Yacht charters provide tourists with the freedom and luxury of exploring oceans, lakes, rivers and coastal areas in style. Yachts offer spacious accommodation with modern amenities along luxuries like kitchens, lounges and outdoor spaces. With growing tourism particularly water-based activities, yacht charter services have become popular options for vacationers looking for unique experiences.
The global Yacht Charter Market is estimated to be valued at US$ 59,730.75 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the yacht charter market is primarily attributed to the rising tourism activities globally. International tourist arrivals have increased substantially over the past few years. According to the data by the United Nations World Tourism Organization (UNWTO), international tourist arrivals grew by 4% in 2019. Charter yachts act as appealing alternatives for water sports and cruising activities and this is one of the key reasons behind their escalating demand. Charter services allow tourists to visit multiple destinations in style while avoiding high costs of yacht ownership. With tourists becoming more inclined towards unique experiences, the yacht charter industry is expected to witness steady expansion over the coming years.
Segment Analysis
The global yacht charter market is dominated by the sail segment. Sailing yachts are increasingly becoming popular among enthusiasts looking for recreational activity and adventure. They offer a different experience compared to motor yachts. The sailing segment accounts for over 60% of the global market share due to the growing preference for eco-friendly boating and sailing as a sport.
Key Takeaways
The Global Yacht Charter Market Demand is estimated to be valued at US$ 59,730.75 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.
The European region currently dominates the global yacht charter market with over 45% share. Countries like Greece, Italy, and France have seen significant growth in yacht charters over the past few years primarily due to their expansive coastlines and well-developed boating infrastructure. These countries attract boat enthusiasts from across the world for recreational sailing.
The Asia Pacific region is projected to witness the fastest growth during the forecast period. Rapidly growing tourism industries and improving coastal infrastructure in countries like Thailand, Malaysia, Indonesia, and Australia are driving the demand for yacht charters. Additionally, rising disposable incomes have boosted recreational boating in several Asia Pacific countries.
Key players
Key players operating in the yacht charter market are Fun2Rent, Sunsail Ltd., Boatbound Inc., The Moorings, Yachtico Hanse Group, Sailogy S.A., Fraser Escape Bareboat Charters, Dream Yacht Charter, Incrediblue Limited, and Antlos. These players are focusing on expanding their fleets and service networks to cater to the growing demand. Fun2Rent and Sunsail Ltd. have a significant market share due to their large boat rental fleets across popular boating destinations.
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