Yacht Charter Market to Earn US$14.987 Bn with Ultra-High Net Worth Individuals
Some of the leasing players of the global yacht charter market are Boatbound Inc. Fraser Escape Bareboat Charters, Charterworld Limited, Boat International Media Ltd., Boatbookings, Zizooboats GmbH, and Yachtico, Inc. Yacht charter includes renting yacht for leisure and entertainment purpose. Yacht owners usually charter their yachts in order to cover some part of maintenance cost when they are not using them.
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As per the TMR report, the global yacht charter market is projected to earn a US$14.987 bn by the end of 2025. The market is estimated to expand with 7.2% CAGR during the period between 2017 and 2025. The value of the market was worth US$8.123 bn in 2016 as per the TMR records. With regard to growth rate, the motor yachts are likely to draw more revenue into the market owing to their availability, ease of use, and high occupancy space. Based on consumer type, the market for yacht charter is seen to draw more revenue from retail consumers owing to the rise in the number of ultra-high net worth individuals.
Asia Pacific Market to Increase at Faster Rate Owing to Rise in Disposable Incomes
An important factor estimated to increase the demand for yacht charter market in the years to come is the hectic lifestyles of consumers all over and their rising disposable incomes which urges them to take some time off their routine life and go on a leisure holiday. Other than absolute relaxation, it also offers amazing adventures and a variety of destinations with all comforts.
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Due to technological advancements, there is less pain in booking yachts, therefore there is a surge for luxury yachts, which further adds to the benefit of the yacht charter industry at a larger scale.
From a geographical perspective, the global market for yacht charter is anticipated to be dominated by Europe in 2016. During the forecast period of 2017 to 2025, the European region is estimated to continue its dominance due to the increasing number of high net worth individuals. Apart from Europe, Asia Pacific is predicted to increase at a faster rate due to better and improved quality of yachts and its availability and the rise in disposable incomes of people. Most popular yacht chartering destinations in Asia Pacific region include Malaysia, Singapore, Australia, and Thailand.
Middle East and Africa is predicted to make impressive step in the years to come with a CAGR expansion of 7.8%. Countries in this region which are more likely to offer lucrative opportunities in this region are Dubai and Brazil.
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High Cost of Yachts during Peak Time Hindering Growth of Market
Although the yacht charter market has gained popularity over the years, factors like cyber security threats may restrict the growth in the overall market. Apart from that, high cost of the yachts during peak times may also hamper the growing demand for yachts at a global level. However, increase in disposable income is likely to boost up the market in the coming years.
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