Articles

How is the Luxury Sailing Yacht Charter Industry Evolving Recently?

by Aarnav K. Digital Marketing
Luxury lifestyle and experiences are no longer just limited to the domain of the superrich in emerging markets like India. With a fast-growing middle-class that drives the country’s economy, luxury sailing yachts charters are now becoming more mainstream. More first-timers are charting luxury yachts and engaging in other luxury activities than ever before. Crewed yacht charter based vacations are getting more attention now. And this has also led to the emergence of new charter companies in the sector.

Huge Global Growth Potential
The global luxury sailing yacht charter market is expected to grow to over $51 billion in a year. The two main underlying reasons attributed to this staggering growth include:
  • Growing demand for yacht charters
  • Availability of disposable income among consumers

All this is further supported by the increase in the number of destinations covered by charter companies. In fact, latest technologies in the sector have also contributed to this growth.

Targeted Destinations
While the waters around India and South East Asia are an important attraction for the consumers, it is the East Mediterranean destinations that seem to receive more attention. When it comes to the destinations, Greece and other coastal countries located along the azure blue waters of the Mediterranean are expected to see the fastest growth.

East Europe destinations and Monaco have emerged as some of the biggest destinations for those seeking exotic charter destinations around the world.

Types of Motor Yachts

There are different types of yachts in this segment. When it comes to motored luxury sailing ships, semi-displacement yachts are gaining the most interest. This segment of yachts is expected to grow at the fastest rate in terms of charter orders in the near future.

The most important sub-classes of yachts in terms of their popularity include:
  • Sloops
  • Schooners
In fact, there has also been increase in demand for superyachts. These vessels can accommodate more travelers. At the same time, many of these vessels fall into the category of eco-friendly boats and ships that minimize the impact on the environment.

Evolving Market Dynamics
As the luxury yacht charter market grows and evolves beyond the traditional yachting circles, companies report that more of their clients are younger. The average age of the clients is dropping annually. And these new clients love to explore destinations beyond the traditional Caribbean and Mediterranean regions.

This new crop of clients is getting exposure to this experience they have not found ever before. They find it to be more fun and rewarding in spending time on board a private yacht with friends and family. The younger generation has new and uniquedemands for not just the types of vessels they prefer, but also for the destinations they want to go exploring.

Changing Industry Dynamics
This new demand for destination and experience exploration is not just limited to charters alone. Even companies and their management are eager to cover new and more destinations, including remote ones. They are also eager to deliver more exotic experiences to their clients. More and more companies are ready to position their brand in unique regions around the world to draw the attention of this growing and evolving marketplace. The result is that the consumer has more options to choose from.

Thus, the mega sailing yacht chartering sector is undergoing some dramatic changes. As the marketplace evolves, the industry has also risen up to meet the new demands.

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About Aarnav K. Freshman   Digital Marketing

7 connections, 0 recommendations, 30 honor points.
Joined APSense since, June 25th, 2019, From New Delhi, India.

Created on Sep 25th 2019 04:36. Viewed 251 times.

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