Yacht Charter Market Revenue to Attain USD 16.92 Billion by 2033

15 Oct 2024

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Table of Content

1. Yacht Charter Market Revenue and Trends 2. Market Overview 3. Report Highlights of the Yacht Charter Market 4. Yacht Charter Market Trends 5. Regional Insights 6. Market News

Yacht Charter Market Revenue and Trends

The global yacht charter market revenue reached USD 8.39 billion in 2024 and is predicted to attain around USD 16.92 billion by 2033 with a CAGR of 8.11% during forecast period. The increasing demand for luxury tourism, personalized services, and boating activities boost the yacht charter market.

Market Overview

A yacht charter is renting a yacht for various fun and recreational activities that allow one to explore new coastal lines in comfort and luxury. Individuals mostly use yacht charters for various purposes like business events, parties, vacations, and even filming sites. Each charter provides a tailored and customizable experience that makes a better part of the yacht charter.

With the increasing population and rising disposable income, individuals are seeking unique vacation experiences, boosting the market for yacht charters. Moreover, the rising shift toward celebrating and hosting events at remote locations and developments in marine tourism also contribute to the growth of the yacht charter market.

In addition, advancements in technology and the implementation of artificial intelligence have influenced the yacht charter market by increasing energy efficiency. Artificial Intelligence is becoming a strong player in creating a greener boating future along with advanced tools like AI-powered navigation tools that help to reduce fuel emissions and propel market growth.

Report Highlights of the Yacht Charter Market

• By yacht length insights, the 20 to 50 ft segment dominated the market in 2023, as these yachts’ wind sailing capabilities save fuel and help with a better travel experience. In addition, the presence of shallow drafts makes it easier to travel in shallow waters as they require low maintenance.
• By yacht type insights, the motor yacht segment led the market in 2023 with the largest share. This is due to its speed, power, and capacity to cover long distances make it a better option among users.
• By contract type, the crewed charter contract dominated the market in 2023 due to the changing consumer preferences toward marine tourism. This further leads to an increasing requirement of more crew for continuous inspection and engine oiling. Also, the increasing demand for renting of yachts for parties and corporate functions boost the segment. 

Yacht Charter Market Trends

Increased demand for personalized experience:

The rising trend for personalized travel experience that could meet the individual needs propel the market growth. Yacht Charter also provides with customized itineraries and services to meet the customer's needs ultimately enhances the travel experience and boost the market.

Rise in tourism:

An increase in the tourism helps with economic growth, social development and also creates various job opportunities. Tourist places like Spain, Italy create a market for several businesses contributing in the growth of the market. 

Regional Insights

By region, Europe dominated the yacht charter market in 2023 due to the increasing demand to experience various water activities that creates a high net worth for individuals. Moreover, the rising tourism, presence of popular tourist places, well-established infrastructure and high standard services bolstered the market in the region.

• For instance, in July 2024 Uber yacht was launched in the Europe market that will offer customers with affordable travel with groups of upto 8 people to sail around the white isle.

Market News

• In January 2024, Hakvoort launched 61 m super yacht with premium level of luxury and performance that makes it a better choice for long-distance travelling and can accommodate upto 16 guests and also offers VIP cabins.
• In January 2024, Greek government launched its ‘e-charter permission application’ for sea voyages ,commercial operations, privates use, international travel and is applicable to professional pleasure boats over35 meters.

Market Segmentation

By Yacht Type

• Sailing Yacht
• Motor Yacht

By Yacht Length

• Up To 20 Ft
• 20 To 50 Ft
• Above 50 Ft

By Contract Type

• Bareboat Charter
• Crewed Charter

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