Yacht Charter Market Overview
Yacht charter industry comprises of various types of yachts, including large, medium and small sized yachts. The global yacht charter market is driven by increasing number of charter destinations, rising disposable income of consumers and efforts by key stakeholders to showcase their offerings. In addition, current developments in yacht, product innovation coupled with latest technologies, will further boost the growth of the global yacht charter market.
Market Value Forecast
The global yacht charter market was valued at US$ 35.0 Bn in 2014 and is expected to reach US$ 51.0 Bn by 2020, reflecting a CAGR of 6.5% during forecast period. Eastern Europe is expected to exhibit the fastest growth as compared to other regions with CAGR of 7.2%. This growth is supported by rising disposable income of consumers and increasing number of yacht charter destinations. Other factors that are fueling the growth of yacht charter market are product innovation and technological advancement.
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Product Type Analysis
On the basis of product type, the global yacht market is segmented into motor and sailing yacht. The motor yacht is further sub-segmented on the basis of hull configuration into displacement, semi-displacement, catamaran, planing, and trimaran. Among the above mentioned sub segments, semi-displacement is expected to show fastest growth among all the yacht charter market segments at a CAGR of around 7.0% over the forecasted period. Trimaran sub-segment is expected show belowbelow average growth rate in comparison to other sub-segments owing to the preference of consumers for other yacht types.
On the basis of rig configuration, the motor yacht segments is further sub-segmented into sloop, schooner, catamaran, and ketch. Sloop is expected to be the largest sub-segment in 2014 with market share of 43.3% followed by schooner with market share of 38%. Total global contribution of yacht charter is 6.7% by 2020.
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Yacht Charter Market: Region-wise Outlook
Geographically, the market is sub-segmented into four regions namely North America, Latin America, Rest of Europe, Eastern Europe, Middle East and Africa, Asia Pacific. Eastern Europe is expected to show maximum growth with CAGR of 7.2%. Among all these regions, Rest of Europe is the largest market in terms of revenue followed by Eastern Europe that contributed US$ 9.04 Bn in 2014. The growth of yacht charter market is supported by the increasing high tier population and rising time for leisure activities among consumers.
Consumer Type Analysis
On the basis of consumer type, the sub segmentation includes corporate and retail. Retail consumers are further sub-segmented into individual, family/group and couple. Corporate segment is expected to show faster growth in comparison to retail consumer with CAGR of 6.7% over the forecasted period. Among retail consumer, family/group sub-segment is expected to witness faster growth with CAGR of 6.8%.
Yacht Size Analysis
On the basis of yacht size, the sub segmentation includes large, medium and small sized yachts. Small sized yacht is expected to show a healthy single-digit growth with CAGR of 8.5%.Furthermore, large sized yacht is expected to follow the small sized yacht in terms of CAGR during the forecast period.
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There is trend of consumers preferring large sized yachts owing the increasing preference of consumers to visit charter destinations in large groups. Yacht manufacturers are focused towards upgrading the motor yachts in order to reduce the adverse effect of CO2 emission in the environment. Moreover, yacht charter market is witnessing the trend of innovative interior designs. Countries such as Greece, Turkey and Thailand are the most popular charter destinations among consumers. Corporate consumers prefer yachts for various product launches and business meetings. Retail consumers prefer yacht for leisure activities and social parties. Large yachts are usually preferred by large group of people while small yachts are usually preferred by couples.
Competitive Players Outlook
The yacht charter market is dominated by international players such as Sunsail Ltd, The Moorings, Hanse Group, Fraser Escape Bareboat Charters, Incrediblue Limited, Antlos, DreamYacht Charter, Sailogy S.A, Yachtico, Boatbound Inc., and Fun2 Rent.