Yacht Market
The Yacht Market was valued at USD 8,500 million in 2020 and is projected to grow at a CAGR of 5.2% over the forecast period (2021-2028).
The factors driving the growth of Yacht Market includes growth in the Tourism industry, increasing demand for luxury Yacht, improvements in the maritime security systems and rising integration of advanced technologies such as Internet of Things (IoT) and Artificial Intelligence (AI) with the existing Yachts. According to the report published by Bloomberg, the Global Luxury Yacht Market is anticipated to reach USD 2.8 Billion by 2031, growing at a CAGR of 8.0% during the forecast period (2022-2031), which is expected to boost the Global Yacht Market in the approaching years. Moreover, the technological advancements in the yacht and growing trend of remote exploring, are some of the additional factors, supplementing the Yacht Market size. In addition, increasing disposable incomes, rapid urbanization and rising investments on research and development by the leading players, are further propelling the market growth.
However, the growth of Yacht Market is hindered due to rising number of fatalities and accidents in the boats.
The major players operating in the market are Alexander Marine International Co., Ltd., Azimut Benetti Group, Damen Shipyards Group, Heesen Yachts Sales B.V., Princess Yachts Limited, Sanlorenzo S.p.A., WANDA Group, Ferretti S.p.A., Viking Yacht Company and Feadship among others
Type – Segment Analysis
Based on type, the sport yacht segment is projected to expand at a significant CAGR during the forecast period. The increasing use of sports yacht in water sporting events and rise in the participation of sporting tournaments around the world, are some of the factors responsible for the growth of the segment.
Length – Segment Analysis
As per the Yacht Market Analysis, the upto 20 meter segment is anticipated to capture a sizable market share during the forecast period because it offers less maintenance cost and efficiency in travelling along with growing adoption of renewable energies such as solar energy and wind energy in the sea vessels.
Regional – Segment Analysis
As per the Yacht Market Report, the Asia-Pacific region is expected to grow at remarkable CAGR during the forecast period. The increasing consumers inclination towards leisure activities, Government initiatives to promote domestic tourism and rising purchasing powers, are some of the important factors augmenting the market growth in Asia-Pacific.
Market Segmentation
Global Yacht Market by Type
Super Yacht
Flybridge Yacht
Sport Yacht
Long Range Yacht
Others
Global Yacht Market by Length
Up to 20 m
20 to 50 m
Above 50 m
Global Yacht Market by Propulsion
Motor Yacht
Sailing Yacht
Global Yacht Market by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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