Yacht charters are sailboats that are either motorized or sail-powered and are primarily used for recreational purposes. Yachts can be privately owned (by an individual or a company) or chartered. Yachts with massive opulent and fully crewed motorboats or sailing yachts with lengths ranging from 75 feet to more than 250 feet are equipped with sumptuous amenities. Many yacht manufacturers now offer private charters of their vessels, offering a luxurious experience with high standards and comfort.OEMs are focusing their attention on developing high-speed boats to address the increasing demand from customers for marine tourism and water sports.
According to facts and factors, the global yacht market was valued at approximately USD 8.15 Billion in 2020 and is predicted to create revenue of roughly USD 11.05 Billion by the end of 2026, with a CAGR of approximately 5.20% between 2021 and 2026.
During a previous couple of years, the trend of renewing marine fleets has increased by roughly 7% to 8%. Due to numerous considerations such as the accessibility of its yards to many owners and the huge stretch of coastline with significant growth in the tourism sector, Europe and the Mediterranean areas account for a significant share of the yacht industry. The market’s growth is expected to be bolstered by the growing popularity of adventure travel and cruise vacations. According to BRL experts, more than 30 adventure cruise ships have been ordered, with the majority of them signing contracts.
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Top Market Players
Major players operative in the yacht market is AzimutBenetti, Bagliettos. p.a, Bavaria Yachtbau GmbH, BENETEAU, Brunswick Corporation, Cheoy Lee Shipyards Limited, Christensen Shipyards Ltd., Dyna Craft Ltd., Feadship, FerrettiS.p.a, FIPA Group, Fr. LurssenWerft GmbH & Co. KG, Blohm+Voss Shipyards, HanseYachts AG, Horizon Yacht Company, Kingship Marine Limited, Oceanco, Overmarine Group, Perini NaviS.p.a, Princess Yachts International Plc, SanlorenzoS.p.a, Shanghai Double Happiness Yacht Co., Ltd, Sunbird Yacht Co., Ltd., Sunrise Yachts, Sunseeker International, Trinity Yachts, Yantai CIMC Raffles Shipyard Limited and among others.
To increase their market share, the key market incumbents have facilitated the exercise, making investments, pursuing mergers and acquisitions, releasing new products and services, and maintaining competitive pricing for their goods and services.
Market Dynamics
To estimate the total attractiveness of the yacht market, current and prospective yacht industry trends are outlined. During the forecast timeframe, the top impacting factors emphasized opportunities. The rise of the yacht market is fueled by factors such as the increase in high-net-worth individuals and yacht tourism. In addition, a yacht charter is one of the primary elements driving the global yacht market forward. An increase in the number of private islands on cruise itineraries, rising disposable income around the world, the utilization of alternative energy sources, and an increase in the number of high nets worth individuals all are contributing to the growth of the yacht charter sector. In addition, when disposable income rises and lifestyles are becoming more chaotic, the demand for leisure activities rises. The ease with which a boat may be chartered has contributed to the popularity of yacht vacations among the young, who want to celebrate special occasions in style, which is expected to drive market growth.
Read Full Report: Global Yacht Market, 2021-2026
Europe is projected to dominate global yacht market growth
Throughout the projected period, Europe is expected to be the fastest-growing regional market. The rise in disposable income and a greater standard of living are the two major factors affecting the shift in the region’s population’s demand for yacht travel. The significant growth can be attributed to surging yacht purchases in the region. As a result of the region’s attractiveness and recent favorable policies passenger traffic in coastal and marine tourism is expected to increase in the next years. Fishing, kayaking, white-water rafting, sail training, and one-day scuba diving as well as boating trips, free diving, and snorkeling, are some of the examples of investments in coastal areas and leisure activities.
