LONDON--(BUSINESS WIRE)--The global yacht painting and maintenance market is expected to post a CAGR of over 7% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the growth in tourism and recreational events. The tourism sector across the globe has witnessed tremendous growth over the last decade owing to the increase in disposable income and increasing pressure from the workplace. Several countries and companies have mandated employees to go on vacations to reduce work pressure and increase the efficiency of the workplace. Such policies boost the overall tourism market, including yachts stays and travel for luxury hotels.
This market research report on the global yacht painting and maintenance market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the augmented demand for yacht chartering services as one of the key emerging trends in the global yacht painting and maintenance market:
Global yacht painting and maintenance market: Augmented demand for yacht chartering services
Yachts are being considered as luxury vacations homes by high-income people since the last decade. However, with the increasing penetration of internet technologies, yachts have become a tourism model and have witnessed significant growth over the last five years. Yachts offer various services such as fine dining, fishing, swimming, island tours, and other personalized services to customers, which attracts tourists toward yacht tourism.
“Yacht companies and various tour operators use digital marketing as an effective way of reaching their target market. they are also incentivizing from the growing reach of social media to promote their tour operations, which include virtual tours, videos of yachts out at sea, and example of the unique services offered,” says a senior analyst at Technavio for research on paints, coatings, and pigments.
Global yacht painting and maintenance market: Segmentation analysis
This market research report segments the global yacht painting and maintenance market by application (refurbished yachts and new yachts) and geographical regions (APAC, EMEA, and the Americas).
The refurbished yachts segment held the largest market share in 2017, accounting for nearly 67% of the market. This application segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2017 with a market share of nearly 56% of the market share. The market share occupied by this region is anticipated to decrease from 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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