Yacht Charter Market is Predicted to Rise at a CAGR of 6.1% during the Forecast Period, mentions TMR Study
, 2022-07-19 06:30:00,
The increasing demand from retail customers is responsible for the rising demand for small yachts. Small yachts are easier to utilize in shallow waters and are less expensive to hire.
Due to its eco-friendliness and lower operating costs compared to other yachts, the sailing yachts category commanded a significant proportion of the global market in 2021
WILMINGTON, Del., July 19, 2022 /PRNewswire/ — The global yachting market size stood at more than US$ 22.3 Mn in 2021. The yacht industry statistics predict the market to rise at a CAGR of 6.1% during the forecast period, from 2022 to 2031. The global yacht charter revenue is likely to attain valuation of US$ 40.5 Mn by 2031. With more people owning yachts and more people becoming interested in luxury sailing, the global yacht charter market is likely to expand quickly. Due to better services provided by incumbent yacht charter firms as well as the entry of new companies with technologically superior vessels, the market is likely to be stimulated.
The popularity of luxury and motor yacht charter, growth of marine tourism, and rising tendency amongst high-net-worth individuals to rent yachts instead of buying them for special occasions are likely to drive the market’s expansion. Additionally, yacht chartering businesses are using new business prospects in the yacht charter market by providing value-added services like onboard cuisine, onboard entertainment, as well as boat maintenance solutions to customers.
Due to rise in water-based leisure activities, high cost of ownership for yachts in regions like North America and Europe, boom in marine tourism, and a tendency toward yacht chartering over yacht ownership. The revenue from yacht charter is also anticipated to rise as a result of services like crewed chartering, cabin chartering, as well as skippered chartering.
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Key Findings of Market Report
The global yacht charter market is likely to observe an increasing trend of unique interior design, such as interiors crafted with exotic leather and products’ visual consistency. Lighting, modern woodwork, and furnishings are increasingly being fitted onto sailing and motor boats, which is expected to fuel growth of the global yacht charter market.
In 2021, the retail consumer category led the global yacht charter market depending on customer type. Various high-net-worth individuals…
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