Yacht Charter Market Analysis 2020: By Keyplayers Fun2Rent, Sunsail Ltd., Boatbound Inc., The Moorings, Yachtico, Hanse Group, Sailogy S.A., Fraser Escape Bareboat Charters, Dream Yacht Charter, Incrediblue Limited, and Antlos.

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Market Overview

Yacht charter is the practice of renting a motor yacht or sailboat and traveling to numerous island destinations. Yacht charters are typically used for vacation, business, and leisure activities. There are two types of charter namely skippered and bareboat, in which, bareboat charters involve a person renting a boat. Majority of bareboat companies offer courses to teach basic seamanship and prepare people for bareboat chartering. Various associated businesses such as yacht management, which assists in the construction of new yachts are also entering the market. Yacht charter companies are focusing on vertical integration with major yacht manufacturers in order to increase their revenue.

The global Yacht Charter Market was accounted for US$ 47.7 Bn in terms of value in 2019 and is expected to grow at CAGR of 6.7% for the period 2020-2027.

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Competitive Section

Key players operating in the global yacht charter market are Fun2Rent, Sunsail Ltd., Boatbound Inc., The Moorings, Yachtico, Hanse Group, Sailogy S.A., Fraser Escape Bareboat Charters, Dream Yacht Charter, Incrediblue Limited, and Antlos.
Market Dynamics- Drivers

1. Increasing number of yacht owners is expected to drive growth of the global yacht charter market during the forecast period

Increasing wealthy population with high disposable income has increased the sales of luxury products such as yacht charters. Yachts are typically used for vacation and leisure activities, which in turn, is expected to drive growth of the global yacht charter market during the forecast period. According to Coherent Market Insights’ analysis, in 2013, around 355 luxury yachts were sold across the globe and the number increased to 412 in 2014. According to the same source, the global yacht market is expected to be valued at US$ 73.8 billion in 2020.

2. Continuous advancements in technology are expected to propel the global yacht charter market growth over the forecast period

Many yacht charter companies across the globe are focused on incorporating novel technology into yachts, in order to cater to increasing tech-savvy consumer demands such as ambient lighting control in yachts. Thus, these factors are expected to boost the global yacht charter market growth in the near future. For instance, in 2013, Lumotics Marine installed a Sound 2 Light on a 60-meter yacht in southern Italy. The 400 watts LED lighting system allows consumers to customize the lighting inside the yacht.

Impact of COVID-19:

COVID-19 Pandemic have adversely affected the economies of various countries around the globe. According to the International Monetary fund Analysis, the global economy is expected to shrink down by 3% percent in the year 2020 compared to year 2019. Due to the reduction in the size of global economy the spending or purchasing power of people also decreases. These economic slowdown affected majorly Travel and Tourism Industry. Yacht charters are typically used for vacation, business, and leisure activities and widely used in the Travel and Tourism Industry. Owing to above mentioned factors, the COVID-19 is expected to restrain the growth of the market in the year 2020.
Market Opportunities

1. Growing emphasis on interior design of yachts can offer significant growth opportunities
There has been increased emphasis on the interior design of yachts with growing use of exotic leather upholstery and aesthetic alignment of commodities inside the yacht. Furthermore, motor and sailing yachts are equipped with modern furniture, woodwork, and beautiful lighting. For instance, Hanse Group offers Hanse 370 and Hanse 400 yacht models with a new deck layout and updated design characteristics. The floor is made in teak style and cushions are of light cream color. Hanse Group offers new hull colors to its variety of colors such as desert sand and trabbi blue.

2. Increasing preference for large yachts can present lucrative business opportunities
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. For instance, in 2011, Sunsail introduced the Sunsail 41 – a three-cabin monohull yacht. It is the latest addition to the current 39i and offers more space with 3 rooms and a 2-head layout.

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Market Trends

1. North America Trends

Consumers across North America are preferring to visit charter destinations in large groups. This is done to avail lucrative discounts offered by various yacht charter companies and also minimize individual expenditure by sharing among the group. Furthermore, in the U.S., consumers are more are preferring yachts that provide comfort instead of performance. Since majority of consumers are tech-savvy, yacht charter companies are focusing on providing customers yachts that are equipped with the latest technology. For instance, The Moorings offers Moorings 5800 catamaran, an airconditioned yacht with iPod AUX connections, and Apple TV.

2. Rest of Europe

Among the rest of the Europe region, Greece is the most popular destination for vacation and leisure activities. Most popular yacht charter destinations in Greece include Ionian Island, Aegean Islands, Cyclades, Dodecanese, Corfu, and Athens. Yacht charter companies offer various types of yacht charters in Greece, which includes luxury motor yachts, sailing, yacht charter, skippered, crewed yachts, and catamaran, powerboat, sailboat, and luxury yachts. Furthermore, the Greece yacht charter season starts in April and ends in October.

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This release was published on openPR.