The global yacht charter market continued to grow until 2019 with a recorded a value of US$10.91 billion. This growth certainly made yacht owners rejoice with their prospective business.
Unfortunately, that joy suddenly vanished because the COVID-19 pandemic had stopped all their plans. Tourism is one of the businesses hardest hit by the pandemic, including yacht charters.
According to research firm Research And Markets, the global yacht charter market in 2020 has been affected by the pandemic, dropping by about 85% to only US$1.63 billion. A very poor performance beyond the expectations of business people.
However, easing lockdowns in most countries in 2021 is believed to be turning things around. If that happens, the yacht charter market will return to pre-COVID-19 levels by 2022.
The global yacht charter market will continue to grow as more people travel after tourism tightens up. During the 2020-2028 range, the global yacht charter market is expected to grow at an annual average of 25.6%.
Europe will dominate with a market share of more than 50% which is influenced by the excitement of tourism in Greece, Croatia, Italy, Spain, France, England, Germany and several Nordic countries.
The Asia Pacific region is emerging as the second largest yacht charter market driven by the increasing number of wealthy people, infrastructure development and relatively low cruising costs compared to the West.