Global Yacht Charter Market Expected to Touch a Value of US$ 6,708.0 Mn by 2027
Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Yacht Charter Market: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)” offers a detailed analysis of the market, providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the global Yacht Charter market have been elaborated upon in the research report.
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The global market for yacht charter is expected to display steady growth during the period of forecast. The global yacht charter market has been witnessing consistent growth since 2012. According to this research, the global market for yacht charter, in terms of value, is anticipated to expand at a CAGR of 5.1% during the forecast period and is expected to reach a value higher than US$ 17 Bn by the end of the year of assessment (2027). Strong inclination of the younger audience towards sailing holidays, especially in European countries such as Italy and Croatia, driven by increasing disposable income has catalysed growth of the yacht charter market over the last few years.
The global yacht charter market is witnessing a trend of innovative interior design such as use of exotic leather for upholstery and aesthetic alignment of commodities inside the yacht. Motor and sailing yachts are equipped with modern furniture, woodwork, and good lighting. Moreover, 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. Eco-friendly yachts with low CO2 emissions are presented with various Environment Protection Awards by RINA – an organization that issues notation Green Plus to environmental-friendly ships on the basis of environment performance index, which includes impact of the vessel on the environment.
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Sailing yacht to reflect high market value in the years to follow
On the basis of type, the global yacht charter market has been segmented into motor yacht and sailing yacht. Sailing yacht segment is expected to represent largest share in terms of value. In terms of value this segment has been estimated to reach a value of over US$ 10 Bn by the end of the year of assessment. Revenue contribution of the segment to the global yacht charter market is expected to increase at a CAGR of 4.7% throughout the period of forecast.
Schooner to largely contribute to the growth of sailing yachts during the assessment period
Sailing yacht segment is further categorized into sloop, schooner, catamaran and ketch. In 2017, the schooner sub segment reflected a valuation a bit under US$ 2600 Mn whereas the sloop sub segment reflected a value of over US$ 2700 Mn. In 2017, the sloop sub segment dominated the market. However, the schooner sub segment gained high traction over years and surpassed the sloop sub segment and is estimated to touch a higher valuation of more than US$ 4100 Mn by the end of the year of assessment (2027) as this segment is also projected to register a higher growth rate than the sloop segment. The catamaran sub category is poised to grow at the highest rate to register a CAGR of 6.6% throughout the period of forecast and is anticipated to reach a value a little less than US$ 1500 Mn by end of 2027.
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