A new study by Report Ocean states that the global yacht charter market is likely to register a high rise in the years to come. The study is titled “Yacht Charter Market by Type (Motorized yacht, Sailing Yacht and Others), Size [Small (up to 30m), Medium (30m-50m), Large (over 50m)] and Application (Vacation/Leisure, Sailing and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.”
The practice of renting or chartering a yacht, such as a sailboat or motor yacht and travelling to various coastal or island destinations, is known as yacht chartering. It is one of the main activities in the area of service in relation to recreational boating. For consumers, engaged in recreational boating, it is difficult to maintain the boats as they would not want to miss out the experience of sailing and yachting. As a result, the rental of recreational boating is becoming a core activity within maritime tourism, adding to the global yacht charter market significantly.
Impact of Covid 19 on Global Yacht Charter Market
The Coronavirus pandemic has disturbed a number of industries across the world. One among those is the global yacht charter market. The severity of this virus’ impact on humans has compelled various governments to impose lockdown in their respective states, which restricted every kind of activities that needed people to go out of their homes, including boating and swimming. In such a situation, the demand dropped radically, impacting the market’s growth. In the mid two quarters of 2020, the market suffered huge losses. However, now, with restrictions partially lifted, the global market is expected to gradually recover over some time.
Motorized Yachts Reports Higher Demand
The research report assesses the worldwide market for yacht charters on the basis for the size, type, application, and the region. On the basis of the size, the market has been classified into large (over 50m), medium (30m to 50m), and small (up to 30m). The medium segment has been leading the global market and is expected to retain its leadership over the next few years.
Based on the type, the market has been categorized into sailing yacht, motorized yacht, and other types of yacht, including inflatable boat, Catamaran, and gullet. Among these, motorized yachts are reporting a relatively higher demand among consumers. In terms of the application, the market has been categorized into vacation/leisure, sailing, and others.
Italy Establishes Dominance of Europe
On the basis of the region, the report assesses the market across North Americas, Europe, Asia Pacific, and LAMEA. Currently, Europe leads the global market and is closely followed by Asia Pacific, North America, and LAMEA. The dominance of Italy on the worldwide yacht charter market is the main factor behind the European lead on the market. The market for yacht charter in Asia Pacific is likely to witness the fastest growth over the forecast period.
Key players operating in the global yacht charter market profiled in this report are Sailogy S.A., Yachtico Inc., Zizooboats GmbH, Fraser Yacht, Boatsetter, Northrop & Johnson, Nautal, Martello Yachting And Company, Princess Yacht limited, and Charter Yachts Australia.
- The medium segment has been leading the global market and is expected to retain its leadership over the next few years.
- Motorized yachts are reporting a relatively higher demand among consumers.
- Europe leads the global market and is closely followed by Asia Pacific.
The global yacht charter market is segmented into:
- Motorized Yacht
- Sailing Yacht
- Small (up to 30m)
- Medium (30m-50m)
- Large (over 50m)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Middle East
Companies Mentioned in the Report
- Sailogy S.A.
- Yachtico Inc.
- Zizooboats GmbH
- Fraser Yacht
- Northrop & Johnson
- Martello Yachting And Company
- Princess Yacht limited
- Charter Yachts Australia
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