Asia Pacific forecast as leader in global yacht charter market
Published: Tuesday, 21 November 2017
Asia Pacific will likely outshine all others in terms of growth rate, according to a report by Transparency Market Research (TMR) titled “Yacht Charter Market”.
(Photo: Asia Pacific Superyachts)
The TMR report forecasts the global market for yacht charter to register over seven per cent compound annual growth rate (CAGR) in 2017-2025 to attain a value of US$14.987 billion by 2025 from US$8.123 billion in 2016.
Volume-wise, it predicts the market to grow to 7,684 units from 6,054 units in 2016.
In addition, the report notes, “the market in the region is receiving a major boost from the rising number of charter destinations, increasing wealth of people, and greater availability of yachts.
“Thailand, Australia, Singapore, and Malaysia are some of the popular yacht chartering destinations in Asia Pacific.”
Co-Founder of Asia Pacific Superyachts Scott Walker explains the Asia Pacific Superyachts network of owner-based agency offices in 15 countries and 17 locations also finds an increasing number of visiting yachts as stated in the report sub-title, ‘Increasing Number of Yacht Charter Destinations Proves Beneficial for Market’.
The report also states that changing lifestyle of people, increasing number of yacht charter destinations worldwide, ease of booking yachts and emergence of better materials and technology are factors serving to up demand in the market.
Besides, improving disposable incomes is likely to have a positive influence on the global market, contributing to the rising demand for luxury yachts.