New industry analysis has indicated positivity for the charter market, with growth of over 6% to a value of $ 51 billion (€32 billion) forecast by 2020.
Global research conducted by ‘Future Market Insights’ into the state of the charter market from 2014 to 2020 predicts progress for the industry. This is largely due to the ‘increasing demand for yacht charter’ and ‘rising disposable income of consumers,’ supported by the growing number of charter destinations ‘fuelling the growth of the overall yacht charter market.’ New innovation in yacht technology is also a factor in the boost foreseen by 2020.
Analysing demand and supply side sales across small to large sized yachts, the report finds the current $35 billion value of the charter yacht industry is likely to grow to $51 billion – with a CAGR (Compound Annual Growth Rate) of 6.5% in this time. It is additionally foreseen that by 2020 the charter market’s global contribution will be 6.7%
One of the report’s key findings was the significance of the East Mediterranean to the industry’s development, with Eastern European countries such as Greece likely to experience the most rapid growth in comparison to other charter destinations – with a predicted growth of 7.2% by 2020. Destinations such as Monaco in the rest of Europe, contribute the most to the market’s revenue, followed by the East Europe destinations, which contributed $9.04 billion in 2014.
Amongst motor yacht types, ranging from displacement to catamaran yachts, the research concluded that semi-displacement yachts are likely to demonstrate the fastest growth in the forecasted period. Analysis of types of sailing yachts concluded that sloops, followed by schooners, would be the most significant sub-categories on the market.
Superyachts were also seen as preferred by many planning a yacht charter due to the ability to travel with more people and rise of eco-friendly vessels specifically built to minimise environmental impact.
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the $35 billion value of the charter yacht industry is likely to grow to $51 billion