Industry News: Number of Charter Yachts Increasing
Lately, in my personal experience as a charter broker, I have seen more and more yacht owners understanding the benefits of putting their yachts into a charter fleet program. It seems my experience is not unique. Industry figures indicate that the number of luxury motor yachts available for charter worldwide, is larger now than it has been in years.
Over the past few years, industry experts estimate that the number of yachts available for charter seems to be increasing by a rate of anywhere form 6% – 15% every year. The variability of the increases is based on the location. Here in the U.S. the total growth rate in revenue has been about 7%. According to Future Market Insights (FMI), the global yacht charter industry should rise from about $9 billion U.S. in 2015, to almost $19 billion U.S. by 2026.
FMI also reported that yachts with 3 cabins and 4 cabins were the most popular size yachts among charter consumers. In 2015 these two segments collectively accounted for over 70% of charter revenue. They found that of retail bookers of yacht charters (as opposed to “corporate”) the number of those booking with families was up 65%, which probably largely accounts for the popularity of 3 and 4 state room motor yachts.
Goodfellas Available for Charter!
Why Is the Number of Yacht Charters Increasing?
There are several drivers to the increase in the number of available yacht charters. One, of course is the improving economy, and an increased recognition of the actual value of a yacht charter experience.
The FMI report also looked into the reasons why people chartered a yacht, which they identified as: events, vacation, adventure, sports, honeymoon, or “other.” Not surprisingly, their research found that nearly 80% of consumers in the yacht charter market reported “vacation” as their state purposed for chartering.
Also, more yacht owners are becoming aware of how placing their yacht into a charter program can help offset expenses. In addition, strengthening yacht sales in certain size categories, such as over 60ft, have spurred increased interest in “try it before you buy it,” charters.
All of those factors have combined to boost the number of yacht charters globally, and particularly here in South Florida.
New Charter Experiences to Keep up With the Demand
We see this trend in increased interest in yacht charters, which has prompted us to add new boat and new charter experiences as often as we can. We recently added Chicago to our growing list of charter destinations, and we will soon be one of the only charter brokers in South Florida offering unique luxury yacht charters to Cuba!
Choosing the right charter experience can be challenging. If you would like to benefit from our expertise in these areas, or if you have any questions or comments about this blog post, do not hesitate to contact our Charter Specialists, or call us at 954-235-3468