Global yacht charter market is anticipated to expand at a compound annual growth rate (CAGR) of 6.5% through 2020, according to a new report by Future Market Insights. The report titled, “Yacht Charter Market – Global Industry Analysis and Opportunity Assessment 2015-2020” provides key insights on the prospects of the global yacht charter market.
The global yacht charter market was worth US$ 35 Bn in 2014 and FMI estimates it to reach a valuation of US$ 51 Bn by 2020. Europe and North America are the most lucrative markets for yacht charter market.
Recovery in the global economy has augured well for revitalising the interest in buying and leasing yachts. FMI’s analysis revealed that renewed consumer demand for yacht charters has encourage the entry of new players in the market.
According to Future Market Insights, leading companies are introducing technologically advanced yachts in order to cater to the demand from tech-savvy consumers. Emergence of new charter destinations has also provided an impetus to the yacht charter market.
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Social Media a Key Marketing Platform
Yacht charter companies are raising awareness among their target audience through print and online media. According to FMI, digital marketing, especially social media, is a key marketing and information sharing platform for yacht companies.
FMI estimates that digital marketing accounted for 45% of sales of luxury products and services in 2014. Free online registration, insurance cover for yachts, and virtual tours and videos of services are some of the key deciding factors for yacht owners while choosing a website for listing.
Discounts and offers, and secure online transactions with easy cancellation and refunds are the key factors consumers take into account while choosing a service provider. FMI forecasts that websites that are compatible across various platforms, such as smartphones and tablets, will witness higher engagement from consumers during the forecast period.
According to Future Market Insights, 36% of yacht charter companies considered social media to be a ‘very important’ platform for promotions; another 46% considered it to be ‘somewhat’ important. Nearly 69% yacht charter companies handled their social media activities in-house.
Facebook is the most impactful social media site for yacht charter companies according to FMI. It accounted for 61% share of the overall social media use by yacht charter companies in 2014; YouTube is the second largest social media site with a 14% share.
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Europe – A Preferred Yacht Charter Destination
Rest of Europe, which in FMI’s report, comprises North, South, and West European countries, is the most lucrative region for yacht charter market. FMI estimates it to expand at a CAGR of 6.3% and reach a valuation of US$ 16.7 Bn. The yacht charter market in Rest of Europe is driven by consumer demand for yacht charters in Greece, which is home to some of the world’s most beautiful yacht charter destinations.
Eastern Europe, which in FMI’s report, also includes Russia and Turkey, is anticipated to amplify at a CAGR of 7.2% through 2020 and reach a valuation of US$ 13.6 Bn. The market in Eastern Europe is driven by Turkey’s popularity as a global yacht charter destination.
Other key regions profiled in the report, including North America, Latin America, Asia Pacific, and Middle East & Africa are also anticipated to witness a steady, single-digit growth rate during the forecast period 2015-2020.
Yacht Charter Popular among Retail Consumers
Yacht charters are relatively more popular among retail consumers as compared to corporate consumers. The retail consumer segment was valued at US$ 24.3 Bn in 2014; FMI estimates it to amplify at a CAGR of 6.4% through 2020 and reach a valuation of US$ 35.1 Bn.
Future Market Insights has segmented the yachts into large (over 50m), medium (30m-50m), and small (up to 30m). The demand for medium yachts is most robust and FMI estimates it to expand at 5.1% CAGR through 2020.
The key companies profiled in the report include Hanse Group, Incrediblue Limited., Sunsail Ltd., The Moorings, Yachtico, Dream Yacht Charter, Fraser Escape Bareboat Charters, Antlos, Sailogy S.A, Boatbound Inc., and Fun2Rent.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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