Insights on the Yacht Charter Global Market to 2028 – Impact Analysis of COVID-19
Dublin, Feb. 23, 2021 (GLOBE NEWSWIRE) — The “Yacht Charter Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2020 to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global Yacht charter market was valued at US$ 10.91 Bn in 2019 witnessing a steady growth in the recent years.
However, with the onset of the COVID-19 pandemic, almost all operations in the yacht charter market were halted due to severe lockdown restrictions and lack of tourism. Thereby, the overall global yacht charter market witnessed a decline of about 85% in 2020, accounting to only US$ 1.63 Bn in terms of market value. However, with easing lockdown restrictions in most countries coupled with resumption of the overall tourism industry, the yacht charter market is expected to steady reach pre-COVID-19 levels by 2022. On account of the significant drop in 2020 and estimated quick recovery in 2021 and 2022, the global yacht charter market is expected to bounce back with a CAGR of 25.6% during the forecast period from 2020 to 2028.
Consistently growing number of high net worth individuals to drive the global yacht charter market
The market is highly driven by rising inclination towards luxury cruising worldwide. This further complemented by consistently increasing number of high net worth individuals globally. In 2020, the number of high net worth individuals worldwide increased by nearly 9%, according to 2020 World Health Report by Capgemini. This represents a promising user base for yacht charter companies. With increasing interest in luxury cruising along with consistently increasing number of high net worth, especially in Asia Pacific, the yacht charter market is set to register robust growth over the forecast period.
Motor yachts segment to lead the market throughout the forecast period
Motor yachts segment led the overall yacht charter market in 2019. The segment contributed to over 70% of the total market value generated worldwide. Despite the exotic experience offered by sailing yachts, motor yachts are typically more preferred over the counterparts. This is primarily due to higher speed, power, space and luxury offered by motor yachts as compared to sailing yachts. Motor yachts have larger space for entertainment, bigger cabins and usable deck space. In addition, they are easier to operate as compared to sailing boats. Thus, people with limited sailing experience prefer chartering motor yachts. Other features offered by motor yachts include sophisticated communication & navigation systems, electronic entertainment systems and amenities.
Europe dominates the market with more than 50% market share; Asia Pacific to emerge as the next promising market
Europe led the overall yacht charter market worldwide with market share, in terms of value, of over 50% in 2019. The European market is principally governed by Mediterranean countries including Greece, Croatia, Italy, Spain and France among others in the region. In addition, the U.K., Germany and some of the Nordic countries too form major markets for yacht chartering business. The market growth in Europe is primarily supported by favorable climate and spectacular natural beauty. In addition, the region is home to the 2nd highest number of high net worth individuals worldwide. This has further ensured substantial demand for yacht charter services in the region.
Asia Pacific is set to register the fastest growth in yacht charter over the forecast period. The market here is majorly governed by steadily increasing discretionary income of the people in the region. Similarly, growing interest of people in luxury cruising is another important factor supporting the market growth. Southeast Asia has witnessed profound growth in yacht charter market since the past few years. Apart from the regional tourists, number of Western tourists too has increased dramatically over the period. One of the most prominent factors driving yacht charter business in Asia Pacific is relatively low cost of cruising as compared to Western destinations. In addition, improving infrastructure plays a prominent role in supporting the regional yacht charter market growth.
Geographic expansion and service enhancement to remain the key strategies
The overall yacht charter market is quite consolidated in nature with major companies such as TUI Marine (including Sunsail, Le boat and Footloose), Dream Yacht Charter and Kiriacoulis among others holding the majority of market share. These companies primarily have their operations in Europe and North America having strong yacht charter sector. In case of Asia Pacific, the region is home to large number of regional yacht charter companies serving limited number of countries, making the market quite fragmented in the region. This is attributed to low popularity of yacht chartering in the current scenario.
However, with growing popularity of yacht chartering in Asia Pacific, companies are taking efforts to increase their presence in the region. For instance, in February 2018, Fraser Yachts announced the opening of its new offices in Indonesia, Hong Kong, Thailand, Vietnam and the Philippines. The expansion was made taking into consideration the rapid growth observed in yacht chartering sector of the region. Apart from geographic expansion, companies also focus on increasing their vacation packages for multiple destinations.
Another prominent strategy adopted by yacht charter companies is continual efforts towards improving the yachting experience for their users. With increasing popularity of yacht chartering, users are now more inclined towards luxury cruising that provides numerous facilities and superior experience. As a result, yacht charter companies are investing on improving facilities such as online booking, internet connectivity and improved hospitality onboard.
Key questions answered in this report
- What was the market size of yacht charter in 2019 and forecast up to 2028?
- Which is the largest regional market for yacht charter?
- What are the top destinations for yacht charter?
- What are the key market trends observed in the yacht charter market?
- Which is the most promising yacht type and yacht size in yacht charter market?
- Which is the most popular contract type preferred worldwide?
- Who are the key players leading the market?
- What are the key strategies adopted by the leading players in market?
