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Yacht Charter Market to Rise on Back of Popularity of Nautical Travels Among Millennials

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Published on : Jun 29, 2020

ResearchMoz.us has announced the addition of a report, titled “Yacht Charter Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027”. The study offers a comprehensive assessment of key growth dynamics, share and size of major yacht types, and key trends impacting key consumer preferences. The multi-billion spawning market is expected to rise at single-digit CAGR during 2019 – 2027.

The consumer demand for yacht charter evolved primarily from the changing definition of luxury for millennials. The scope widened from the fact that per capita incomes in several economies have grown steadily and substantially over the past few years. Charter is emerging as a preferred way of enjoying the yacht experience in various populations around the world, thus propelling the expansion of the yacht charter market.

Yacht charter fleet owners are targeting millennials and young populations to shift their preference from luxury hotel to yacht charter. The target populations majorly comprise those going for nautical vacation rentals around the world. The trend has further receives a strong impetus from growing prospects of tourism in several parts of developing economies around the world. Of particular significance to the market dynamics, the global yacht charter market is expected to witness the popularity of motor yachts and catamaran yachts. Emerging trends in nautical travel and tourisms are expected to bolster prospects in the yacht charter market.

Growing popularity of multihull yachts among corporate customers is expected to bolster new avenues in the yacht charter market. They are getting attracted toward gymnasium, helideck, and Jacuzzis. In recent years, retail customers are expected to emerge as lucrative for service providers. Players in the market are coming out with different options, such as offering yacht sizes. In fact, retailers or travel agents will be the center of focus for several players.

One of the trends that might be prove to be increasingly crucial in shaping the future strategic landscape for various players is catering to preferences of consumers, particularly stratifying their environmental leaning for energy-efficient yacht. Thus, it is expected that in coming few years, electric or solar-powered yachts are expected to gather substantial steam. The yacht market might, as a result, see new normal. A case in point is extensive demand for multihulls. In coming years, top players must be active in understand emerging consumer preferences and hence recalibrating their strategies. This will give rise to modern travelers looking for new options in yacht charter.

Among the various regions in the yacht charter market, Asia Pacific is expected to rise at relatively higher rate than other regions and also when compared to the overall market. The regional market has been seeing several streams of new revenues from growing spending of populations of developing economies. Particularly, countries such as India has seen rise in consumer spending on luxury travel.

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Growing popularity of multihull yacht in various parts of the region is expected to pose tough competition to the leading regional market of Europe. Europe presently holds almost half of the share of the overall global market and is expected to lose some share to the rising prospects of the Asia Pacific market. The regional market is projected to attain at least 25.0% share of the global market by the end of the assessment period. The opportunities in the regional market have swelling steadily on the back of the largest increase in HNWI population in numerous economies of the region, including in China and India in recent years.

Some of the key players in the yacht charter market are Simpson Marine, Nicholson Yachts, Inter Yacht Charter, Yachtico, Inc., Dream Yacht Charter, Mertello Yachting Company, Boatbound Inc., Charter Yachts Australia, Boat International Media Ltd., and Northrop & Johnson.

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