LONDON--(BUSINESS WIRE)--The global luxury yacht market is expected to post a CAGR of close to 12% during the period 2018-2022, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
Technavio researchers highlight the increase in recreational tourism as a potential driver for market growth. Tourism is a major economic activity across the globe and is a significant contributor to economic growth, employment, and social development of numerous countries. It also plays a key role in the global luxury yacht market, where commercial yacht operators or fleet operators form a significant part of the business. Also, the natural landscape of various countries such as Greece, Spain, France, and Italy, attracts tourists from across the world. These places are also popular destinations for business events and meetings, where luxury yachts are leased from yachts fleet operators.
This market research report on the global luxury yacht 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 use of advanced materials as one of the key emerging trends in the global luxury yacht market:
Global luxury yacht market: Use of advanced materials
Most traditional yachts are built using either steel or aluminum, which makes the yachts heavy and reduces their fuel economy. Although steel and aluminum are less expensive than alternative materials, such as glass fiber reinforced materials or pure carbon fiber, yachts makers realize the overall benefits of using carbon fiber in the construction of the boat.
“Carbon fiber extensively reduces the yachts weight, which makes the yacht fast and fuel efficient. This cost saving from improved fuel economy off-sets the additional manufacturing cost incurred by using carbon-fiber. Also, carbon-fiber provides additional strength and durability to the boat’s dynamics, which enables it to withstand harsh conditions in seas,” says a senior analyst at Technavio for research on automotive manufacturing.
Global luxury yacht market: Segmentation analysis
This market research report segments the global luxury yacht market by geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2017 with a market share of nearly 40% of the market share. The market share occupied by this region is anticipated to decrease by nearly 13% during 2018-2022. By 2022, EMEA is expected to gain a significant amount of market share by almost 15%.
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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
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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