Yacht charter market expected to reach a valuation of US$28 billion by 2031, growing at a healthy CAGR of 5.3%: IMF

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Yacht charter market by yacht (sailboats, motor yachts), size (small, medium, large), consumer (corporate, retail (individual, family/group, couple)) and region – forecast 2022-2031

Future Market Insights (IMF), Dubai: Global yacht charter Market sales is expected to grow at a healthy CAGR of over 5.3% over the forecast period 2022-2031, according to research by ESOMAR-certified market research firm, Future Market Insights (IMF). The study tracks yacht charter sales in over 20 countries, offering a lucid analysis of how the growth trend is changing.

Yacht Charter Market Size (2022) US$17.57 billion
Revenue forecast (2031) $28 billion
Global market growth rate (2022-2031) 5.3% CAGR
Dominant regional market Europe (31.9%)

Market players have attempted to provide state-of-the-art yachts for charter as they have realized the value of incorporating state-of-the-art technology. As a result, existing players are increasingly trying to maintain full operational transparency and offer advanced smart yachts with a range of smart technologies to offer multi-functional areas and spaces, a main salon and a beach club.

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For example, the sensational mega yacht LANA (107m/351.1ft) from Italian shipyard Benetti embraces art deco dignity and blends it seamlessly with the sporty curves, pale colors and diverse textures of contemporary architecture. Guests will enjoy a beautiful beach club with fold-out sundecks, a hammam-style spa and gym, and large lounge areas with cinema-style seating.

Other than that, yachts spend the majority of their time cruising within reach of the coast. As a result, players are investing to make 4G LTE and 5G networks more available than ever, delivering cost-effective high-speed connectivity to onboard consumers through linked 5G-enabled data systems.

Such offers entice customers to spend long hours with family and friends, or to make their vacation memorable. All aspects of a luxury yacht, including navigation, safety and extraordinary comfort, are improving thanks to new technologies.

For example, DLBA Naval Architects has developed an autonomous superyacht. Tempo, the yacht, will integrate artificial intelligence (AI) into various aspects of its architecture. This will not only improve the onboard experience, but it will also mean that some systems will be able to operate without human intervention.

Another factor expected to drive the growth of yacht charters is short-term charter, which typically lasts one to three days and is unaffected by seasonality, a factor that limits the number of days available for yacht charter. yachts. With the growing demand for short-term charters, yacht charter service providers are focusing on regular charter rates for two-day yacht charters, which are typically 40-50% of the weekly rate.

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Key lessons from the yacht charter market research

  • The yacht charter market is expected to grow at a CAGR of 5.4% between 2021 and 2031.
  • High spending on luxury vacations is catapulting the United States as a key market.
  • Demand in Thailand will continue to rise in response to expanding tourism sector
  • Indonesia and the Maldives will become popular yacht charter destinations in Asia-Pacific
  • Demand in GCC countries will grow at a CAGR above 7% between 2021 and 2031

“Major players in the global yacht charter market are investing in state-of-the-art yacht interiors, such as the use of unique textiles and fabrics with an emphasis on durability to match the aesthetics of the yacht. unique motor and sailing yachts with new decor, woodwork and beautiful lighting are being introduced by companies,” says an IMF analyst.

Impact of COVID-19 on the market:

Prior to the COVID-19 pandemic, there was a moderate growth rate in yacht charter demand around the world. After the pandemic, major global markets faced a double impact. The demand for technology driven motor yachts has increased due to its variety of advantages. But with stay-at-home orders and stay-at-home advisories issued across the globe, demand for yacht charters has slowed in response to the implementation of various restrictions. The restrictions have also been imposed on tourist locations such as Indonesia, Malaysia, the United Kingdom and the United States.

Who wins?

Some of the major players present in the yacht charter market are NORTHROP & JOHNSON, Yachtico Inc., Sailogy SA, Sweet Escape Yacht Charters, ARGO NAUTICAL LIMITED, Burgess, Sunseeker, Royal Yacht International, Ionian Catamarans and IYC, Mooring Company and Zizooboats. GmbH, among others. Numerous offers of discounts on yacht charters during seasons and on certain events such as corporate parties or pre-wedding shoots and other similar events have sparked the desire of end consumers to opt for integrated charters to smart technologies.

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Architects and builders are looking for natural and certified green building materials. Alternative energy sources such as the sun, wind and waves can now be harnessed with the help of technological advancements. The use of waste water treatment methods and compostable supplies, as well as the recycling and disposal of unnecessary plastic waste, are all employed.

The players are focusing their efforts on providing eco-friendly yachts to contribute to long-term initiatives. For example, the Black Pearl is an eco-friendly private yacht that recently received a Boat International Design and Innovation Prize. When the boat is sailing, electricity is supplied and sent back to the batteries, so the diesel-electric hybrid engine does not need a charging station.

In 2019 Feadship Company launched the 75 meter motor yacht 703 ‘Arrow’ for charter at its Aalsmeer shipyard. H2 Yacht Design produced the company’s Arrow yacht.

Key segments of the yacht charter industry survey

Yacht charter market per yacht:

  • Boat
    • Sloop
    • Schooner
    • Catamaran
    • Ketch
  • Motor yachts
    • Type of trip
    • Semi-displacement
    • Planing
    • Catamaran
    • Trimarans

Yacht charter market by size:

  • Small yachts (up to 30m)
  • Medium yachts (30m-50m)
  • Large yachts (over 50m)

Yacht charter market by Consumer:

  • Corporate Yacht Charters
  • Retail yacht charter
    • Individual
    • family group
    • Couple

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Key Questions Answered by the Report

  • At what CAGR is the global yacht charter market expected to grow during the forecast period?
  • How big is the yacht charter market?
  • Who are the main yacht charter providers?
  • What is the most lucrative market for yacht charter?
  • What has been the impact of COVID-19 on the global yacht charter market?

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About Future Market Insights (IMF)

Future Market Outlook (IMF) is a leading provider of business information and advisory services, serving clients in more than 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, USA and India. Latest news from the IMFmarket research reportsand industry analysis help businesses meet challenges and make critical decisions with confidence and clarity in the midst of fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.

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