Growth In The Yacht Charter Industry and How It Is Changing
For those that are unaware, yacht chartering is an ideal way to unwind and take in life from a different perspective. Drifting across the sea and getting away from it all – even for just a few days – is a tantalising prospect for many people. So much so, in fact, that scores of holiday-goers are demanding yacht chartering wherever they land, often as a welcome addition to their initial plans.
People love the idea of taking their family on a private boat, whether just for a few days, or even an entire week – the opportunity seems to bring out our inner seafarer! Options for chartering sans passengers or crew (unless you want them) can make excursions feel even more personal and exciting. And chartering in this fashion can give families access to some of the most luxurious boats in existence. Plenty of luxury charter seacrafts have been built by famous designers, many of whom have earned worldwide recognition for their exceptional work.
It would make sense that budding entrepreneurs with a love of boating may want to try their hand at setting up their own business within the UK’s yacht charter industry. However, the boat chartering industry has been notoriously difficult to penetrate for new entrants. The barriers to entry are high, and the industry has long been dominated by the same players. However, all of that is about to change.
The landscape of the boat chartering industry
The UK’s boating industry is growing at a rapid pace, with the global chartering market estimated to be worth an astounding $30 billion by 2027. This rapid growth is only set to continue thanks to the popularity of short-term boat chartering as a viable holiday option.
The landscape for finding the perfect charter has changed significantly in recent years. Aside from the expansion of the industry itself, the exponential growth of companies like Borrowaboat.com has had a large part to play in this commercial sailing renaissance.
Having received a recent round of funding via crowdfunding facilitator Seedrs, Borrow A Boat offers its members access to thousands of boats through an intuitive online marketplace. The rise of these types of platforms means that families with a view to renting boats will have no shortage of options – individuals can easily flick through a vast range of options on a single platform, or compare prices between vendors directly without having to jump back and forth between websites.
Why is the boat chartering industry facing huge growth?
The boat chartering industry is seeing a rapid increase in popularity, a trend that has been observed over the past few years. The rise of the “sharing economy,” has given users ample ways to rent, share or borrow items, rather than buying them outright. This sharing economy also goes hand-in-hand with the consumer demand for these kinds of services.
Many companies have prioritised renting out boats and yachts to customers who want to go fly abroad but are reluctant to spend a fortune on costly expenses. With companies such as Borrow A Boat leading the fray, this is giving the chartering industry a new lease of life and creating opportunities that were previously unheard of.
Is this forecast about the boat chartering industry going to suffice?
So given the rapid growth of the chartering industry, it’s important to ask – is this forecast going to suffice?
It’s a question that hard is hard to answer, especially given the range of obstacles that have persisted in the way of the boat chartering industry for so long. Some people have grievances with using someone else’s boat for taking trips – which can be understandable, given certain individuals’ ideas of ownership. However, the positive aspects of the sharing economy have the potential to far outweigh the negatives, especially in a market where the main commodity is so costly.
The most beneficial aspect for consumers is that they are able to meet their chartering needs with minimum fuss and at an affordable price. Success in this respect means boats are available when needed, minus all of the additional considerations that usually come with ownership, such as maintenance and upkeep.
What the growth of the boat chartering industry means for consumers
The uptick in the popularity of boat chartering is guaranteed to make it easier for consumers to take their own chartering trips. With the increased availability of boats and the emergence of new platforms and providers, booking a charter will be almost second nature. Taking a boat out to sea is also set to become much more affordable, as the demand for boating will fuel the growth of the chartering industry, leading to increased competition and lower prices. With providers vying for business among rivals, plenty of operators will be looking to offer the most competitive rates possible.
On a less commercial level, more people will be able to enjoy boating and develop a new passion they may have never considered before. The newfound accessibility of boat chartering will be potentially revelatory for families, as chartering a boat can be a brilliant way to spend quality time together. What’s more, it can also be an excellent opportunity to explore new areas and reconnect with nature.
The Growth of The Chartering Industry
The increasing popularity of boat holidays among Britons, alongside an improving economy and new trading opportunities for chartering companies, are all consolidating the growth of this sector. Many will reap rewards from this growth in the coming years, while consumers can look forward to an abundance of choice in boating vessels.