Global Yacht Charter Market to Earn US.987 Bn with Ultra-High Net Worth Indiv

Posted by surendra choudhary on April 5th, 2019

In a recent report by Transparency Market Research (TMR), the vendor landscape of the global yacht charter market is expected to be having a stable growth owing to the increase in disposable income of people especially in the emerging nations of Middle East and Africa, Latin America and Asia Pacific.

Some of the leasing players of the global yacht charter market are Boatbound Inc. Fraser Escape Bareboat Charters, Charterworld Limited, Boat International Media Ltd., Boatbookings, Zizooboats GmbH, and Yachtico, Inc. Yacht charter includes renting yacht for leisure and entertainment purpose. Yacht owners usually charter their yachts in order to cover some part of maintenance cost when they are not using them.

As per the TMR report, the global yacht charter market is projected to earn a US.987 bn by the end of 2025. The market is estimated to expand with 7.2% CAGR during the period between 2017 and 2025. The value of the market was worth US.123 bn in 2016 as per the TMR records. With regard to growth rate, the motor yachts are likely to draw more revenue into the market owing to their availability, ease of use, and high occupancy space. Based on consumer type, the market for yacht charter is seen to draw more revenue from retail consumers owing to the rise in the number of ultra-high net worth individuals.

Request A Sample Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=11225

Depending upon type, the global yacht charter market can be divided into sailing yachts, motor yachts, and catamarans yachts. Those again come in a few varieties such as classic yachts, open yachts, and others. Currently, the sailing yacht leads the overall market with maximum share due to their high uptake among newbie sailors and sea enthusiasts. In terms of growth rate, however, motor yachts are likely to steal the show due to their high occupancy space, ease of use, and availability. On the other hand, open yachts are likely to increase their market share in the coming years.

Depending upon the type of consumer, the global yacht charter market has been broadly classified into corporate and retail, among others. Of them, the segment of retail consumer accounted for maximum share in the market in 2016 and in the years ahead too, is predicted to see good growth. With increasing number of high net worth individuals and ultra-high net worth individuals, worldwide, the demand of the retail segment for yacht chartering will likely receive a major boost in the near future.

Asia Pacific Market to Increase at Faster Rate Owing to Rise in Disposable Incomes

An important factor estimated to increase the demand for yacht charter market in the years to come is the hectic lifestyles of consumers all over and their rising disposable incomes which urges them to take some time off their routine life and go on a leisure holiday. Other than absolute relaxation, it also offers amazing adventures and a variety of destinations with all comforts.

Due to technological advancements, there is less pain in booking yachts, therefore there is a surge for luxury yachts, which further adds to the benefit of the yacht charter industry at a larger scale.

From a geographical perspective, the global market for yacht charter is anticipated to be dominated by Europe in 2016. During the forecast period of 2017 to 2025, the European region is estimated to continue its dominance due to the increasing number of high net worth individuals. Apart from Europe, Asia Pacific is predicted to increase at a faster rate due to better and improved quality of yachts and its availability and the rise in disposable incomes of people. Most popular yacht chartering destinations in Asia Pacific region include Malaysia, Singapore, Australia, and Thailand.

Middle East and Africa is predicted to make impressive step in the years to come with a CAGR expansion of 7.8%. Countries in this region which are more likely to offer lucrative opportunities in this region are Dubai and Brazil.