The global market for yacht charters is mainly riding on the coattails of increased disposable income of consumers and the millennial generation’s changing definition of luxury. The unique character traits of millennial buyers, which include highly adventurous, financially frugal, and environment-friendly, make them the target consumers in the yacht charter market.
Transparency Market Research (TMR) recently conducted a detailed market research to study the changing consumer trends that may influence the growth of the yacht charter market. It includes comprehensive explanation on which factors are driving the yacht charter market, and how stakeholders can benefit from the changing market trends to maintain their lead in this landscape.
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Preference for Motor Yachts and Catamaran Yachts Influence Market Trends
In recent years, the number of travelers opting for nautical vacations has increased significantly, worldwide, and their preference for luxurious yacht charters has triggered the global market to surpass a valuation of US$ 13 billion in 2018. Modern travelers are making careful decisions regarding which type of yacht to charter, which is dictating market players’ strategies to leverage the rise in nautical travel and tourism across the world.
In 2018, more than 40% revenue share of the global yacht charter market was accounted for by motor yachts, and this value is likely to reach nearly half the revenue of the market by 2027. The suitability of motor yachts with various parameters of travelers’ choices of vacations, such as destination, weather, water sports activities, and specific needs about deck space, is one of the most important factors that justifies end users’ preference for chartering a motor yacht.
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However, the popularity of multihull yachts or catamarans is also increasing at a significant rate among travelers. With the increasing number of corporate customers in the yacht charter market, the demand for bigger and multihull yachts is expected to surge.
Market players are noticing a rising proclivity toward highly luxurious catamarans among corporate as well as retail customers, and consequently, they are increasing the availability of multihull yachts with lavish amenities such as gymnasiums, Jacuzzis, and helidecks. In the coming years, leading players in the yacht charter market are expected to adopt strategies to ensure the availability of various types and sizes of yachts to perfectly meet end user requirements, in order to win in this landscape.
Stakeholders’ Focus to Shift from Europe to Asia Pacific with Attractive Charter Destinations
While the global yacht charters landscape is set to expand at a CAGR of ~7% from 2019 and 2027, the regional market in Asia Pacific is expected to witness the fastest growth of over 9%, to reach a value of ~US$ 6 billion by 2027. Increasing disposable income of consumers in developing Asian countries, coupled with the rising number of charter destinations in the region, is expected remain the linchpin for the growth of the yacht charter market in Asia Pacific. Though Europe accounts for nearly half the revenue share of the global market, the demand for yacht charters in Asia Pacific is likely to hold nearly one-fourth market share by 2027.
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