Yacht charter market revenues were estimated at US$ 37 billion in 2015, and by 2020, the market is expected to surpass US$ 50 billion mark. A renewed interest is being witnessed in spending on leisure and entertainment, giving a fillip to the global yacht charter market. These insights are from “Yacht Charter Market: Global Industry Analysis and Opportunity Assessment 2015-2020” by research and consulting firm Future Market Insights (FMI).
Yacht Charter Market: Drivers and Restraints
The economic downturn of 2007-08 had a dampening effect on the yacht charter market; however, recovery in global economy has revived interest in yacht chartering, with the global market poised to witness annual growth rates of over 6% through 2020.
High seasonal pricing, steep taxes, and predatory pricing by unregistered yacht chartered companies are the key challenges that can impede growth of the yacht charter market in the future.
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Region-wise Analysis of Yacht Charter Market
FMI’s report has studied the global yacht charter market and segmented it into North America, Latin America, Eastern Europe (Russia and Turkey), Rest of Europe (West, North, and South), Asia Pacific, and Middle East and Africa (MEA).
Rest of Europe (West, North, and South) was the most preferred destination for vacationers and corporate travellers alike, accounting for nearly US$ 12 billion in revenues in 2015. Popularity of yacht charter destinations, such as Athens, Aegean Islands, Cyclades, Dodecanese, and Ionian Island is a key factor driving the growth of the Rest of Europe yacht charter market.
Eastern Europe (including Russia and Turkey) yacht charter market was valued at US$ 9.6 Bn in 2015, and it is expected to expand at over 7% CAGR through 2020. Turkey is the most popular yacht charter destination in Eastern Europe, and is expected to witness high number of vacationers in the near future.
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FMI estimates Europe to remain the largest market for yacht chartering during the forecast period. Europe is home to some of the most popular yacht charter destinations and development of new destinations is only going to boost its reputation going forward.
Motor Yacht and Sailing Yacht Forecast
Chartered yachts fall under two broad categories – motor yachts and sailing yachts. Revenues from the sailing yacht segment totalled US$ 29.3 Bn in 2015, and this segment is expected to increase at over 6% CAGR through 2020.
Among the various types of sailing yachts (Sloop, Schooner, Catamaran, Ketch), Sloop and Schooner account for bulk of bookings. FMI estimates demand for these two sailing yachts to remain high during the forecast period.
Yacht Charter Market Segmentation by Consumer Type – Corporate and Retail
In a bid to study the yacht charter market lucidly, FMI has segmented vacationers into corporate and retail. Retail yacht vacationers accounted for over US$ 16 Bn revenues of the global yacht charter market in 2015, representing nearly 70% revenue share. Bookings by corporate consumers is expected to pick up in the future, increasing at a higher CAGR than retail consumers.
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Social Media and Native Advertising Gaining Traction Among Yacht Charter Providers
Leading players in the global yacht charter market are focusing on brand positioning and adoption of latest entertainment features, such as WiFi, LED and OLED screens, exquisite range of cuisines and liquor to gain a stronghold in this robustly expanding market. Use of social media platforms, such as YouTube and Facebook is also growing among yacht charter owners, with native advertising gaining traction as part of the marketing strategy.