LONDON--(BUSINESS WIRE)--The yacht painting and maintenance market is expected to grow by USD 123.95 million during 2020-2024, expanding at a CAGR of over 5%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Yacht Painting and Maintenance Market: Growth in tourism and recreational events to drive growth
The rise in disposable incomes and growing pressure in workplaces has significantly contributed to the growth of the tourism industry across the world. Besides, many governments and companies are encouraging employees to take vacations to reduce work pressure and increase the efficiency of the workforce. For instance, companies such as Basecamp, SteelHouse, BambooHR, and G Adventures offer allowances for their employees to travel across the globe. Such policies have boosted the overall tourism market, which has increased the demand for yacht stays and luxury tourism. Also, many tour operators provide yacht tours, which include various water sports activities along with fine dining, island visits, fishing, and swimming. Therefore, the increasing tourism activities worldwide are driving the demand for new yachts, which in turn, will drive the demand for yacht painting and maintenance during the forecast period.
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As per Technavio, the augmented demand for yacht chartering services will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Yacht Painting and Maintenance Market: Augmented Demand for Yacht Chartering Services
Many players operating in the market are adopting digital marketing strategies to effectively reach their target customers. They are also promoting their services such as virtual tours, videos of yachts, and other unique services on social media platforms to attract consumer interest. Such initiatives have increased the demand for chartered yachts, especially in regions such as Europe and North America. With the growing penetration of smartphones and the internet, the demand for chartered yachts is expected to increase significantly during the forecast period. This will subsequently drive the growth of the global yacht painting and maintenance market.
“Use of high-resolution microscopy to detect faults and damages and the rise in demand for superyachts will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Yacht Painting and Maintenance Market: Segmentation Analysis
This market research report segments the yacht painting and maintenance market by Application (Refurbished yachts and New yachts) and Geography (Europe, North America, APAC, MEA, and South America).
The refurbished yachts segments led the yacht painting and maintenance market in 2019. Many yachts are often repainted before they are sold to the next user to achieve maximum profits. In addition, the increase in the number of yacht renovation activities is contributing to the growth of the segment.
The European region led the yacht painting and maintenance market in 2019, followed by North America, APAC, MEA, and South America respectively. During the forecast period, Europe is expected to register the highest incremental growth due to the increasing popularity of recreational marine activities in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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