- Increasing adoption of sailing and boating vacations by wealthy consumers in developed markets is likely to maintain market demand.
- The corporate segment is poised to sluggish growth over the forecast period.
- Europe will continue to retain its dominance in the global yacht charter market.
The future of the global yacht charter market is positive, according to the report generated by Trends Market Research. The yacht charter market is anticipated to witness moderate CAGR over the forecast period.
Eastern Europe, especially Turkey and Croatia will remain top yacht charter stations. Boat shows arranged in Italy, Genoa, the U.S. and Fort Lauderdale are identified to captivate maximum number of boat lovers.
Drivers and trends of the Market
Increasing adoption of sailing and boating vacations by wealthy consumers in developed markets is likely to maintain the demand for yacht charter during the next decade. Collaboration of online yacht charter service providers with prominent airline companies is the most sought after trend in the market.
Growing desires of young travelers for sailing holidays will positively influence growth of the market. While booking large yachts to avail group discounts highlights increasing trend among U.S. consumers, delivering advanced services through recent technologies, such as mobile applications will be a trend among yacht players.
Motor yacht segment, by yacht type is likely to retain its dominance in the market with more than three-fourth market share in 2025. However, the sailing yacht segment is likely to witness slightly higher growth over the decade. While selecting the yacht type, comfort and posh interior design are likely to remain top preference of consumers, whereas a trend of fuel-efficient and eco-friendly yacht is foreseen to propel the next few years.
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Corporate Segment to Exhibit Sluggish growth
On the basis of consumer type, retail segment will grow significantly over the forecast period and this is expected to account for over 87% market share in 2025. Whereas, corporate segment is poised to sluggish growth over the forecast period.
Based on yacht size, medium size yacht segment will dominate the market with nearly two-third value share of the market in 2025 followed by small size yacht segment. Large yacht segment will gain comparatively lower traction through 2025. Retail customers who go for group holidays with availing discount offers opt for medium and large sized yachts. On the other hand, high demand for small yachts will derive from couples and families.
Middle East to Witness Highest Expansion for Yacht Charter Market
Geographically, Europe will continue to retain its dominance in the global yacht charter market with nearly two-third of revenue share over the forecast period, followed by the North America. However, expansion of yacht charter market in the Middle East is anticipated to register highest CAGR throughout the forecast period.
Some of the leading players operating in the yacht charter market include TUI Group (The Moorings Limited and Sunsail Worldwide Sailing Ltd.), Antlos S.r.l., Yachtico Inc., Boatbookings (Enitiative.biz Ltd.), Sailogy S.A., Collaborative Boating Inc., Fraser Escape Bareboat Charters, Zizooboats GmbH, and Princess Yacht Charter (Princess Yachts International PLC)