Ease of Booking Services Provides Massive Traction to Yacht Charter Business

Yacht chartering, the practice of renting yachts for corporate of recreational uses, has emerged as a reliable and highly lucrative mode of earning for owners who use their yachts occasionally. Covering the high maintenance costs of yachts when not in use is one of the key factor to have compelled owners to rent-out their yachts. Over the past few years, the global market for yachts charter has witnessed massive traction rise owing to factors such as the rise in population of affluent people globally, increased popularity of yacht vacation among an increasingly affluent middle-class population, and the ease of booking through online platforms.

According to a detailed market research report by Transparency Market Research, the global yacht charter market is expected to register a CAGR of 7.2% CAGR over 2017 and 2025. Considering that the estimate holds true, the market is likely to rise to a revenue opportunity of US$14.987 bn by 2025. In terms of volume, the market is slated to rise to 7,684 units by the same period.

Listed below are some of the key trends observed in the global yachts charter market in the past few years:

Promising Development of Online Booking Platforms: In the past few years, there has been a major advancement in the way yacht charter services are booked. Owing to the integration of web-based or smartphone-based yacht charter applications with core yacht charter business, customers can easily search for yacht services on the internet, and make quick bookings. This factor has helped the global yacht chartering business pick significant momentum in the past few years.
Increased Preference for Large Yachts: It has been observed that the demand for large-sized yachts has increased massively in the past few years, hinting at the increased interest of large groups in yacht chartering for a variety of purposes.
Increased Preference of Consumers of Booking Services through Web-portals: Owing to vast improvements in online booking platforms and the increased usage of smartphones among consumers in the past few years, there has been a massive rise in bookings done through web-portals. The added convenience of booking through the web medium can be considered one of the key factors behind this trend. This trend has led to a promising rise in collaborations among yacht charter mediators and travel booking service providers, leading to increased promotion of yacht charter services.
Increased Popularity of Promotional Events: There has been a vast rise in popularity of promotional events and boat shows among buyers, sellers, and boat lovers in the past few years. This has emerged as an excellent prospect for yacht charter companies as well as yacht manufacturers to promote and market the latest yachts directly to the potential consumers.
Increased Preference for Luxurious Yachts: The global tourist has become more liberal when it comes to booking luxurious and expensive yachts over the years. Companies in the global yacht charter market could cash in the increased consumer preference to yachts with lavish interiors, despite the high cost of services.

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This release was published on openPR.