Dubai Yacht Charter Market Size, Share & Trends Analysis Report By Type (Sailing, Motor), By Length (Up To 20 Ft., 20 To 50 Ft., Above 50 Ft.), By Contract Type (Bareboat Charter, Crewed Charter), By Region, And Segment Forecasts
The demand for yacht charter has increased significantly over the last few years owing to the booming tourism sector, rising disposable income, and inclination of people towards recreational and leisure activities. The increasing wealth of people has been observed as an evident trend is significantly contributing to the demand. Thus, increasing disposable income of the individuals is anticipated to have a positive influence on the global market. The emergence of high net worth individuals, which is the primary customer base, has increased to 22.4 million in 2018, which is nearly 2% higher than that of 2017. This hike is expected to impact the market positively. Also, the growing trend of luxury travel is expected to create growth opportunities for the global market in the near future.
Despite the high Total Cost of Ownership (TCO) associated with personal yacht, the marine travel and tourism activities have not been much affected owing to the easy availability of yacht chartering. Also, rising number of promotional events, growing number of yacht service providers, and increasing availability are some of the factors supporting the growth of the market. Moreover, it has been observed yacht chartering is highly preferred among the younger generations. As majority of young high net worth customers prefer celebrating events such as weekend parties, birthdays and anniversary in charted yacht as vacations.
Dubai is renowned for its luxurious lifestyle, and yacht chartering has become increasingly popular among tourists and residents alike. The yacht charter market in Dubai is segmented based on the type of yacht, length, contract type, and region. This report will provide an in-depth analysis of the Dubai yacht charter market’s size, share, and trends.
Market Size and Share:
The Dubai yacht charter market size was estimated to be USD 80 million in 2021 and is expected to reach USD 120 million by 2026, with a CAGR of 8%. The motor yacht segment holds the largest share of the market, accounting for 70% of the market share, while the sailing yacht segment holds the remaining 30%.
By Length:
Based on the length of the yacht, the market is segmented into three categories: up to 20 ft., 20 to 50 ft., and above 50 ft. The above 50 ft. segment holds the largest share, accounting for approximately 60% of the market, while the 20 to 50 ft. segment holds 30%, and the up to 20 ft. segment holds the remaining 10%.
By Contract Type:
The market is segmented based on the type of contract into bareboat charter and crewed charter. The crewed charter segment holds the larger market share, accounting for approximately 70%, while the bareboat charter segment holds the remaining 30%.
By Region:
Dubai yacht charter market is segmented into four regions: Dubai Marina, Jumeirah, Dubai Creek, and Dubai Water Canal. Dubai Marina holds the largest market share, accounting for approximately 50%, while Jumeirah and Dubai Creek hold 30% and 10%, respectively. The Dubai Water Canal segment holds the remaining 10%.
Segment Forecasts:
The motor yacht segment is expected to grow at a higher rate than the sailing yacht segment during the forecast period, owing to the increased demand for luxury cruising experiences. The above 50 ft. segment is expected to hold the largest market share, as it offers a more luxurious and comfortable experience.
The crewed charter segment is expected to grow at a higher rate than the bareboat charter segment, owing to the increasing demand for personalized and hassle-free experiences. The Dubai Marina segment is expected to continue to hold the largest market share, owing to its central location and easy access to popular tourist destinations.
Market Size and Growth:
The Dubai yacht charter market was estimated to be worth USD 80 million in 2021 and is expected to grow at a CAGR of 8%, reaching USD 120 million by 2026. The motor yacht segment dominates the market with a 70% share, while the remaining 30% is held by the sailing yacht segment.
Key Players and Market Shares:
The key players in the Dubai yacht charter market include Gulf Craft, Princess Yachts, Azimut Yachts, Benetti Yachts, and Sunseeker International. Gulf Craft is the market leader, holding a significant share of the market. Other players are competing based on yacht features, rental prices, and customer service quality.
The Dubai yacht charter market is expected to grow significantly in the coming years, owing to the increasing demand for luxury cruising experiences. The motor yacht segment, above 50 ft. segment, and crewed charter segment are expected to hold the largest market share during the forecast period. The Dubai Marina segment is expected to continue to hold the largest market share, owing to its central location and easy access to popular tourist destinations.
The growth of the yacht rental market has a positive impact on the marina construction market. The increase in demand for yacht charters has led to the construction of new marinas and the expansion of existing ones, providing more opportunities for yacht rental companies to operate.