Unique data points of this report
- Statistics on high net worth individuals (HNWI) and ultra-high net worth individuals (UHNWI) per region
- The market size for yacht charter services has been calculated on concrete parameters including distribution of HNWI & UHNWI worldwide, luxury goods & services industry scenario and regional yacht industry
- In addition, dynamics in tourism industry across different geographies have been equally considered for estimating the growth rate and forecast market size
- Attractive investment proposition for yacht size segment as well as geography
- Comparative scenario for all the segments for years 2019 (actual) and 2028 (forecast)
Key Topics Covered:
Chapter 1 Preface
Chapter 2 Executive Summary
2.1 Market Snapshot: Global Yacht Charter Market
2.2 Global Yacht Charter Market, By Yacht Type, 2019 (US$ Bn)
2.3 Global Yacht Charter Market, By Yacht Size, 2019 (US$ Bn)
2.4 Global Yacht Charter Market, By Contract Type, 2019 (US$ Bn)
2.5 Global Yacht Charter Market, By Geography, 2019 (US$ Bn)
Chapter 3 Market Dynamics
3.1.1 Global Yacht Charter Market Value, 2018 – 2028, (US$ Bn)
3.2 Market Drivers
3.3 Market Growth Inhibitors
3.3.1 Impact Analysis of Drivers and Restraints
3.4 Key Market Trends and Future Outlook
3.5 Attractive Investment Proposition, by Geography, 2019
3.6 Competitive Analysis
3.6.1 Market Positioning of Key YC Companies, 2019
3.6.2 Key Strategies Adopted by the Leading Players
Chapter 4 Global Yacht Charter Market Analysis, by Yacht Type, 2018 – 2028 (US$ Bn)
4.2 Sailing Yachts
4.3 Motor Yachts
Chapter 5 Global Yacht Charter Market Analysis, by Yacht Size, 2018 – 2028 (US$ Bn)
5.2 Small (Upto 30m)
5.3 Medium (30 to 60m)
5.4 Large (Above 60m)
Chapter 6 Global Yacht Charter Market Analysis, by Contract Type, 2018 – 2028 (US$ Bn)
6.2 Bareboat Charter
6.3 Crewed Charter
Chapter 7 North America Yacht Charter Market Analysis, 2018 – 2028 (US$ Bn)
7.2 North America Yacht Charter Market Analysis, By Yacht Type, 2018 – 2028
7.3 North America Yacht Charter Market Analysis, By Yacht Size, 2018 – 2028
7.4 North America Yacht Charter Market Analysis, By Contract Type, 2018 – 2028
7.5 North America Yacht Charter Market Analysis, By Region/Country, 2018 – 2028
Chapter 8 Europe Yacht Charter Market Analysis, 2018 – 2028 (US$ Bn)
8.2 Europe Yacht Charter Market Analysis, By Yacht Type, 2018 – 2028
8.3 Europe Yacht Charter Market Analysis, By Yacht Size, 2018 – 2028
8.4 Europe Yacht Charter Market Analysis, By Contract Type, 2018 – 2028
8.5 Europe Yacht Charter Market Analysis, By Region/Country, 2018 – 2028
Chapter 9 Asia Pacific Yacht Charter Market Analysis, 2018 – 2028 (US$ Bn)
9.2 Asia Pacific Yacht Charter Market Analysis, By Yacht Type, 2018 – 2028
9.3 Asia Pacific Yacht Charter Market Analysis, By Yacht Size, 2018 – 2028
9.4 Asia Pacific Yacht Charter Market Analysis, By Contract Type, 2018 – 2028
9.5 Asia Pacific Yacht Charter Market Analysis, By Region/Country, 2018 – 2028
Chapter 10 Rest of the World (RoW) Yacht Charter Market Analysis, 2018 – 2028 (US$ Bn)
10.2 RoW Yacht Charter Market Analysis, By Yacht Type, 2018 – 2028
10.3 RoW Yacht Charter Market Analysis, By Yacht Size, 2018 – 2028
10.4 RoW Yacht Charter Market Analysis, By Contract Type, 2018 – 2028
10.5 RoW Yacht Charter Market Analysis, By Region/Country, 2018 – 2028
Chapter 11 Company Profiles
11.1 Boat International Media Ltd.
11.3 Camper & Nicholsons International Ltd.
11.4 Charterworld Ltd.
11.5 Collaborative Boating, Inc.
11.6 Cosmos Yachting Ltd.
11.7 Dream YC SARL
11.8 Fairline Yachts Ltd.
11.9 Fraser Yachts
11.10 Kiriacoulis Mediterranean Cruises Shipping SA
11.11 Le Boat
11.12 Nigel Burgess Ltd.
11.13 Northrop & Johnson, Inc.
11.14 Sailogy SA
11.15 Sunsail, Inc.
11.16 The Moorings
11.17 Yachtico, Inc.
11.18 Zizooboats GmbH
For more information about this report visit https://www.researchandmarkets.com/r/19zlhg
CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900