The yacht charter market is a rapidly growing industry, driven by increasing demand for luxury and exclusive experiences. A yacht charter is the rental of a boat or ship for a specific period of time, usually for recreational or vacation purposes. The yacht charter market is segmented into two major categories: bareboat charter and crewed charter. In a bareboat charter, the renter is responsible for the operation and maintenance of the yacht, while in a crewed charter, a professional crew is provided by the charter company.
The global yacht charter market size was valued at USD 11.31 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% during the forecast period from 2021 to 2028. The market is driven by factors such as increasing disposable income and growing interest in water-based activities among the middle-class population. Moreover, the growing trend of experiential travel and the desire to explore new destinations are also driving the market growth.
When it comes to market share, the bareboat charter segment held the largest share of the yacht charter market in 2020. This is due to the fact that bareboat charter offers more flexibility and independence to renters compared to crewed charter, which requires renters to rely on the crew for all activities. On the other hand, the crewed charter segment is expected to witness significant growth during the forecast period, driven by the growing trend of luxury travel and the desire for an exclusive and personalized experience.
In terms of geography, Europe dominated the yacht charter market in 2020, with a share of more than 35%. This can be attributed to the presence of a large number of charter companies and the presence of popular charter destinations such as the Mediterranean and the Caribbean. However, the Asia Pacific region is expected to witness significant growth during the forecast period, driven by the increasing popularity of water-based activities in the region and the growing middle-class population.
The yacht charter market also has several notable players such as The Moorings, SunSail, Dream Yacht Charter, Nautal, and others. These companies are investing in marketing strategies to increase their brand visibility and customer base.
However, the industry also faced challenges in 2020, due to the COVID-19 pandemic which led to a decrease in demand, as travel restrictions and lockdowns were implemented globally. However, with the ongoing vaccination efforts and the gradual lifting of restrictions, the market is expected to recover and reach pre-pandemic levels in the near future.
In conclusion, the global yacht charter market is expected to grow at a significant rate during the forecast period, driven by increasing demand for luxury and exclusive experiences, and growing interest in water-based activities among the middle-class population. The bareboat charter segment holds the largest market share, but the crewed charter segment is expected to witness significant growth. Europe dominates the market, but the Asia Pacific region is expected to experience significant growth in the coming years. The industry faced challenges in 2020 due to the COVID-19 pandemic, but it is expected to recover and reach pre-pandemic levels in the near future.