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Yacht Charter Market to Reach USD 11.06 Billion by 2030; Advantages of Marine Tourism and Efforts to Boost Coastal Tourism to Facilitate Market Augmentation

April 24, 2023 | Automotive & Transportation

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



  • January 2021: Burgess declared a new partnership with Marine Solutions in India. With this collaboration, Burgess aims to serve its existing clients better and build new relationships in India, enhancing its charter offering in the Indian Ocean.


List of Key Companies Profiled in the Report:



  • 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.)


Further Report Findings



  • As per contract type, the bareboat segment captured the largest yacht charter market share in 2022 due to the privacy offered by bareboat yachts as compared to crewed ones. Furthermore, people usually rent bareboat yachts for fishing, sporting events, or sailing from one destination to another, which is further driving segment expansion.

  • By end-user, the leisure segment led the market in 2022 due to expanding tourism industry. Furthermore, leading players are focusing on providing luxury cruising for their customers, which is expected to drive segment expansion.

  • Regionally, Europe dominated the market in 2022 due to increasing number of tourist destinations and growing popularity of marine tourism in the region. The rising popularity of water sports and fishing activities along with growing number of upper-class individuals are also responsible for regional market growth.


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



  • Bareboat

  • Crewed



By Yacht Size



  • Up to 40m

  • 40 to 60m

  • Above 60m



By Yacht Type



  • Motor Yacht

  • Sail Yacht

  • Others



By End-use



  • Leisure

  • Business

  • Others



By Geography



  • North America (By Yacht Type, By Yacht Size, By Contract Type, By End-use)

    • U.S. (By End-use)

    • Canada (By End-use)

    • Mexico (By End-use)



  • Europe (By Yacht Type, By Yacht Size, By Contract Type, By End-use)

    • Croatia (By End-use)

    • Germany (By End-use)

    • France (By End-use)

    • Spain (By End-use)

    • Italy (By End-use)

    • Rest of Europe (By End-use)



  • Asia Pacific (By Yacht Type, By Yacht Size, By Contract Type, By End-use)

    • China (By End-use)

    • Japan (By End-use)

    • Malaysia (By End-use)

    • Thailand (By End-use)

    • Australia (By End-use)

    • Rest of Asia Pacific (By End-use)



  • Rest of the World (By Yacht Type, By Yacht Size, By Contract Type, By End-use)


Global Yacht Charter Market
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  • 2022
  • 2019-2021
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