Growing inclination of young travellers toward sailing holidays will remain a prominent drive to market growth.
Valley Cottage, NY -- (SBWIRE) -- 10/10/2017 -- While booking large yachts to avail of attractive group discounts highlights a growing trend among U.S. consumers, providing advanced services through latest technologies, such as mobile applications will be a trend among yacht companies.
Global Yacht Charter Market: Driver and Trend Analysis
Rising adoption of boating and sailing vacations by affluent consumers in developed markets will continue to sustain the demand for yacht charter over the next decade. Collaborations of online yacht charter service providers with leading airline companies is one of the most sought after trends in the market.
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Future Market Insights, in its recently published market research report titled "Yacht Charter Market: Global Industry Analysis and Opportunity Assessment, 2016-2026," discusses the global market for yacht charter and delivers valued insights into all the critical factors impacting the market growth. The report considers a 10-year period for yacht charter market assessment and offers market estimations for various segments and regions over 2016-2026.
Future Market Insights projects passive growth for the global yacht charter market over the entire assessed period. The US$ 637 Mn yacht charter market is likely to expand at a CAGR of 3.3% through 2026. Eastern Europe, especially Croatia and Turkey, remain the top yacht charter destinations. Boat shows in the U.S., Italy, Fort Lauderale, and Genoa are identified to lure the maximum number of boat lovers.
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By type of yacht, motor yacht segment will remain dominant with over 78% share in 2026, accounting for the revenues worth US$ 690 Mn at the end of the forecast period. However, sailing yacht segment is identified to grow at a slightly higher rate during the decade. Posh interior designs and comfort will remain the top preferences of consumers while selecting the yacht type, whereas a trend of eco-friendly, fuel-efficient yachts is foreseen to propel over the next few years.
Based on consumer type, retail segment will gain a significant boost of around 100 BPS over the assessment period, possibly accounting for over 88% share of the market in 2026. Corporate segment is poised for sluggish growth throughout the forecast period.
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On the basis of yacht size, medium sized yacht segment (30m-50m) will retain dominance with over 60% market value share in 2026, followed by small sized yacht segment (up to 30m). Large yacht segment (over 50m) will continue to gain limited traction through 2026. According to Future Market Insights research, large and medium sized yachts will gain traction in retail consumers who prefer group holidays with booking discounts. On the contrary, small yachts will experience demand from families and couples.
By region, Europe will continue to rule the market with roughly 70% share of the total revenues in 2026, followed by North America. However, growth of the yacht charter market in the Middle East is expected to demonstrate a higher CAGR over the assessed period.
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