The Global Yacht Charter Market Growth Accelerated By Rising Demand For Luxury Vacations

 

https://www.coherentmarketinsights.com/market-insight/yacht-charter-market-3902
Yacht Charter Market

Yacht charters are rented or leased for recreational activities like sailing, cruising and leisure trips. They offer luxurious and comfortable accommodation with amenities like kitchen, dining area, bedrooms and jacuzzis. Growing high-net-worth individuals and their rising spending on experiential luxury vacations is driving the demand for yacht charters.

The global Yacht Charter Market is estimated to be valued at US$ 59730.75 Mn  in 2023 and is expected to exhibit a CAGR of 7.0%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The yacht charter market is witnessing strong growth driven by the rising demand for luxury vacations. With growing disposable income, high-net-worth individuals are spending more on exclusive leisure activities and cruises. Yacht charters offer an ultra-luxurious experience of sailing in private yachts while enjoying amenities like swimming pools, spas and gourmet cuisine. They provide an opportunity to visit scenic coastal destinations in style. Further, chartering a yacht instead of buying is a more cost-effective way of enjoying luxury cruising experience. The trend of yacht rental is increasingly popular among affluent tourists looking for premium holiday experiences. charter companies are expanding their fleet of luxury yachts and offering customized packages to different destinations to cater to the rising demand from high-income customers.


Segment Analysis

The global yacht charter market is segmented by end-user into corporate and retail. The retail segment dominates the market and accounted for nearly two-third of the total market share in 2023. Individuals and families prefer to rent yachts for recreational activities such as weekends getaways, picnics, and holidays. This avoids the high maintenance cost associated with owning a yacht. Moreover, the availability of different yacht sizes and luxury amenities further boosts the retail segment growth.

Key Takeaways

The global Yacht Charter Market Demand  is expected to witness high growth over the forecast period. Rapid economic development, rising disposable incomes, and increasing health awareness are driving the growth of regional yacht charter markets. The global Yacht Charter Market is estimated to be valued at US$ 59730.75 Mn  in 2023 and is expected to exhibit a CAGR of 7.0%  over the forecast period 2023 to 2030.

Regional analysis

Europe dominates the global market and accounted for over 40% share in 2023. Countries such as Greece, Italy, and Spain are major hubs for yacht charters in the region. Favorable government initiatives to promote cruise and maritime tourism along with presence of leading market players further strengthens the regional market. Asia Pacific is expected to be the fastest growing regional market. Rapid economic development, rising living standards, and increasing popularity of recreational activities are fueling the demand.

Key players

Key players operating in the yacht charter market are BASF Corporation, DSM, Cellana Inc., JC Biotech Pvt.Ltd, FEMICO, Croda International Plc, Pharma Marine AS, Clover Corporation, Omega Protein Corporation, Kingdomway Nutrition, Inc., ECPlaza Network Inc., Bizen Chemical Co.LTD, Stepan Company, Novotech Nutraceuticals, Inc., Arjuna Natural, Jiangsu Auqi Marine Biotechnology Co., Ltd., and Aker BioMarine. BASF Corporation and DSM are the leading players due to their wide product portfolio and global presence.

 Get More Insights On This Topic:  https://www.newsanalyticspro.com/yacht-charter-market-is-expected-to-driven-by-rising-tourism-industry/

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