Yacht Charter Market Size to Reach USD 22.5 Billion by 2032 growing at 18.6% CAGR - Exclusive Report by Acumen Research and Consulting
The Yacht Charter Market, valued at USD 12.2 Billion in 2023, is projected to surpass USD 22.5 Billion by 2032, indicating a robust CAGR of 18.6%
A yacht charter is renting out a motor yacht or sailboat for temporary use, usually for sailing and vacations. Charters are divided into two types: bareboat and crewed. Bareboat charters require the client to skipper the boat themselves, whereas crewed charters are staffed by captain and crew members. The cost of chartering a yacht depends on several factors such as the size and age of the yacht, the number of crew, the time of sailing, and the destination. Recent statistics have revealed that the global range of charter prices per head per week is estimated to be from US$ 1000 to US$ 20,000.
Yacht Charter Market Statistics
- The global yacht charter market, which generated USD 12.2 billion in 2023, is projected to experience a robust CAGR exceeding 18.6% from 2024 to 2032
- Europe leads with substantial revenue of USD 8.3 billion in 2023
- The Asia-Pacific region anticipates impressive growth with a projected CAGR of 8%
- Based on type, motorized yacht dominates, holding 60% of the market share in 2023
- In terms of size, the small (up to 30m) sub-segment accounted for 65% of the market share in 2023
- A discernible trend in the yacht charter market is increased online bookings reflecting growing accessibility and convenience
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Yacht Charter Market Dynamics
Rapid Surge in the Recreational Tourism Sector Fuels the Yacht Charter Market Value
Rapid urbanization is a key yacht charter market trend that is supporting considerable development in the recreational tourism sector. In addition, the rising trend of remote explorations is also fueling the yacht charter industry format. The growing demand for recreational activities, rising disposable income, and premium experiences are all leading to an upward growth towards yacht chartering. Rising population trend towards visiting natural landscapes with sea or ocean borders
Rapid urbanization is a key trend in the yacht charter business, supporting considerable development in the recreational tourist sector. The natural landscapes of countries with sea or ocean borders attract a large number of international tourists each year, particularly from the wealthy portion of the population. These destinations are also popular for gatherings and promotional events that require luxury vessels such as yachts. As a result, the market for yacht charters is expected to continue growing, given that purchasing a yacht can cost between $500,000 and $15 million or more.
Increased Online Bookings Reflect Growing Accessibility and Convenience Offer Significant Yacht Charter Market Opportunity
The yacht charter market is experiencing significant demand on account of the increased online bookings. For instance, as per the yacht charter booking data from online booking websites such as NMK and Nausys, there were more than 9,000 bookings made in 2022. The increase in the number of private islands on cruise itineraries also supports the yacht charter market.
Some of the most popular sailing destinations in the world for yacht charter are Croatia, Greece, Italy, Turkey, Spain, France, and others. Recent statistics found that Croatia was the most popular sailing destination with over 38% of yacht charter bookings, whereas Greece was the second most popular destination accounting for 29% of global bookings. The average price of a yacht charter is US$ 5000 and the majority of the yachts are priced between US$ 2000 to US$ 3000.
Yacht Charter Market Segmentation
The global market for yacht charter has been segmented into type, size, contract type, consumer type, application, and region.
- Type is classified into sailing yacht, motorized yacht, and others
- Sizes are divided into large (over 50m), medium (30m-50m), and small (up to 30m)
- Contract types are categorized into bareboat charter and crewed charter
- Corporate, retail, and other are some of the consumer types considered in the market
- Sailing, vacation, and others are covered under the application segment
- The yacht charter market is geographically split into Europe, North America, APAC, Latin America, and the Middle East and Africa
Yacht Charter Market Regional Outlook
Yacht charter market has been dominated by Europe region with the largest number of bookings coming from Croatia, Greece, Italy, Spain, France, and other European countries.
In the region, the Mediterranean remains a prominent destination, attracting high-net-worth individuals with its luxury amenities and picturesque coastlines. Some famous yachting hubs include the Balearic Islands, the French Riviera, and the Amalfi Coast, where the demand for both bareboat and crewed charters is robust.
In contrast, Southeast Asia’s expanding luxury tourism sector, coupled with its beautiful archipelagos, is making it a popular choice for yacht charters. Additionally, the improved standard of living due to rising disposable incomes is a critical factor driving changing consumer preferences. As a result, the Asia-Pacific yacht charter market is expected to gain significant traction throughout the forecast period from 2024 to 2032
Yacht Charter Market Players
Yacht Charter companies profiled in the report include Northrop & Johnson, Nautal, Zizooboats GmbH, Princess Yachts Limited, Charter Yachts Australia, Yachtico, Inc., Sailogy S.A., Fraser Yacht, Martello Yachting & Company, and Boatsetter.
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