LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global luxury yacht market to grow at a CAGR of close to 12% during the forecast period, according to their latest market research report. However, the market is expected to decelerate as there is a projected decline in year-over-year growth.
The focus on emerging markets is one of the major trends being witnessed in the global luxury yacht market 2018-2022. As the European market is witnessing a slowdown, yacht makers are shifting their focus toward emerging markets such as China, and Latin America. Yacht manufacturers are also modifying their product portfolio as per the demands of these emerging markets, to increase the adoption rate of their yachts in these regions. This is expected to drive market growth during the forecast period.
According to Technavio analysts, one of the key factors contributing to the growth of the global luxury yacht market is the increase in recreational tourism:
Luxury Yacht Market: Increase in Recreational Tourism
Tourism plays a major role in the luxury yacht market, as commercial and fleet operators are witnessing significant growth in the business. Yachts are leased from yacht fleet operators for business meetings, recreational activities, and events. This is expected to significantly drive the global luxury yacht market during the forecast period.
According to a senior analyst at Technavio, “Apart from the increase in recreational tourism, the use of advanced materials and the emergence of alternative fuel in the marine industry are two other factors that are expected to boost market growth during the forecast period.”
Luxury Yacht Market: Segmentation Analysis
The global luxury yacht market research report provides market segmentation by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for close to 40% share, followed by the APAC and EMEA, respectively. Although EMEA held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period.
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.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- 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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