– This is the script of CNBC's news report for China's CCTV on September 24, Thursday.
Welcome to CNBC Business Daily, I'm Qian Chen.
The global yacht charter market was valued at US$ 35.0 Bn in 2014 and is expected to reach US$ 51.0 Bn by 2020, reflecting a CAGR of 6.5% during forecast period.
Eastern Europe is expected to exhibit the fastest growth as compared to other regions with CAGR of 7.2%.
This growth is supported by rising disposable income of consumers and increasing number of yacht charter destinations.
Other factors that are fueling the growth of yacht charter market are product innovation and technological advancement.
Phil Han reports from the Monaco Yacht Show.
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OUT: Phil Han, CNBC in Monte Carlo
Southeast Asia is fast emerging as the yachting hub of Asia, with industry watchers highlighting the potential in markets like Thailand and Indonesia.
To be sure, there isn't a widespread yachting culture in Asia despite the region's growing billionaire population. Only 4.3 percent of the world's super yachts are based in Asia.
But there's plenty to be optimistic about.
"The [countries] I see the most potential in yacht growth [in are] Thailand, Indonesia, Philippines and Malaysia. That's often because of the pretty islands, yacht clubs, a strong tourism industry as well as a strong expat community who might have a history of yachting," said Tara Loader Wilkinson, Wealth-X editor in chief.
CNBC's Qian Chen, reporting from Singapore.