Yacht Charter Market Expands Significantly Amid Growing Maritime Tourism Along Developed Coastlines

A greater proclivity toward living luxurious life is imbibing a strong sense of vacationing among individuals. The idea of aspirational holidays has been the latest trend for the past few years. Renting yachts to sail with friends and family and enjoying the serenity of tides have been driving the yacht charter market. This, coupled with the establishment of ports has facilitated maritime tourism activities across the globe. Coastlines are becoming lucrative beyond measure as tourists are exploring multiple ports, islands, and coastlines. Aiming to gain maximum profits and build a strong customer base, companies dealing in the yacht charter domain are actively incorporating intelligent and smart solutions assuring entertainment and safety. ?

Assessing the current market dynamics, Fairfield Market Research foresees remarkable growth across the global yacht charter market, maturing at a whopping CAGR of 22.85%. Seeing a radical shift in perspective on leisure, and outdoor activities, the market is projected to thrive throughout the forecast period, reaching US$25.53 Bn worth by the end of 2027. The market is reaping the gains of the introduction of nautical tourism and new revenue streams.

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Motor Yachts Gains Excellent Prominence in Global Yacht Charter Market ?

The yacht charter market is segmented into motor yachts and sailing yachts. However, motor yachts have been an undercurrent for the past few years. Attributing to this are the robust features and advantage of speed. Motor yachts offer tourists the flexibility to manoeuvre at the desired pace, enabling them to cover more places in shorter time spans. Furthermore, these yachts are robustly built in a way to sail through shallow and narrow passages without any issues. On the other end, the sailing counterpart offers a niche experience to those who are looking for thrilling sports experiences. As lesser people relish sports activities and prefer safer modes of conveyance to explore the waterbody, the motor yacht is turning out to be an ideal solution. It also supports a larger deck space, providing greater room for enjoying the delightful view during a commute. To this end, motor yachts are garnering substantial bookings, in turn, fueling the global yacht charter market growth.

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Europe Swiftly Pace Ahead of Market Competition with Scenic Destinations?

In 2020, European countries such as Turkey and Italy held 48% of the market share and are likely to build on the momentum, going forward. This creates tailwinds for the yacht charter market in Europe, enabling the region to hold the leading market position. The region is benefiting from the concentrated pool of key players, and well-established coastlines for tourism. With several collaborations with tourism companies for yacht charter underway, the region is predicted to flourish throughout the period of assessment. Additionally, a high number of licences for watercraft and a significant influx of wealthy tourists are poised to strengthen the region’s position in the global market.?

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Competitive Market Landscape ?

During the period of assessment, major players are likely to collaborate with travel agencies and booking platforms to sustain a competitive edge. Leading industry participants consolidating a strong foothold in the global yacht charter market are Charter Yachts Australia , Boatbound , Thaicharters.com Northrop & Johnson , Simpson Marine Limited , Nicholson Yachts Worldwide , Burgess , Dream Yacht , CharterWorld - Luxury Yacht Charters , Fraser Yachts , and among others.

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