Yacht Rental Market Outlook - 2027
The yacht rental market has rapidly grown while experiencing diversification and becoming one of the fastest-growing sectors across the globe. Modern tourism is expected to develop and encompass a growing number of destinations. The demand for yacht rental is rising with the growth of the tourism industry. The tourism yacht industry is introducing new strategies and planning, such as partnerships with corporates companies, insurance companies, and universities, to reduce the percentage of single-occupancy vehicles. The number of foreign tourists is expected to rise exponentially in developing countries. This is expected to offer tremendous opportunities to the tourism yacht rental players and further fuel the market growth over the forecast period.
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COVID-19 scenario analysis:
- The COVID-19 outbreak has severely affected all sectors and tourism has been the worst affected of all major economic sectors.
- Due to travel restriction across the globe in the pandemic situation, it has a significant impact on the tourism industry.
- Many tourist attractions across the world, such as museums, amusement parks, and sports venues, are closed and require new security guidelines before they reopen.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Rapid urbanization, increase in globalization, rise in disposable income, and growth in the tourism industry drive the yacht rental market over the forecast period. Moreover, strict government regulations regarding emission in various developed and emerging countries are anticipated to hamper the growth of the market. Furthermore, introduction of green vehicles and hybrid vehicles is expected to offer lucrative opportunities for the market growth in the coming years.
The yacht rental market trends are as follows:
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Rapid urbanization
Developing cities have been the main centers of learning, culture, and innovation. Rapid increase in population in many countries has resulted in rapid urbanization across the globe. The desire to explore new places among people has boosted the tourist industry for years now and it is expected to boost the tourism yacht rental market over the forecast period
Increase in disposable income
Developed countries provide many relaxations of taxes to their people, which increased the total personal income of an individual. In addition, governments in many countries are encouraging their people to travel around their respective country to explore their historic places, thereby boosting the tourist industry. Therefore, this is expected to boost the tourism yacht rental market over the forecast period.
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Key benefits of the report:
- This study presents the analytical depiction of the yacht rental market along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the yacht rental market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the yacht rental market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.
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