The global yacht charter market was valued at US$ 35.0 Bn in 2014 and is expected to reach US$ 51.0 Bn by 2020, reflecting a CAGR of 6.5% during forecast period.
Eastern Europe is expected to exhibit the fastest growth as compared to other regions with CAGR of 7.2%. This growth is supported by rising disposable income of consumers and increasing number of yacht charter destinations. Other factors that are fueling the growth of yacht charter market are product innovation and technological advancement.
On the basis of product type, the global yacht market is segmented into motor and sailing yacht. The motor yacht is further sub-segmented on the basis of hull configuration into displacement, semi-displacement, catamaran, planing, and trimaran. Among the above mentioned sub segments, semi-displacement is expected to show fastest growth among all the yacht charter market segments at a CAGR of around 7.0% over the forecasted period. Trimaran sub-segment is expected to show below average growth rate in comparison to other sub-segments owing to the preference of consumers for other yacht types.
On the basis of rig configuration, the motor yacht segments is further sub-segmented into sloop, schooner, catamaran, and ketch. Sloop is expected to be the largest sub-segment in 2014 with market share of 43.3% followed by schooner with market share of 38%. Total global contribution of yacht charter is 6.7% by 2020.
Geographically, the market is sub-segmented into four regions namely North America, Latin America, Rest of Europe, Eastern Europe, Middle East and Africa, Asia Pacific. Eastern Europe is expected to show maximum growth with CAGR of 7.2%. Among all these regions, Rest of Europe is the largest market in terms of revenue followed by Eastern Europe that contributed US$ 9.04 Bn in 2014. The growth of yacht charter market is supported by the increasing high tier population and rising time for leisure activities among consumers.Posted by