Yacht chartering opportunities are being expanded due to rising popularity of Boat Shows and promotional events presented across the globe says a report compiled by Transparency Market Research in Canada
Factors such as the growing population of affluent people worldwide, rising popularity of yacht vacations among the young population, and ease of booking yachts have been propelling the global yacht charter market since the last few years.
The ease of booking can be contributed to the convergence of web-based yacht charter applications in the yacht chartering business. Owing to these applications, customers can easily look up for yacht services on the Internet, choose suitable options, and make bookings within minutes. This factor is expected to lead to significant growth avenues for the global yacht charter market during the forecast period.
Exhaustive market data has been included in the report to provide a brief outline of major segments of the market. Based on criteria, the global yacht charter market can be segmented into mode of operation, yacht size, end-use, consumer, and geography.
Trends and Opportunities
The report on the yacht charter market unravels the most crucial details about the key elements of the global yacht charter market, over the review period and the present times. The report also presents a forward-looking perspective of the market and presents forecasts pertaining to market segments during the period between 2016 and 2024. It provides insights into the most influential drivers, restraints, and trends in the market. It also studies their impact on the market’s growth prospects during the forecast period.
Major trends observed in the global yacht charter market in the past few years include rising preference for large sized yachts that can accommodate large groups, booking services through web portals, and increasing partnerships between yacht charter mediators and travel (air or land) booking service providers.
The rising popularity of boat shows and promotional events presents a great opportunity for yacht manufacturers and yacht charter companies to market the latest yachts directly to potential consumers. The increased consumer preference toward luxurious yachts with excellent interiors, even if the services are somewhat expensive, is another major growth opportunity for companies.
Geographically, the global yacht charter market can be segmented into North America, Asia Pacific, Europe, and Rest of the World. In terms of revenue, countries in the Mediterranean and Caribbean regions account for the major share of the global yacht charter market. However, the yacht charter market in Asia Pacific is estimated to expand at the fastest pace during the forecast period. Demand for yacht charter services in Asia Pacific is likely to be driven by the affluent middle class population – exotic vacations and parties have become affordable to this group due to their high disposable income. The yacht charter market is also projected to expand significantly in Europe, as the demand for leisure activities has increased owing to the post-recession stability in the region’s economy.