On a global scale, the past few years have been extremely challenging, mainly because of the COVID-19 pandemic which shifted the way we live and work. In fact, the effects of this pandemic had been felt in many sectors including the yacht charter industry. However, whilst post-pandemic many industries have suffered, it had actually had a positive impact on water-based tourism. In fact, the global yacht charter market is expected to grow at a compound annual growth rate of 5.2% from 2020 to 2027 to reach USD 9.7 billion by 2027.
The growing success and popularity of yacht chartering has also been aided by the catalogue of emerging technologies which have had a positive impact on the market. Firstly, it is easier than ever to book a holiday by visiting sites such as www.borrowaboat.com as the booking process is straightforward and can be done from your computer, smartphone, or your tablet. This means that planning a trip does not require you to go to your nearest travel agency which should also take the stress out of planning your next holiday.
There are also a myriad of advances in super yacht technology including onboard connectivity and on demand services which has ensured that the yacht chartering market is gaining success. When holiday goers are on their yacht and enjoying their holiday, the last thing they want to do is sacrifice the services that they could get on land. This has meant that the boat chartering industry has had to keep up with this growing consumer demand. In terms of internet connection, many are unwilling to hire a yacht if it does not have a reliable means to connecting them to the world wide web. In this sense, there has been an effort to provide those on board a yacht with instant help via live chats etc that they can get if they find that their internet is lagging. Apart from that, yachts spend the majority of their time cruising within reach of the coast. As a result, there has been a huge effort to invest in making 4G LTE and 5G networks more available than they were previously, offering affordable high-bandwidth connectivity to those who are travelling on board through bonded 5G compliant data systems.
Moreover, it is not just the speed and quality of the internet that has been a priority for those heading the yacht chartering industry but also the specific products and services on board which attract many. For example, the impressive mega yacht LANA (107m/351.1ft) from Italian shipyard Benetti is decked out with beautiful and modern architecture. Not only that, but luxurious yachts like these also allow their guests to take part in water sports with numerous water toys on board as well spas and cinemas. In this sense, market players have been attempting to provide advanced yacht for charter as they have realised the value of incorporating cutting-edge technology.
With many people becoming more conscious about the state of the environment and the planet, energy technologies becoming even more popular. Now there is a tendency for yachts to have green technology which is essentially a way of reducing the harm inflicted on the environment. In the boating industry, green technology has manifested in many forms. It is also worth mentioning about the proliferation of hybrid-electric propulsion in the superyacht sector is evolving at a pace. This is because hybrid propulsion technology, which is a fusion of diesel and electric power are used to propel vessels, is being used more on yachts. Not only this, but there are also ways to upgrade your yacht using the latest technology. For example, there is the option to install a water turbine which basically uses the boats motion as it moves through the water to generate electricity.
In the future, it is thought that climate change will be something that consumers will keep in mind and may actually reject the charter yachts that have not implemented green technology. Hopefully, they will also have a bigger market of low emission chartering options. The evolvement of technology should also allow modern websites to provide filters so that consumers can make sure they are opting only for these types of sustainable and ecologically smart yachts. Due to the fact that the transportation industry has already been affected by green technology, it is likely to pervade the yacht industry even more in the coming years. Not only that, but we should also witness more innovative designs for the yachts. This also entails new design materials emerging and a stepping away from the normal types of materials that yachts are made with.
In summary, the past few years has made the yacht charter market rethink in a major way how it operates and as a result adapt to our ever-changing world. From using green technology to ensuring that there is a reliable internet connection on board, the yacht charter industry is expected to grow in the coming years. Moreover, yachts should be upgraded with new design materials and customers should be able to choose from more ecofriendly yachts. The rise of digital communications has also exacerbated the online presence of yacht charters and social media channels like WhatsApp and Facebook have allowed customers to gain quick access to book a yacht. Given all of this, the popularity of the yacht chartering market is not set to dwindle in the future.