III. Industry Analysis
The United States private charter boat industry is a $778 million market with over 800 businesses and more than 2,000 employees throughout the country. The market is composed of industry operators that charter private boats for individuals and groups.
This industry can be segmented by type of charter boat. There are many boats that can be used including sailboats, motor yachts, party boats, catamarans, and more. One of the most popular segments is yacht charter. Some industry operators rent out their boats. Others provide scenic tours and sightseeing services.
Increasing levels of participation in recreational boating activities in the United States is expected to help boost market demand for private charter boat services over the next five years. Market drivers include rising disposable incomes, increased interest in recreation and leisure activities, and a rebound in tourism.
Due to increasing levels of competition among industry operators in prime tourist destinations, maintaining a competitive advantage can be a challenge for new entrants. For this reason, new industry operators can differentiate themselves by catering to a specific niche market, developing a unique branding strategy, and providing exceptional service.