- The prominent companies in the global yacht charter market are rivalling against each other. The key companies in the global market include names such as Boat International Media Ltd., Zizooboats GmbH, Yachtico Inco., Charterworld Limited, SuperYacht Logistics, Fairline Yachts Ltd., Martello Yachting and Company, Boatbound Inc., Incrediblue Limted, Burgess, West Coast Marine Yacht Services Pvt. Ltd., and Fraser Yachts among others. The key players in the global yacht charter market are now changing their focus towards the upcoming market in Latin America, Middle East and Africa, and Asia Pacific. These areas are where the spending capacity of people is on the rise and comparatively new tourist spots are expected to create a lot of opportunities for the market players to enhance their presence and market share.

The overall valuation of the global yacht charter market stood at a worth around US$8.123 bn in 2016. The figure is expected to expand and reach a valuation worth US$14.987 bn over the course of the given forecast period of 2017 to 2025. This growth of the global yacht charter market is expected to be achieved with the help of a steady CAGR of 7.2% during the aforementioned forecast period. In terms of volume, the global market is expected to clock a growth from 6,054 units in the year 2016 to 7,684 units with the help of a healthy CAGR of 7.2%.

There are different types of yachts available in the global market such as motor yachts, sailing yachts, and catamarans yachts. Among these, the segment of sailing yachts is expected to account for a considerable share in the global market because of the increasing popularity with the sea enthusiasts and first time sailors. Sailing yachts can be additionally segmented into open yachts, classic yachts among others.

In terms of geographical segmentation, the global market for yacht charter is expected to be dominated by Asia Pacific with respect to growth rate. Some of the key reasons behind the growth of the region is the increasing number of charter destinations, growing wealth of people in the region, and easy availability of yachts. Singapore, Australia, Malaysia, and Thailand are some of the immensely popular destinations for yacht chartering in the Asia Pacific region. The region of Asia Pacific is expected to grow at a strong CAGR of 8.0% over the course of the given forecast period of 2017 to 2025.

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Changing Lifestyles of People across Globe to Drive Market Growth

Chartering of yachts involve renting a yacht for the purpose of entertainment such as vacations and corporate parties. Yacht owners usually charter their yachts when they are personally using them, so as to cover up some of the maintenance cost of these yachts.

One of the key factors driving the growth of the global yacht chartering market is the altering lifestyle of the people across the globe. Another important factors projected to fuel the growth of the global yacht chartering market is growing number of destinations for yacht chartering. In addition to this, bookings for such yachts has become very easy and the quality of yachts has also become very superior and technologically advanced.

Emergence of Individuals with High Net Worth to Create Ample Opportunities of Growth

A significant trend that has been noticed in the market is the increasing demand for luxury yachts because of the growing wealth of people. Therefore, improving spending power is expected to have a positive impact on the overall growth of the global yacht chartering market. The emergence of individuals with a high net worth is expected to create numerous lucrative opportunities for the growth of market.

This review is based on the findings of a TMR report, titled, “Yachts Charter Market (Type - Sailing Yacht (Classic Yachts and Open Yachts), Motor Yachts (Classic Yachts and Open Yachts), and Catamaran Yachts (Classic Yachts and Open Yachts); Yacht Size (Small, Medium, and Large); and Consumer Type (Corporate and Retail)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”

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