The global yacht charter market is witnessing a trend of increasing yacht sizes. This is owing to rising preference of customers to explore destinations in large groups. Manufacturers are focused towards retrofitting old yachts, especially motor yachts, in order to make them more fuel efficient and reduce CO2 emissions
Valley Cottage, NY -- (SBWIRE) -- 07/02/2019 -- Future Market Insights (FMI) delivers key insights and presents a revised forecast of the global yacht charter market in its upcoming outlook titled "Yacht Charter Market: Global Industry Analysis (2012–2016) and Opportunity Assessment (2017–2027)." In terms of value, the global yacht charter market is expected to expand at a CAGR of 5.1% during the forecast period due to various factors, which FMI offers vital insights in detail.
Global Yacht Charter Market: Segmentation Analysis
On the basis of yacht type, the global yacht charter market has been segmented into motor yacht and sailing yacht. Motor yacht segment is further sub segmented into Displacement Type, Semi-Displacement, Planing, Catamaran, and Trimaran. Whereas, sailing yacht is sub segmented into sloop, schooner, catamaran, and ketch. Motor yacht segment is estimated to account for the largest share by 2017 end.
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This report discusses trends driving growth of each segment and offers analysis and insights of the potential of the global yacht charter market in specific regions that include Caribbean, Mediterranean, Rest of EMEA, Americas and APAC. Among all these regions, the yacht charter market in the Mediterranean has been estimated to dominate the overall market in terms of value. In terms of value, yacht charter market in the region is expected to expand at a CAGR of 4.3% over the forecast period. The market in Mediterranean is expected to remain dominant over the forecast period.
By consumer type, retail segment is the largest with a high market valuation. It is estimated to reach a value of around US$ 15 Bn by the end of the year of assessment. The corporate segment is poised to grow at a high CAGR throughout the period of forecast.
By yacht size, small (<30M) segment is expected to dominate the global market by the end of the year of assessment. The medium (30-50M) segment is projected to grow at a stellar CAGR of 7.6% throughout the period of assessment.
Global Yacht Charter Market: Dynamics Influencing Growth
Rising number of promotional events showcasing yachts, technological advancements, growing number of online yacht service providers, increasing number of yachts available on rent are some of the factors which will drives the growth of global yacht charter market during the forecast period. Moreover, Yacht charter service market has witnessed significant adoption from younger audiences who want to experience sailing holidays. Majority of young customers are first-time boaters, who often celebrate events such as birthday and weekend parties in the form of yacht vacations. Currently, the number of offline yacht charter bookings is substantially high; however, emergence of online yacht charter service providers have proved to be a useful marketing platform for providers in the market, and is expected to attract an increasingly larger number of young customers over the forecast period.
Customers in Americas prefer to visit charter destinations in large groups. This is primarily to avail group discounts offered by various yacht charter companies and also to reduce individual spending by sharing expenses among the group. In the Florida, consumers are more inclined towards yachts that provide comfort rather than performance. Moreover, as most consumers in the region are tech savvy, yacht charter companies focus on providing customers with yachts equipped with the latest technology.
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Global Yacht Charter Market: Competitive Assessment
This report covers detailed profiles of key players in yacht charter market, which includes key strategies, key developments, product offerings and others. Key companies profiled in this report are Yachtico Inc, Boatbookings (Enitiative.biz, Ltd.), Sailogy S.A, Antlos S.r.l., Collaborative Boating Inc., Fraser Escape Bareboat Charters, Princess Yacht Charter, TUI Group, Zizooboats GmbH.