LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global luxury yacht market report until 2020. This research report also lists 64 other prominent vendors that are expected to impact the market during the forecast period.
One of the key drivers of the global luxury yacht market is the increase in adventure tourism and recreational events across the globe. Tourism is a significant contributor to the economic growth, employment opportunities, and social development across the globe. This creates a significant demand for luxury yachts, wherein commercial or fleet operators form a significant part of the business. Europe has one of the largest and attractive ports for yachts.
“Other important drivers of this market are high net-worth individual population and overall wealth, and growing number of luxury marinas. In terms of market size, the luxury yacht market was worth 392 units in 2015 and is expected to reach 550 units by 2020, registering a CAGR of just over 7%. The recent fall in prices for luxury yachts is likely to attract a high number of potential buyers, which will result in an exponential growth rate of the market growth during 2018, 2019, and 2020,” says Siddharth Jaiswal, one of the lead analysts at Technavio for automotive manufacturing research.
Competitive vendor landscape
The luxury yacht market is characterized by the presence of well-diversified international and regional builders. International builders, in both the custom and semi-custom segments are increasing their footprint, especially regarding features such as quality, technology, and price. The competitive environment in this market is expected to intensify during the forecast period due to an increase in demand for new models, product and service extensions, and innovations in technology to lure custom boat buyers.
There is a high risk for vendors in this market as companies with better technical and financial resources can develop yachts that can make competitors' yachts obsolete and non-competitive, even before they are launched or able to help recover R&D and commercialization costs. Thus, to remain competitive in the market, vendors not only have to develop new technologies but also have to keep abreast of emerging technologies. This could have an impact on their product lines.
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Top five vendors in the global luxury yacht market
AMELS designs and builds yachts. It operates as a subsidiary of Damen Shipyards Group. It offers its products and services for private, civilian, and military use. The company offers yachts in five different ranges, including AMELS 180,199, 212, 242, and 272. The refitting solutions from the company includes design, engineering, interior, exterior, paintwork, system updates, steel and aluminum, and electrical and audiovisual systems.
Azimut | Benetti
Azimut | Benetti designs, constructs, and sells yachts. The company operates six shipyards and produces over 40 models. It produces semi-displacement yachts ranging from 10 to 40 meters. It has production facilities in Italy (Avigliana, Savona, and Viareggio) and Brazil. Its models include Flybridge, S collection, Magellano, Atlantis, Grande, and Dragon series. It also produces semi-displacement and displacement mega yachts, measuring 50 meters. It operates three production facilities in Italy. Additionally, the company also offers custom yachts.
Feadship provides custom superyachts and operates as the subsidiary of LVMH. The company has launched more than 425 superyachts. Their services include new builds, refits, charters, and aftersale responsibilities. The subsidiaries of Feadship include Feadship America, Royal Van Lent Shipyard, Koninklijke De Vries Scheepsbouw, De Vries Scheepsbouw Makkum, and De Voogt Naval Architects.
ISA Yacht manufactures and sells yachts; and designs, constructs, and refits luxury superyachts made of steel, aluminum, and composite materials. Its yachts measure from 24 meters to over 100 meters. As of 2015, the company delivered 32 luxury mega yachts. ISA Yacht offers yachts under five divisions - ISA Yachts Sport, ISA Yachts Granturismo, ISA Yachts Classic, ISA Yachts Varuna, and ISA Yachts Yara.
The company operates a shipyard that is spread over 54,000 square meters. It features three covered building sheds, technical and administration offices, and in-house workshops for engineering and woodwork activities. It can build more than 9 boats simultaneously.
Overmarine Group designs and manufactures maxi open and displacement yachts. It offers yachts, including Mangusta 72, Mangusta 80, Mangusta 94, Mangusta 105, Mangusta 110, and Mangusta 132. The Mangusta Maxi Open yachts range from 72 to 215 feet.
The group added aesthetic and structural innovations, and a spacious sundeck into the Maxi Open yachts. It also made significant hydrodynamic enhancements on their hulls and engines. In March 2015, the group sold two Maxi Open yachts (Mangusta 165 and Mangusta 94) to the American market.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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