Transparency Market Research (TMR) forecasts the global yacht charter market to register a 7.2% compound annual growth rate (CAGR) during 2017 to 2025 to attain a value of US$14.987 bn by 2025 from US$8.123 bn in 2016. This was announced in November 2017. The TMR predicts this market to grow to 7,684 units from 6,054 units in 2016 by a healthy 7.2% CAGR.
Scott Walker who is the co-founder of Asia Pacific Superyachts and director of Asia Pacific Superyachts Singapore made reference to the above TMR report “Yachts Charter Market” saying he thought is a lucrative market. He also stated it would most likely outshine all others in terms of growth rate.
This report says that the market in the region is getting a major boost from rising numbers of charter destinations. The increased wealth of people and more availability of yachts also plays an important factor in this boost. Some of the most popular destinations for yacht chartering in Asia Pacific comprise Australia, Singapore, Thailand and Malaysia. Such a specific market is expected to expand at an 8.0% CAGR from 2017 to 2025 as the TMR report states.
Scott Walker also said the Asia Pacific Superyachts network owner-based agencies in 15 countries and 17 locations will find an increasing number of yachts visiting. This was also stated in the report under the subtitle “Increasing Number of Charter Destinations Proves Beneficial for Market”.
The global yacht charter market is being fuelled by the changing lifestyle of people along with more yacht charter worldwide destinations. With the easy booking of yachts and yachts being built with the latest technology and high-quality materials, market demand is on the increase. Corporate and business houses are also driving up demand with bookings for things like office parties in unique destinations. The desire for superyachts is growing considerably especially with large groups who wish to host corporate parties.
The report continues by saying there’s a noticeable trend in the market for luxury yachts due to people being more able to afford buying or to charter superyachts. Disposable incomes are very likely to have a positive influence on the global market. With high net worth individuals and holidays being a top priority, it’s also expected that more opportunities for the global market will open up in the not too distant future.
Asia Pacific Superyachts (APS) shares this trend and stated an increasing number of superyachts being sought after. This is also down to the increasing number of superyacht destinations in Asia. These include Thailand, Singapore, Cambodia, the Maldives and Indonesia. Other popular yacht charter holiday destinations include Borneo, Sri Lanka, Tahiti, Fiji and New Zealand.
The review by ASIA PACIFIC SUPERYACHTS is based on the findings of the TMR report, titled, “Yachts Charter Market (Type – Sailing Yacht (Classic Yachts and Open Yachts), Motor Yachts (Classic Yachts and Open Yachts), and Catamaran Yachts (Classic Yachts and Open Yachts); Yacht Size (Small, Medium, and Large); and Consumer Type (Corporate and Retail) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”