Valley Cottage, New York, June 18, 2015 (GLOBE NEWSWIRE) -- The yacht charter market has made a steady recovery since the financial crisis, and a new report by Future Market Insights estimates it to amplify at a compound annual growth rate (CAGR) of 6.5% through 2020. The report titled, "Yacht Charter Market: Global Industry Analysis and Opportunity Assessment 2015 - 2020", provides key insights on the prospects of the global yacht market.
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Recovery in the global economy has augured well for the prospects of the yacht charter market. The increase in the number of high net worth individuals and renewed interest in leisure activities has provided an impetus to the yacht charter market globally.
FMI's analysis on the yacht charter market revealed that promotional activities by yacht manufacturers have created greater awareness among the target audience. Celebrity endorsements have also helped yacht charter companies garner media attention.
There are a few caveats though for the growth of the yacht charter market. The yacht charter industry is facing stiff competition from unregistered yacht sector. Many unregistered yacht owners lack a requisite licence and permission to offer yacht charter services. FMI opines that the unregulated sector can restrain the growth of the market during the forecast period 2015-2020.
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Yacht companies are leveraging the reach and appeal of digital marketing, especially social media to connect with their target audience. Through virtual tours and videos, yacht companies are showcasing the services they have to offer. FMI's analysis revealed that online reviews and testimonials are a key factor for consumers while choosing a yacht company.
Eastern Europe (including Russia & Turkey), Rest of Europe (North, South & West), and North America are the most lucrative regions for yacht market. FMI's analysis found that these three regions collectively accounted for nearly 75% of the market share in 2014.
FMI projects the yacht charter market in the Rest of Europe to witness a CAGR of 6.3% through 2020. The market in Rest of Europe is driven by high consumer demand for yacht charters in Greece, which is home to some of the world's most scenic charter destinations, such as Ionian Island, Aegean Islands, Cyclades, Dodecanese, Corfu, and Athens.
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The yacht charter market in Eastern Europe is projected to witness a CAGR of 7.2% through 2020. FMI estimates the Eastern Europe yacht charter market to be worth US$ 13.6 Bn by 2020. Turkey is the most popular charter destination in Eastern Europe.
FMI has segmented the global yacht charter market into motor yachts and sailing yachts. Among these, a sailing yachts segment dominated the market in 2014 with a share of nearly 79%. FMI estimates the sailing yachts segment to witness a CAGR of 6.5% through 2020; the motor yachts segment is anticipated to expand at 6.7% CAGR through 2020.
On the basis of the consumer type, the yacht charter market is broadly segmented into corporate and retail. Retail consumers dominated the yacht charter market in 2014, accounting for nearly 69% of market share. FMI estimates the retail consumer segment to amplify at a CAGR of 6.4% during the forecast period 2015-2020.
On the basis of yacht size, the yacht charter market is segmented into large (over 50m), medium (30m - 50m), and small (up to 30m). Among these, the demand for medium yachts was the highest, with this segment accounting for over half of the market share in 2014. FMI estimates medium yacht segment to witness a CAGR of 5.1% through 2020. However, it is the small yacht segment that is anticipated to witness the highest CAGR of 8.5%.
The key companies profiled in FMI's report include Sunsail Ltd., The Moorings, Hanse Group, Fraser Escape Bareboat Charters, Incrediblue Limited., Antlos, Dream Yacht Charter, Sailogy S.A, Yachtico, Boatbound Inc., and Fun2Rent. These companies are constantly exploring new opportunities to expand their offerings. Use of digital media remains a key marketing trend for these companies.
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Source: Future Market Insights