Global Yacht Market Trajectory Forecasts 2021: A USD 12.16 Billion Market by 2028, with CAGR of 5.2% Forecast Between 2021 and 2028
DUBLIN, Sept. 8, 2021 /PRNewswire/ -- The "Global Yacht Market Size, Share & Trends Analysis Report by Type (Super Yacht, Flybridge Yacht, Sport Yacht, Long Range Yacht), by Length, by Propulsion, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global yacht market size is expected to reach USD 12.16 billion by 2028. It is expected to expand at a CAGR of 5.2% from 2021 to 2028. The market is expected to witness significant growth owing to the increasing coastal and marine tourism activities across the globe. Furthermore, the rising standard of living and growing corporate tourism activities across the globe are expected to further drive the market.
The sports segment is expected to exhibit high growth owing to its use in personal activities as well as sports events. The increasing number of recreational sporting events, yacht trade shows, and events organized by OEMs are supporting the growth of the market in developed regions such as North America and Europe. A significant increase in the number of people participating year-on-year in marine recreational activities is also expected to further boost the market growth in these regions. Moreover, rising marine tourism and the growing population of high-net-worth individuals are also likely to contribute to the growth of the regional markets.
According to the World Bank, High-Net-Worth Individuals (HNWI) account for less than 1% of the world's total population and more than 40% of the world's total wealth. The growing HNWI population is driving the spending on leisure activities, including yacht travels. The demand for modern leisure yachts is particularly growing as it provides a connected experience while cruising, fishing, and so on.
The increasing adoption rate has compelled manufacturers to invest in research and development on building yachts using high-strength composite material for physical structures. Significant amounts of R&D budgets are also assigned for the integration of technologies such as IoT that enable the exchange of information through a single network. Furthermore, the digitalization of propulsion systems has also significantly increased the efficiency of yachts, thus reducing fuel consumption.
Yacht Market Report Highlights
- The market is anticipated to experience a substantial CAGR of 5.2% on account of the growing emphasis on marine tourism
- The sports yacht segment is anticipated to register the highest CAGR over the forecast period owing to its increasing adoption in personal as well as sports applications
- The 20-to-50-meter length segment is expected to witness higher growth owing to the low operational cost, maintenance, and fuel consumption of yachts of this length size
- Asia Pacific is anticipated to register the highest CAGR over the forecast period owing to various initiatives undertaken by the government to boost marine tourism and the rising disposable income of individuals
- The novel coronavirus severely impacted the market during the initial months of the pandemic as governments imposed strict lockdowns across various regions globally
- The market is oligopolistic and is dominated by key players, such as Azimut Benetti S.p.A., Damen Shipyards Group, Heesen Group, The San Lorenzo S.p.a., Sunseeker International, Ferretti S.p.A., Alexander Marine International Co., Ltd. (AMI), and Princess Yachts Limited
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
Chapter 3. Market Variable, Trends & Scope
3.1. Market Lineage Outlook
3.2. Yacht Market Dynamics
3.3. Penetration & Growth Prospect Mapping
3.4. Yacht Market Industry Analysis - Value Chain
3.5. Yacht Market Industry Analysis - Porter's
3.6. Yacht Market Industry Analysis - PEST
Chapter 4. Yacht Market: Type Outlook
Chapter 5. Yacht Market: Yacht Length Outlook
Chapter 6. Yacht Market: Propulsion Outlook
Chapter 7. Yacht Market: Regional Outlook
Chapter 8. Competitive Analysis
8.1. Recent Developments & Impact Analysis, by Key Market Participants
8.2. Company/ Competition Categorization (Key Innovators, Market Leaders, Emerging Players)
8.3. Vendor Landscape
8.3.1. Key Company Analysis, 2020
8.3.2. Company Market Position Analysis
8.3.3. Competitive Dashboard Analysis
Chapter 9. Competitive Landscape
- Azimut Benetti Group
- Damen Shipyards Group
- Heesen Group
- The San Lorenzo S.p.a
- Sunseeker International
- Ferretti S.p.A.
- Alexander Marine International Co., Ltd. (AMI)
- Princess Yachts Limited
- Viking Yacht Company
For more information about this report visit https://www.researchandmarkets.com/r/r1dnu7
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