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Increasing Interest in Leisure Activities Across Asia Pacific to Boost Global Yacht Charter Market, Says Fairfield Market Research
Luxury tourism has slowly but steadily become commoditized in recent times. Yacht charter providers are expected to build solid advertising campaigns around the service to lure in younger consumers. The rise of social media influencers with a wider audience reach that transcending borders is expected to be an excellent tool for these campaigns.
The global yacht charter market is also likely to be driven by the restrictions on air travel due to the outbreak of the COVID-19 pandemic. As millennials find themselves confined to specific geographies, chartering yachts to travel around national coastlines is expected to fuel market growth. Prima facie, yacht charter is safer than air travel until coronavirus subsides as it has limited seating capacity and fewer touchpoints for end users. Thus, the two-pronged advantage of safety and travel is expected to augur market growth.
The motor yacht segment is poised to dominate the yacht charter market for the forecast period as they can traverse larger distances in a shorter timeframe. The shallow design of a motor yacht permits it to navigate shallow waterbodies easily, making it ideal for coastlines and boosting its popularity amongst end-users. By the end of 2027, the motor yacht segment is expected to exhibit a CAGR of 24.89%.
In addition, motor yachts have a larger deck, providing customers room to relax whilst in the lap of luxury. Luxury motor yachts offer all the modern conveniences and communication options that consumers desire, further propelling adoption rates forward.
Europe comprises half of the global yacht charter market with a 48% share in 2020 and it will remain in this position for the foreseeable future. European nations such as
Turkey and Italy are expected to drive demand and there are several companies providing a combination of flight bookings with yacht charter services.
Europe has millions of high-net-worth individuals who get licenses issued in their name for yacht charters.
In 2017, the European Commission published a report on nautical tourism which stated that 60,000 charter boats generate revenue of approx. Euro 6 billion annually in European waters. However, the Asia Pacific region is expected to grow at an exponential rate of 24% due to the booming economic growth resulting in a greater desire for leisure activities such as yachting – especially in Southeast Asia.
Key companies actively involved in the yacht charter market have assessed different strategies such as joint ventures, collaborations, mergers and acquisitions, and partnerships.
In 2018, Sailogy S.A. acquired Master Yachting and became the number one company in the yacht charter market. Furthermore, its rival Princess Yachts unveiled six new models – the culmination of GBP 100 million investment initiative that had begun in 2015.
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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