The U.S. 60-80 feet motorized yacht charter market was valued at $215.9 million in 2020, and is projected to reach $803.7 million by 2030, registering a CAGR of 14.0% from 2021 to 2030.
Yacht is a motor-driven or sail-driven vessels that is used for recreational purposes. Yachts can be privately owned (individual or by a company) or can be lend for chartering. Many luxury yacht manufacturers are providing yachts for renting as well as private purposes to provide seamless and luxurious experiences with enhanced comfort. OEMs are strategically focusing on developing high-speed yachts to cater to the demands of customers, due to increase in inclination toward marine tourism and water sports. The two major types of charters are bareboat and crewed, which are employed for sailing purposes. These boats offer all the benefits, from absolute relaxation to explore various destinations.
Get Sample PDF@ https://www.alliedmarketresearch.com/request-sample/14694
Major Market Players:
• Anacortes Yacht Charters
• Charles Charters
• Metro Yacht Charters of New York
• Northrop & Johnson
• Ritzy Charters
• Seattle Yachts
• Tranquilisea Yachting
• Yachtico Inc.
The growth of the U.S. 60-80 feet motorized yacht charter market is driven by increase in number of private islands on cruise itineraries, shift toward alternative sources of energy & rise in disposable income, and increase in number of high net worth individuals. However, high cost associated with yacht chartering and rise in environmental concerns associated with boating act as the key deterrent factor of the market. On the contrary, increase in involvement of intermediaries & hybrid business models, changes in yacht infrastructure, and rise in trend of yacht tourism are expected to offer ample opportunities for the expansion of the market across the U.S.
The trend of adventure traveling is growing at a rapid pace, and cruise expeditions are witnessing the impact. As per the industry experts operating across U.S.-based yachting industry, there are about 25 expedition cruise ships on order across different yacht manufacturers, most of which have been contracted in 2017. Furthermore, numerous cruise builders are investing in land-based private islands that allow cruise lines to offer customers exclusive beach time as an extension of the onboard experience. In addition, in 2017, cruise lines offered ports on a total of seven private islands, and later increased services to other islands in 2019 and 2020. As per the National Marine Manufacturers Association (NMMA), the U.S. experienced rise in number of marine fleets by about 12% in 2020, as compared to 2019. Increase in affluent population and add-on services offered by cruise are further expected to fuel the growth of the yacht charter industry in future.
Yachts have a chartering price, which is considered as the weekly rate to rent the boat, and this varies as per the boat depending on their facilities. The cost of a yacht charter is dependent on a number of factors, including the type of yacht, the charter destination, local taxes, and the base cost.
Covid-19 Impact Analysis
• The COVID-19 pandemic outbreak has caused widespread economic downturn, as several countries imposed strict lockdowns to contain the infection.
• This has affected diverse industries; manufacturing is one of the severely impacted sectors. For instance, a major player, Princess Yachts, reported that sales were 50% lower in April 2020 than in April 2019.
• There has been significant impact on supply chains globally. Boats and engine manufacturing companies have faced huge losses during the first & second quarter of 2020 due to disrupted supply chains and production schedules.
• The rapid spread of COVID-19 in the U.S., Europe, and Asian economies resulted in nationwide lockdown and a temporary halt of production facilities to prevent further spread.
• With increasing number of cases, consumers opted to spend on necessities and food supply compared to recreational & leisure activities in the highly impacted regions, including Europe and Asia-Pacific.
Therefore, yacht charters have a wide range of base prices. Moreover, charters can cost from $10,000 per week on smaller sailing yachts and catamarans up to $150,000+ per week on the most luxurious motor superyachts.
In addition, yacht chartering incurs hidden cost along with the taxes and value-added tax (VAT), Insurance, crew gratuity, advanced provisioning allowance and others that cost roughly 15–30% of the base price. Moreover, this minimal charge is collected prior to charter. Thus, high associated with yacht charter acts as a barrier to many customers in developing countries, which restrains the growth of the 60–80 feet motorized yacht market.
Key Benefits For Stakeholders
• This study presents analytical depiction of the U.S. 60-80 feet motorized yacht charter market analysis along with current trends and future estimations to depict imminent investment pockets.
• The overall market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities of the U.S. 60-80 feet motorized yacht charter market with a detailed impact analysis.
• The current market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
• The Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Name: David Correa
Email: Send Email
Organization: Allied Market Research
Address: 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States
About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.