Yachts charters can be defined as an activity of renting a yacht to the customer. There are mainly two types of charters that are bareboat and crewed. This services can be considered as one of the luxury services as yachts charter service provider offers all luxury comforts. Changing lifestyle and increasing disposable income is the factor for the rising demand for yachts charters. Additionally, increasing promotional activities by key players, online booking platform and the increasing availability of Yachts for Rental Purpose are reasons for driving the market. However, intense competition among established players and high cost associated with yachts charter has been limiting the growth of the market. Moreover, government initiatives for promoting tourism and developing attractive interior design by key players can create a big opportunity for the market.According to AMA, the market for Yachts Charter is expected to register a CAGR of 8.5% during the forecast period to 2024. This growth is primarily driven by Rising Number Promotional Programs by Key Players for Promoting Yachts, Increasing Number of Online Yacht Service Provider and Increasing Availability of Yachts for Rental Purpose.
Globally, a noticeable market trend is evident Changing Life Style and Increasing the Disposal Income Results in Growing Sea Tourism. Major Vendors, such as Boat International Media Ltd. (United States), Boatbookings (United States), Camper & Nicholsons International Ltd. (Switzerland), Charterworld Ltd. (United Kingdom), Collaborative Boating, Inc. (United States), Cosmos Yachting Ltd. (United Kingdom), Dream Yacht Charter SARL (France), Fairline Yachts Ltd. (United Kingdom), Fraser Yachts (Monaco) and Kiriacoulis Mediterranean Cruises Shipping SA (Australia) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
There are various regulation from the different regional government. The regulation is totally based on pollution, alcohol, safe navigation, radar reflector, assistance to other craft, lifesaving signals and others. For instance, according to US Coast Guard (USCG) - Federal Laws US Code, the yacht must maintain a particular weight corresponding to the yacht's potential.
- Rising Number Promotional Programs by Key Players for Promoting Yachts
- Increasing Number of Online Yacht Service Provider
- Increasing Availability of Yachts for Rental Purpose
- Changing Life Style and Increasing the Disposal Income Results in Growing Sea Tourism
- Intense Competition among Established Players
Government Initiatives for Promoting Tourism and Developing Attractive Interior Design by Key Players
High Cost Associated with Yachts Charter
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