Everything You Need to Know About the Yacht Industry

If you're interested in buying a yacht or are considering a yacht charter, it's worth knowing more about how the market changes. The COVID-19 pandemic and other factors have significantly affected it in recent years. Thankfully, we're here to help you learn more.

It's a Huge Market

While you might think the yacht market would be smaller, it continues to grow considerably. For example, according to Grand View Research, the worldwide market for yachts is expected to grow at a CAGR of 5.8% between 2023 to 2030. That's significant growth that will provide investors with a wide range of benefits.

How the Industry is Changing

The yachting industry is continually changing and often undergoes heavy upgrades nearly yearly. For example, the manufacturing process now includes composite materials that help resist corrosion more effectively than wood and have lower maintenance costs. Changes like these can heavily affect the nature of yachting in many ways. Furthermore, the market will see a considerable increase in ownership throughout Europe and other areas. Much of this growth is spurred by post-COVID boredom or the need to get out of the house, no matter what. As a result, the market is likely to see a jump in ownership and purchases, even as the general economic health of the world is on a downward slope.

Yacht Charters Will Remain Popular

While yacht purchases are likely to become even more popular than ever, you can expect the yacht charter business to remain strong. What exactly are yacht charters? This process consists of renting a yacht for a specific period (such as a day or a week) and using it during this time. Charters are often the best way for some people to experience the yachting life. For example, some people make enough money to charter a yacht temporarily but need more to purchase one fully. That scenario is common because rising inflation and other factors can push yachts out of reach for many well-earning people. Thankfully, charters can minimize this issue and ensure you can access one. Are you interested in a high-end vacation on a luxury yacht? Thankfully, our team can help you understand this process more deeply. Give Seaduction Yacht Charters a call to learn more about our all-inclusive luxury yacht charters.