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Yacht Rental Market Size
- Report ID: GMI10782
- Published Date: Aug 2024
- Report Format: PDF
Yacht Rental Market Size
Yacht Rental Market size was valued at USD 7.4 billion in 2023 and is estimated to register a CAGR of over 6.5% between 2024 and 2032. The yacht rental sector has experienced consistent growth in recent years, driven by increasing disposable income and a growing interest in leisure activities. The expansion of the luxury travel segment, where individuals seek distinctive experiences, contributes to this trend. The integration of smart connectivity features enhances efficiency and performance, while advancements in materials result in lighter and more durable components, supporting broader adoption and sector growth.
Modern yachts, being lighter and more fuel-efficient compared to their predecessors, reduce environmental impact, particularly when powered by diesel engines. For instance, in May 2023, Sunreef Yacht introduced the 80 Sunreef Power Eco, a custom catamaran built at the Gdansk shipyard in Poland, which incorporates advanced green technologies for environmental sustainability and energy efficiency.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Yacht Rental Market Size in 2023: | USD 7.4 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 6.5% |
| 2032 Value Projection: | USD 13.1 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 300 |
| Segments covered: | Type, Length, Propulsion, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Artificial Intelligence (AI) technologies are expected to create significant opportunities for the yacht rental sector during the forecast period. This technology is employed to enhance safety, efficiency, and navigation within the sector. It improves the sailing experience by providing real-time weather information and optimizing routes. AI further predicts the most favorable destinations for charter success by analyzing data points and determining the optimal anchorage locations, as well as fuel usage for the journey.
Prospective buyers may find the high initial costs associated with yacht rentals such as taxes, customization and registration fees, and purchase prices prohibitive. Additionally, the sector is highly sensitive to economic fluctuations. During economic downturns, reduced disposable incomes and constrained spending on luxury items diminished demand for yachts. This sensitivity affects both the resale value and new sales of yachts, exposing the market to economic volatility. These factors collectively pose significant challenges to market stability, growth, and entry, impacting overall ownership retention.
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Yacht Rental Market Scope
