Growing affluent population with high disposable income is driving sales of luxury products such as yachts. Boat owners only occasionally use their yachts for sailing, and these vessels spend majority of the time at ports and incur considerable maintenance costs to owners.
Valley Cottage, NY -- (SBWIRE) -- 02/24/2018 -- The global yacht charter market, valued at US$ 8.5 Bn in 2015, is set to increase at over 7% CAGR through 2026, surpassing US$ 18 Bn in revenues. Yacht chartering is gaining popularity as a leisurely activity, especially among corporate consumers. Sailing yachts have a massive lead over motor yachts, with the former accounting for nearly 80% revenue share of the market in 2014. These insights are part of FMI's new research, "Yacht Charter Market (Under 24m length): Global Industry Analysis and Opportunity Assessment, 2016-2026."
Yacht charter service providers are using the reach of online mediums, such as websites and social media platforms to showcase their offerings. Increase in the number and range of yachts available for booking, and collaboration between yacht companies and leading travel agencies are key factors driving the growth of the global yacht charter market.
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FMI's report has segmented the global yacht charter market on the basis of cabin, consumer, yacht type, end-use, mode of operation, and region.
On the basis of cabin, the report has segmented the market into 2 cabin, 3 cabin, 4 cabin, and others. Yachts with 3 cabins and 4 cabins are popular among consumers -- in 2015, these two segments collectively accounted for over 70% of revenue share.
In a bid to identify the motive for chartering yachts, FMI has segmented the market on the basis of end-use. The key segments under end-use include instructional, events, vacation, adventure and sports, honeymoon, and others. FMI's research revealed that nearly 80% of consumers in the yacht charter market could be classified as vacationers. Owing to rising popularity of yacht chartering for annual events and adventure activities, vacation as an end-use segment is expected to witness a 90 BPS decline in its market share by the end of 2026 over 2015.
Yacht charter consumers have been broadly segmented into corporate and retail, with the former segment expected to increase at a higher CAGR during the forecast period 2016-2026. The retail consumer type has been further sub-segmented into individual, family/group, couple, and others. Among these, family/group consumers accounted for the bulk of retail bookings, representing nearly 65% revenue share in 2015.
Key segments on the basis of yacht type include sailing yacht and motor yacht. Motor yachts are further sub-segmented into displacement, semi-displacement, planing, catamaran, and trimaran, whereas key segments under motor sailing yacht include sloop, schooner, catamaran, and ketch. Sailing yachts are highly sought-after and represented nearly 80% revenue share in 2014.
On the basis of mode of operation, FMI's report offers 10-year forecast on the segments - operative and bareboat. Yachts with bareboat mode of operation are expected to increase at a higher CAGR than operative yachts.
Region-wise, the report offers market forecast for Mediterranean, Caribbean, Asia Pacific, Americas, and Rest of Europe, and Middle East and Africa. Mediterranean is the most popular yacht charter destination, with the region accounting for nearly 40% revenue share of the global market in 2014. Asia Pacific is emerging as a yacht charter destination, and is expected to offer significant opportunities to key players during the forecast period.
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Leading players in the global yacht charter market include Yachtico Inc., Boatbookings, Sailogy S.A., Antlos S.r.l, Collaborative Boating Inc., Fraser Escape Bareboat Charters, Princess Yacht Charter, TUI Group, and Zizooboats GmbH.