Increasing wealthy population with high disposable income has increased the sales of luxury products such as yacht charters. Yachts are typically used for vacation and leisure activities, which in turn, is expected to drive growth of the global yacht charter market during the forecast period. According to Coherent Market Insights’ analysis, in 2013, around 355 luxury yachts were sold across the globe and the number increased to 412 in 2014. According to the same source, the global yacht market is expected to be valued at US$ 73.8 billion in 2020.

1. Continuous advancements in technology are expected to propel the global yacht charter market growth over the forecast period

Many yacht charter companies across the globe are focused on incorporating novel technology into yachts, in order to cater to increasing tech-savvy consumer demands such as ambient lighting control in yachts. Thus, these factors are expected to boost the global yacht charter market growth in the near future. For instance, in 2013, Lumotics Marine installed a Sound 2 Light on a 60-meter yacht in southern Italy. The 400 watts LED lighting system allows consumers to customize the lighting inside the yacht.