Yacht Charter Global Market Report 2024

The yacht charter market size has grown rapidly in recent years. It will grow from $15.19 billion in 2023 to $16.85 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to seasonal demand and tourism patterns, regulatory changes in the yachting industry, increasing environmental awareness in yachting, the emergence of charter brokerages, and the global appeal of tourism destinations.

The yacht charter market size is expected to see rapid growth in the next few years. It will grow to $25.46 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The anticipated growth in the forecast period is driven by the implementation of flexible and adaptive charter policies, advancements in charter booking platforms, the influence of social media and influencers on travel choices, the growing demand for luxury lifestyle and high-end travel experiences, and the expansion of emerging markets. Major trends expected in this period include the rise in shared charters and group travel, an increase in experiential tourism offerings, the emphasis on personalization in travel services, technological innovations in yacht charters, and the continued influence of social media on travel decisions.

The surge in luxury marine tourism's popularity is anticipated to drive the growth of the yacht charter market in the foreseeable future. Marine tourism involves leisure activities that revolve around travel, primarily focused on or hosted within the marine environment. Yacht charters epitomize a premium facet of marine tourism, offering opulent and extraordinary experiences. For instance, as reported by the Anadolu Agency in December 2023, there was a notable 39.7% year-on-year increase in the arrival of cruise ships at Turkish ports in November 2023, totaling 95 ships. This trend underscores the escalating appeal of luxury marine tourism, thereby serving as a catalyst propelling the expansion of the yacht charter market.

The increasing prominence of social media is anticipated to drive the growth of the yacht charter market in the foreseeable future. Social media platforms offer online spaces where users can generate, share, and engage with content within a virtual community. Within the yacht charter industry, social media serves as a tool to exhibit exclusive experiences, attract potential customers, and craft appealing content that showcases the opulent lifestyle associated with yacht travel. For instance, as reported by DataReportal, an online reference library based in Singapore, the global count of social media users reached 4.62 billion in January 2022, marking an increase from 4.19 billion in January 2021. Consequently, the escalating popularity of social media stands as a key driver behind the growth of the yacht charter market.

Product innovation is a significant trend in the yacht charter market, with major companies focusing on developing new solutions to strengthen their market position. For example, in April 2022, Sunseeker, a UK-based luxury motor yacht manufacturer, introduced the 30m Sunseeker 100, marking a new era in flybridge design and functionality for the company. This 29.85-meter yacht features unique entertainment features at the fore, including a sweeping flybridge with complete walk-around access from bow to stern, creating exceptional entertainment areas that define the 100 Yacht. This innovative product reflects Sunseeker's commitment to advancing the luxury yacht charter experience and enhancing its competitive edge in the market.

Prominent companies in the yacht charter market are concentrating on developing innovative vessels that incorporate advanced technologies, such as fuel cell technology, to cater to the increasing demand for sophisticated sea experiences and optimize their profitability in the market. Fuel cell technology is an electrochemical process that directly converts the chemical energy of a fuel and an oxidant into electricity, distinguishing it from batteries, which store and release pre-charged chemical energy. For example, in March 2023, Lürssen Yachts, a Germany-based luxury yacht builder, introduced COSMOS, a superyacht equipped with fuel cell technology.

In April 2022, Northrop & Johnson, a US-based superyacht brokerage and charter firm, acquired Superyacht Management Company SYM for an undisclosed sum. This strategic move expands Northrop & Johnson's range of superyacht services and positions the company as a comprehensive brokerage capable of managing all aspects of superyacht ownership. Superyacht Management Company SYM, based in France, specializes in providing services related to the operational and management aspects of owning a superyacht.

Major companies operating in the yacht charter market report are Burgess Yachts Limited, Dream Yacht Worldwide, The Moorings, Camper & Nicholsons International Ltd., Fairline Yacht, Princess Yacht Charter, Boatsetter, Boat International Media Ltd., West Coast Marine Yacht Services, Super Yacht Logistics Ltd., Sailogy S.A., Charterworld Ltd., Martello Yachting, Yachtico Inc., Northrop & Johnson, Barefoot Yacht Charters, Fraser Yachts, Incrediblue Ltd., Orvas Yachting, Partners International, Croatia Charter, Windward Islands Yachting Company, Bluewater Yachting, Horizon Yacht Charters, Navigare Yachting BVI, Sunsail Limited, Yacht Getaways, TUI Marine Limited, Kiriacoulis Mediterranean, Luxury Yacht Group, Edmiston, Ocean Independence, International Yacht Corporation, YPI Group, Nicholson Yacht Charters & Services, Zizooboats GmbH.

Europe was the largest region in the yacht charter market in 2023. North America is expected to be the fastest growing region in the forecast period. The regions covered in the yacht charter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the yacht charter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of yacht charter are motorized yachts, sailing yachts, and other types. A sailing yacht is a small boat that relies on wind power for propulsion. Charter contracts may include bareboat charter or crewed charter options. These yachts come in various sizes, including large, medium, and small, and are used for activities such as vacation or leisure, sailing, and other applications.

The yacht charter market research report is one of a series of new reports that provides yacht charter market statistics, including yacht charter industry global market size, regional shares, competitors with a yacht charter market share, detailed yacht charter market segments, market trends and opportunities, and any further data you may need to thrive in the yacht charter industry. This yacht charter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The yacht charter market includes revenues earned by entities by chartering a motor yacht to make a profit off of the investment. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.