Transparency Market Research (TMR), a provider of syndicated and customised research, has forecast the global market for yacht charter is to rise dramatically.
In their report entitled, “Yachts Charter Market”, they predict that during the period between 2017 and 2025 chartering will register a 7.2% compound annual growth rate (CAGR) to attain a value of US$14.987 billion by 2025.
This shows growth up 6.8 billion from the US$8.123 billion in 2016.
Volume-wise, it predicts the market to grow to 7,684 units from 6,054 units in 2016 by clocking a healthy 7.2% CAGR.
The report writers believe the market in Asia Pacific is to benefit the most, predicting an expansion in that region of 8.0% CAGR over the period from 2017 to 2025.
The report notes, “The market in the region is receiving a major boost from the rising number of charter destinations, increasing wealth of people, and greater availability of yachts.
Thailand, Australia, Singapore, and Malaysia are some of the popular yacht chartering destinations in Asia Pacific.
“Business and corporate houses are particularly driving up demand in the market with bookings for office parties in serene places. As a result, the demand for large yachts are growing at a considerable rate, especially among large groups for hosting corporate parties”, states the report.
The report continues on with, “A noticeable trend in the market is the rising demand for luxury yachts due to the increasing wealth of people. Thus, improving disposable incomes is likely to have a positive influence on the global market. The emergence of high net worth individuals and growing demand for holidaying is also expected to open up several opportunities for the global market in the near future.”
Asia Pacific Superyachts
Commenting on the report, Scott Walker, co-founder of Asia Pacific Superyachts and director of Asia Pacific Superyachts Singapore, said, “Asia Pacific is considered a lucrative market that will likely outshine all others in terms of growth rate”.
Walker explain, “The Asia Pacific Superyachts is a network of owner-based agency offices in 15 countries and 17 locations.” The agency is finding an increasing number of visiting yachts as suggested in the reports sub-title: ‘Increasing Number of Yacht Charter Destinations Proves Beneficial for Market’.