Yacht Charter Market to Perceive Substantial Growth by 2031 end, Says TMR

The global yacht charter market is witnessing rapid growth, which can be primarily attributed to rising number of yacht owners and increasing interest in luxury cruising. This is encouraging new players to enter the market with technologically advanced yachts as well as improved services offered by existing yacht charter companies. Increasing water-based recreational activities, growing marine tourism, rising motor yacht and luxury yacht charter, and surging trend among high net worth individuals toward chartering yachts for particular occasions rather than buying them are some of the prominent factors responsible for the rise of the yacht charter market. In addition, yacht chartering companies are tapping into incremental opportunities in the yacht charter industry by offering value-added services such as onboard entertainment, onboard catering, and yacht maintenance services to their clients.

Global Yacht Charter Market Introduction
Yacht chartering is the practice of renting or leasing a sailboat or motor yacht and travelling to various coastal or island destinations. Traditionally, yachts were chartered mainly for leisure activities and vacations, but now they are increasingly being chartered for political and business events. The yacht charter industry is a part of the broader boat charter industry.

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Moreover, there is rising marine tourism, aquatic recreational activities, and preference to chartering than ownership of motor & luxury yachts due to increasing ownership costs associated with yachts in markets such as Europe and North America. Furthermore, the yacht charter revenue is also estimated to increase due to services such as cabin chartering, skippered chartering, and crewed chartering

Ongoing Trends in Global Yacht Charter Market
The yacht charter market is witnessing a growing trend of innovative interior design such as the use of exotic leather for aesthetic alignment of commodities and upholstery in the yacht. Sailing and motor yachts are becoming increasingly equipped with modern woodwork, lighting, and furniture. The market is also being driven by the growing interest of people in water sports, aquatic leisure activities, and marine tourism leading to the demand for private yacht charter. Another trend which is boosting the market is the conducting of business and official meetings between key state leaders and business people off shore on yachts. This is fueling the demand for luxury yacht charter in which luxury yachts equipped with state-of-the-art features such as onboard infotainment, swimming pool, food catering, and premium wooden interiors, and can accommodate between 50 to 100 people are chartered.

In addition, there is a growing trend of motor yacht charter, in which yachts are equipped with a marine outboard/engine and are custom built. The yacht charter market analysis reveals the fall in owner-operator model of yacht ownership due to increasing operational costs of a yacht and onboarding of yacht management companies to assist owners of yachts to run their yachts efficiently is also aiding the growth of the yacht charter market.

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Rise in Demand for Small Yachts of Length Between 10 and 20 Meters to Drive Global Market
The increase in the demand for small yachts can be attributed to the significant demand from retail clients. Small yachts are cheaper to charter and can be used easily in shallow waters. In fast growing markets such as Asia Pacific, yacht chartering is increasing due to rise in water-based leisure activities, marine tourism in regions including ASEAN and South Asia, and emergence of new business and state leaders who prefer to charter yachts for their political and business meetings. This has led to a significant demand for cost-effective small yachts, thus boosting the growth of the yacht charter market.

The price of procurement of a new yacht plays a significant role in deciding the rates of yacht chartering services. Small yachts are cheapest of all the yachts and suffice the requirements of most of the yacht chartering clients. This demand for cost-effective yacht chartering services is anticipated to propel the yacht charter market, as it has led to increased chartering of small yachts.

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