YACHT charter is defined as the renting of yachts for traveling various destinations.
There are two types of yacht charter, bareboat and crewed. Yacht is different from working ships mainly due to yacht is used for leisure purposes. Yacht chartering is usually a vacation activity but it can also be used for corporate events.
They are majorly hired for holidays and corporate functions. The two important types of charters are crewed and bareboat. They are also used for sailing reasons. It provides several advantages, from complete relaxation to astonishing adventures. Yacht owners generally rent their yachts when they will not be using them, as it will cover some of the maintenance expenditure.
Here are the key factors driving the global yacht charter market, according to TMR’s analysts:
- Easier to Operate
Motor yachts have larger space for entertainment, bigger cabins and usable deck space. In addition, they are easier to operate as compared to sailing boats. Thus, people with limited sailing experience prefer chartering motor yachts. Despite the exotic experience offered by sailing yachts, motor yachts are typically more preferred over the counterparts. This is primarily due to higher speed, power, space and luxury offered by motor yachts as compared to sailing yachts.
- Surge in Demand for Leisure Activities
The ease of booking a yacht has led to a rise in the popularity of yacht vacations among the youth to celebrate events in luxury, which will boost the market growth. However, yacht charting is quite expensive, which acts as a restraint for the market growth. Irrespective of these challenges, the rising popularity of boats and the increasing preference for luxurious & large sized yachts that can accommodate large groups will further propel the market growth in future.
- Rising Disposable Incomes of People
A noticeable trend in the yacht charter market is the rising demand for luxury yachts due to the increasing wealth of people. Thus, improving disposable incomes is likely to have a positive influence on the global market. The emergence of high net worth individuals and growing demand for holidaying is also expected to open up several opportunities for the global market in the near future.
Geographically, the global market for yacht charter is expected to be dominated by Asia Pacific in the coming years. According to TMR analysts, the market is predicted to rise at an 8.0% CAGR in the coming years. Countries in the region such as Singapore, Malaysia and Australia, being major charter destinations, are boosting the demand for yacht charters in Asia Pacific, making it a leading regional market.
Key players in the global yacht charter market are Boat International Media Ltd., Zizooboats GmbH, Charterworld Limited, and Yachtico, Inc., amon others.
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