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The global yacht charter market size was USD 7.22 billion in 2022. Fortune Business Insights™ in its report titled “Yacht Charter Market Size, Share & COVID-19 Impact Analysis, By Yacht Type (Motor Yacht, Sailing Yacht, and Others), By Yacht Size (Up to 40m, 40 to 60 m, and Above 60m), By End-use (Leisure, Business, and Others), By Contract Type (Bareboat and Crewed), and Regional Forecasts, 2023-2030” observes that the market is projected to grow from USD 7.59 billion in 2023 to USD 11.06 billion by 2030, exhibiting a CAGR of 5.5% during the forecast period. OEMs are increasingly focused on developing luxury feature and high speed yachts to meet the surging demand for marine tourism and water sports activities. Moreover, yacht rental companies are also offering convenient booking facilities through mobile applications and online platforms, thus aiding market growth.
Dream Yacht Worldwide to Partner with Fountaine Pajot and Launch First Collection of Electric Catamarans
In January 2023, Dream Yacht Worldwide and Fountaine Pajot, builder of leading-edge luxury catamarans, announced their partnership to launch the fleet’s first collection of electric catamarans. The Aura 51 Smart Electric will be the first electric model introduced to the Dream Yacht Worldwide fleet, available for charter in Italy beginning April 2023. The companies are aiming to achieve sustainability and decrease ecological impact, and have agreed to bring more than 22 electric yachts to the Dream Yacht fleet by spring of 2024.
Fall of Tourism Sector Amid COVID-19 to Hinder Market Expansion
The rising incidences of COVID-19 worldwide and the growing number of deaths in several economies resulted in the implementation of travel restrictions and nationwide lockdowns. This affected the tourism sector negatively as people stayed at home to stay safe from the virus. The number of tourists traveling to different economies declined, which created disturbances in the market. Leading companies are taking many steps to overcome the uncertainty created by the pandemic, including safety and precautionary measures in charter contracts. In Europe, Asia Pacific, Latin America, and the Middle East & Africa, the market slowed down during 2020 due to uncertainties.
Advantages of Marine Tourism and Efforts to Boost Coastal Tourism to Facilitate Market Augmentation
Marine tourism has a positive impact on the global economy in several ways. It contributes to government revenue and is an important source of foreign exchange for economies. It offers several socio-cultural benefits such as promoting sustainable tourism and strengthening communities and also creates jobs. Many countries worldwide are developing policies to strengthen the coastal tourism sector due to environmental degradation and climate change. Furthermore, the maritime policy of the European Union supports the growth of coastal tourism and marine economic activity, thus driving the yacht charter market growth.
On the other hand, the high base cost of yacht charter services and hidden costs, such as insurance, VAT, crew gratuities, and meal prepayments, will act as challenges for businesses operating in this domain.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/yacht-charter-market-105123
Partnerships Between Industry Leaders to Aid Market Expansion
Leading yacht charter companies often make tactical moves such as product launches, partnerships, mergers and acquisitions, and collaborations to strengthen their positioning in the global market and hold a dominant revenue share. For example, in January 2023, Camper & Nicholsons joined forces with the Yacht Club de Monaco to consolidate the Principality’s position as a center of excellence for yachting. Yacht Club de Monaco aims to foster innovation and spearhead a sustainable future for the yachting sector with the Monaco, Capital of Advanced Yachting initiative. Through this partnership, Yacht Club de Monaco is taking responsibility for mobilizing these stakeholders and establishing a commitment to both the future survival of yachting and the environment.
Notable Industry Development
List of Key Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 5.5% from 2023 to 2030 |
Unit | Value (USD billion) |
Segmentation | By Contract Type
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By Yacht Size
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By Yacht Type
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By End-use
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By Geography
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