DUBLIN--(BUSINESS WIRE)--The "Global Yacht Market: Analysis By Propulsion, By Category, By Type, By Length, By Region Size And Trends With Impact Of COVID-19 And Forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.
The global yacht market in 2021 was valued at US$10.80 billion. The market is anticipated to reach US$15.15 billion by 2026.
This report provides an in-depth analysis of the global yacht market by value, by propulsion, by category, by type, by length, by export, by operational fleet, by region (North America (The US and Canada), Europe (Italy, Netherlands, Germany, UK, France, and Rest of Europe), Asia Pacific (China, Japan, and the Rest of the Asia Pacific), Latin America, and the Middle East & Africa), etc. The report also provides a detailed analysis of the COVID-19 impact on the global yacht market.
Much of the expertise in the luxury yacht building market is concentrated in only a few countries, including Italy, Turkey, the Netherlands, the US and Germany. The Italian manufacturers benefit from a worldwide reputation for quality and style. This market's customer base is composed of extremely wealthy individuals who can afford the significant purchasing price of a large yacht as well as the maintenance costs.
An increase in income inequality, higher disposable income, and a positive macroeconomic scenario are some of the factors driving the market growth. The market is expected to grow at a CAGR of 7% during the forecast period of 2022-2026.
- Increase in the UHNWI (Ultra-high-net-worth individuals) Population
- Growing Demand for Luxury Tourism
- Rising Construction of Super Yachts
- Growing Number of Boat Shows
- Favorable Government Initiatives
- Increasing Demand of Yacht Charter
- High Investments and Upkeep Costs Associated with Yachts
- Cyclicality of the Yachting Industry
- Customization and Personalization
- Acute Focus on Eco-friendly and Sustainable Products
- The Internet Of Things
- Yachts Run Quieter due to Tech Advances
- Explorer Yachts are Continuing to Rise in Popularity
Market Segmentation Analysis:
- By Propulsion: The report provides the bifurcation of the yacht market into three segments based on propulsion: Outboard & Inflatables, Inboard, and Sailing. In 2021, the outboard & inflatables segment accounted for the maximum share of approximately 45% in the global yacht market owing to benefits such as high speed, power, and large distance coverage, among others. The Inboard segment is further segmented into three categories: Composite, Made-to-measure, and Super. The global made-to-measure inboard yacht market is expected to experience significant growth during the forecasted period with a CAGR of 13.6% driven by the increasing awareness and acceptance of yachting culture in the Asia Pacific and a series of favorable policies supporting the yacht industry promulgated in major countries.
- By Type: The report provides the segmentation on the basis of type: Super Yacht, Sport Yacht, Flybridge Yacht, Long Range Yacht, and Others. The super yacht segment is holding the major share of 32% in the market in 2021. The growth of the market is driven by the increase in the number of potential end customers i.e., VHNWIs and UHNWIs.
- By Length: The report further provided the segmentation based on the length of the yacht: Below 20 meters, 20-50 meters, and Above 50 meters. The global above 50-meter yacht segment would grow at the highest CAGR of 7.23% during the year 2022-2026, owing to the increasing leisure trips and voyages taken by generation Z along with the growing preference to live a luxury life.
- By Region: In the report, the global yacht market is divided into five regions: Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. Europe dominated the market in 2021 with almost 36.4% share of the global market. Europe is one of the main destinations for marine culture, especially Northern Europe, which has a very rich ecosystem for yacht charter. Countries like Italy, Ireland, Scotland, Denmark, Sweden, Germany and Russia offer a variety of options to choose from including crewed yachts, luxury yachts and motor yachts.
- Unlike the Luxury Goods coverage, where Asia Pacific represents around 50% of sales, the yacht market is still in its initial stages in Asia Pacific, which represents approx. 20% of sales. The Asia Pacific would provide lucurative opportunities to the overall market during the forecast period, due to the rising popularity of recreational activities and increased marine tourism in nations such as Thailand, Malaysia, Singapore, China, Japan, and Australia.
- Alexander Marine Co., Ltd. & Subsidiaries
- Azimut Yachts
- Bilgin Yachts
- Feadship Yachts
- Ferretti Group
- HanseYachts AG
- Lurssen Yachts
- LVMH Moet Hennessy Louis Vuitton (Princess Yachts Ltd.)
- Sanlorenzo S.p.a
- Sunseeker International Ltd.
- The Italian Sea Group
- Westport LLC
For more information about this report visit https://www.researchandmarkets.com/r/19bmch