Yacht Charter Market Competitive Landscape, Driving Factors and Challenges Analysis 2031

Published : 3 years ago, on 19/07/2021

Yacht Charter Market Competitive
Landscape, Driving Factors and Challenges Analysis 2031

Global yacht charter
sales are expected to grow at a healthy CAGR of over 5.4% during the forecast
period 2021-2031, according to a study by ESOMAR-certified market research
firm, Future Market Insights (FMI). The study tracks yacht charter sales in 20+ countries, offering a lucid
analysis on how growth trend will unfold.

Market players have been
attempting to provide advanced yacht for charter as they have realised the
value of incorporating cutting-edge technology. As a result, existing players
are increasingly attempting to preserve full operational transparency and deliver
advanced smart yachts with a range of smart technologies to offer
multifunctional areas and spaces, main saloon, and beach clubt.

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For instance, the sensational
mega yacht LANA (107m/351.1ft) from Italian shipyard Benetti embraces art deco
dignity and seamlessly blends it with the sporty curves, pale colours, and
various textures of contemporary architecture. Guests will enjoy a beautiful
beach club with fold-down terraces, a hammam-style spa and a gym, as well as
big lounges with cinema-style seating.

Apart from that, yachts spend the majority of their time
cruising within reach of the coast. As a result, the players are investing to
make 4G LTE and 5G networks more available than ever before, offering
cost-effective high-bandwidth connectivity to consumers on board through bonded
5G compliant data systems.

Such offerings entice customers to spend long hours with their
families and friends, or to make their holidays memorable. All aspects of a
luxury yacht, including navigation, safety, and extraordinary convenience, are
improving due to new technologies.

For example, DLBA Naval Architects have developed a
self-sailing superyacht. Tempo, the yacht, will incorporate
artificial intelligence (AI) into various aspects of its architecture. This
will not only boost the on-board experience, but it will also mean that certain
systems will be able to function without the need for human intervention.

Another factor that is expected to boost the growth of the yacht
charters is the short-term rentals, which typically last one to three days and
are not affected by seasonality, a factor that limits the number of days
available for renting yachts. With the rising demand for short-term rentals,
yacht charter service providers are concentrating on regular rental rates for two-day
yacht charters, which are usually 40-50 percent of the weekly fare.

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Key Takeaways from the Yacht
Charter Market Study

• The yacht charter market is forecast to rise at a CAGR of 5.4%
  between 2021 and 2031.
• High spending on luxury vacations catapults the U.S. as a key
  market.
• Demand in Thailand will continue rising in response to the
  expanding tourism sector
• Indonesia and Maldives will emerge as popular yacht charter
  destinations in Asia Pacific
• Demand in GCC countries will rise at above 7% CAGR between 2021
  and 2031

“Leading players in the global yacht charter market are
nvesting in cutting-edge yacht interiors, such as the use of one-of-a-kind
textiles and fabrics with an emphasis on sustainability to match the yacht
aesthetic. Unique motor and sailing yachts with new decor, woodwork, and
beautiful lighting are introduced by businesses,” says an FMI analyst.

Impact of COVID-19 on the Market:

Before the COVID-19 pandemic, there was a moderate rate of
growth in the demand for yacht charter globally. After the pandemic, major
global markets have faced dual impacts. The demand for technology-driven motor
yacht has increased due to its variety of benefits. But with stay-at-home
orders and safer-at-home advisories issued across the world the demand of the
yacht charter has decelerated in response to the implementation of various
restrictions. The restrictions were also imposed on the tourist places such as
Indonesia, Malaysia, the U.K. and the U.S.

Who is winning?

Some of the key players present in the yacht charter market are
NORTHROP & JOHNSON, Yachtico Inc., Sailogy S.A., Sweet Escape Yacht
Charters, ARGO NAUTICAL LIMITED, Burgess, Sunseeker , Royal Yacht
International, Ionian Catamarans and IYC, Mooring Company, and Zizooboats GmbH,
among others. Extensive discount offerings on the yacht charters during the
seasons and on some events such as corporate parties or pre-wedding shoots and
other such events has driven a desire among end consumers to opt for the charters
embedded with smart technologies.

Architects and builders are looking for natural and
green-certified construction materials. Alternative energy sources such as the
sun, wind, and waves can now be harnessed with the help of technological
advancements. The use of wastewater treatment methods and compostable supplies,
as well as recycling and the removal of unnecessary plastic waste, are all
employed. The players are concentrating their efforts on providing
environmentally friendly yachts in order to contribute to long-term
initiatives. For instance, the Black Pearl is an environment friendly private
yacht that was recently awarded a Boat International Design and Innovation
Prize. When the boat is sailing, electricity is provided and sent back to the
batteries, so the hybrid diesel-electric engine does not need a charging
station.

In 2019, Feadship Company introduced 75-meter motor yacht 703
‘Arrow’ for charter at its Aalsmeer shipyard. H2 Yacht Design produced the
company’s Arrow yacht.

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