Our in-depth analysis segmented the global yacht charter market in the following segments:
The global yacht charter market is expected to grow at a CAGR of 5.8% over the forecast period i.e. 2017-2024. Further, the market of yacht charter is expanding on the back of rising disposable income of the population and growing inclination of young travellers toward sailing holidays.
The global yacht charter market is segmented into yacht type, consumer, yacht size and region. Further, yacht type segment is sub-segmented into motor yacht and sailing yacht. Further, motor yacht segment captured the largest market of yacht charter in 2016. Likely, motor yacht segmented is believed to continue its dominance over the forecast period due to posh interior designs and comfort.
In terms of regional platform, with 69.1% in 2016, Europe region accounted the largest market of yacht charter. Further, Europe region is expected to continue its dominance by the end of 2024 due to numerous factors such as rapid urbanization and growing tourism. Likely, Turkey and Italy are the dominating countries in this region. Moreover, motor yacht is mostly used in this region by yacht service providers due to strong build and spacious. In addition to this, presence major yacht charter in Europe region is believed to foster the growth yacht charter market.
North America region captured the second largest market of yacht charter in 2016 in terms of revenue. Additionally, collaboration of online yacht charter and flight booking service providers in North America region is projected to propel the growth of yacht charter market. Furthermore, U.S. is the major contributor in the market of yacht charter in the region.
Middle East region is believed to be most lucrative market by the end of 2024. The growth of Middle East region is attributed to various factors such as rise in number of issued license for water craft and presence of wealthy population.
Global yacht charter market is further classified on the basis of region as follows:
Factor such as growing interest towards leisure activities such as sailing and growing number of tourism are envisioned to be the dynamic factor behind the rapid growth of yacht charter market across the globe. Moreover, advance booking methods are allowing consumers to book yacht while booking flights tickets is also believed to bolster the growth of yacht charter market by the end of 2024.
Further, favorable government programs to boost the tourism are also predicted to elevate the market of yacht charter. In addition to this, swelled disposable income coupled with positive GDP figures of developed and developing nations such as U.S. and others are projected to flourish the growth of yacht charter market. Likely, rising adoption of sailing vacations by affluent consumers is expected to boost the demand for yacht charter.
However, high cost related with yacht charter is anticipated to dampen the growth of yacht charter market over the forecast period.
The major key players for yacht charter market are as follows
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Ipsheeta Dash, Sadaf Naaz