Yacht Charter Market to Exhibit a CAGR of 8.1% from 2024 to 2032; Market Value to Rise Owing to the Surge in the Popularity of Luxury and Marine Tourism

The global yacht charter market size stood at USD 7.74 billion in 2023. The market value is slated to rise from USD 8.33 billion in 2024 to USD 15.53 billion by 2032 at a CAGR of 8.1% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Yacht Charter Market Size, Share & Industry 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 Forecast, 2024-2032”

A yacht charter service, which provides boat rentals for leisure and recreational pursuits, helps people get the opportunity to hire watercraft. Moreover, yachts find common deployment in activities including sailing and fishing, specifically in European nations, providing a host of benefits from thrilling adventures to complete relaxation. The increasing trend of mobile apps and digital platforms for the booking of yacht charters is propelling the market expansion. An informative yet engaging booking process can be witnessed due to the high-quality visuals, detailed information, and intuitive navigation through each yacht provided on these platforms.

The enforcement of lockdowns and travel restrictions amid the COVID-19 pandemic in several regions directly influenced the yacht charter industry. The border shutdowns and movement limitations resulted in a decline in international travel, impacting the demand for the product, mainly in places that heavily depend on tourists.

Northrop & Johnson Released the 112’ (34.14m) Sunseeker Motor Yacht CORAZON  to Cater to the Bahamas

In June 2023, Northrop & Johnson announced the launch of the 112’ (34.14m) Sunseeker motor yacht CORAZON to meet the demands in the Bahamas. The charter incurs costs starting from USD 90,000 weekly, which does not include expenses. Moreover, ten guests across five cabins can be accommodated in this yacht.

Growth in the Popularity of Marine and Luxury Tourism to Impel the Market Expansion

The yacht charter market growth is driven by an increase in the popularity of medical and luxury tourism. The solution is regarded as an exclusive and premium form of travel, inclining people looking for personalized and high-end leisure experiences. In addition, there is a wider trend toward experiential travel, where people look for memorable and unique experiences.

Despite such growth opportunities, the high cost of yacht charters may impede the market growth.

Leading Companies Forge Partnerships to Launch New Products

The market is witnessing the deployment of a wide range of strategic initiatives by top companies to reinforce their industry position. Partnership strategies are being implemented by top companies to release new and improved capabilities of products.

List of Key Players Profiled:

• Worldwide Boat LLC (U.S.)
• Dream Yacht Group (U.S.)
• Northrop & Johnson (France)
• Sailo Inc. (Monaco)
• Camper & Nicholsons (Japan)
• Ocean Independence (Switzerland)
• Burgess Yachts (U.K.)
• The Moorings Limited (U.S.)
• Boatbookings (U.K.)
• Ritzy Charters LLC (U.S.)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/yacht-charter-market-105123

Key Industry Development

• January 2023: Dream Yacht Worldwide and Fountaine Pajot, the prominent builders of cutting-edge luxury catamarans, inked a deal for the launch of their fleet’s first collection of electric catamarans.

Further Report Findings

• Europe occupied the largest yacht charter market share in 2023 owing to the presence of a varied range of picturesque destinations and coastal landscapes in the region, which make it highly attractive for yacht charters.
• By yacht size, the market is segmented into 40 to 60m, up to 40m, and above 60m. The up to 40m segment registers the largest share. Yachts in this range have a higher cost-effectiveness than larger vessels with regard to operational costs, maintenance, and charter fees.
• On the basis of end-use, the market is segregated into business, leisure, and others. The leisure segment accounted for the major share in the market in 2023. High personalized experiences are provided by leisure yacht charting, which enables clients in tailoring their itineraries, enjoying customized services, and selecting onboard activities.

Table of Segmentation