The Yacht Market to grow by USD 3.38 billion from 2022 to 2027 | The growing popularity of recreational tourism to boost market growth -Technavio

NEW YORK, Sept. 14, 2023 /PRNewswire/ -- The yacht market is estimated to grow by USD 3.38 billion from 2022 to 2027, growing at a CAGR of 6.71%. The yacht market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer yacht market are Alexander Marine International Co Ltd., Azimut Benetti SpA, Cantieri Navali Codecasa Tre SpA, Dalian Wanda Group, Damen Shipyards Group, Feadship Holland BV, Fincantieri Spa, Flensburger Schiffbau Gesellschaft mbH, Fr. Lurssen Werft GmbH, Heesen Yachts Sales BV, Horizon Yacht USA, KPS Capital Partners LP, Oceanco SAM, Overmarine Group Spa, Palmer Johnson, Palumbo Group Spa, Sanlorenzo Spa, THE ITALIAN SEA GROUP SpA, Viking Yacht Co., and Westport Yachts. The report provides a full list of key companies, their strategies, and the latest developments. Download the FREE Sample before buying

Company Offering:

• Alexander Marine International Co Ltd. - The company offers yachts such as the azimut grande tri-deck, 37 Legend Ocean Alexander, and 35 Revolution Ocean Alexander.
• Azimut Benetti SpA - The company offers yachts such as seadeck 6, and seadeck 7. 
• Cantieri Navali Codecasa Tre SpA - The company offers yachts such as Amels 80, Amels 60, and Seaxplore 60. 
• For details on companies and their offerings – Buy the report!

By Geography, the market is classified as Europe, North America, APAC, South America, and Middle East and Africa. Europe will have the largest share of the market.

• Europe is estimated to contribute 34% to the growth of the global market during the forecast period. Demand for yachts in Europe depends on many factors, including the region's extensive coastline, high concentration of high net-worth individuals, and favorable weather conditions for water activities. Demand is mainly driven by increased fishing and other water sports such as water skiing, diving, and swimming in European countries. In addition, due to the trend towards fun and recreational activities such as water skiing, diving, and swimming, the yacht market will grow significantly in the period 2017-2022. The main driver driving demand for yachts is travelers' growing preference for luxury trips, personalized treatments, and special excursions. Hence, these factors are expected to drive market growth in the region during the forecast period.

Download the free sample report to get more insights on the market share of various regions and the contribution of the segments.

• Impactful driver- Growing popularity of recreational tourism
• Key Trend - Increased demand for superyachts
• Major Challenges - High maintenance and operating costs 

 Market Segmentation

• By Type, the market is classified into motor and sailing. The market share growth by the motor segment will be significant during the forecast period. Motor yachts are typically faster and more powerful than sailboats, allowing faster and more efficient travel over longer distances. Larger rooms, luxurious areas, and modern entertainment equipment are also offered in these Yachts. In addition, motor yachts make maneuvers easier so that they may be maneuvered more easily in confined waters or tight spaces. The high market share of this segment is due to the advantages that motor yachts offer, such as high speed and performance as well as long-distance coverage. Furthermore, these yachts are very popular with people because of their advanced systems and equipment, such as connected devices on board. Hence, these factors are expected to drive segment growth during the forecast period.

Technavio Research experts have provided more insights on the market share of segments - View Free Sample Report

Related Reports

The recreational vehicle (RV) market size is estimated to grow at a CAGR of 7.82% between 2022 and 2027. The market size is forecast to increase by USD 32.03 billion. This recreational vehicle (RV) market report extensively covers market segmentation by application (personal and commercial), product (towable RVs and motorized RVs), and geography (North America, Europe, APAC, South America, and Middle East and Africa). Increasing adoption of RVs by different generations of consumers is the key factor driving the growth of the market.

The canoeing and kayaking equipment market size is estimated to grow at a CAGR of 2.51% between 2022 and 2027. The market size is forecast to increase by USD 173.35 million. This canoeing and kayaking equipment market report extensively covers market segmentation by distribution channel (sports goods retailers, department stores/hypermarkets and supermarkets, online retail, and others), product (canoes, kayaks, and accessories), and geography (North America, Europe, APAC, South America, and Middle East and Africa). One of the key factors driving the canoeing and kayaking equipment market growth is the growing preference for recreational kayaking.

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Application

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact US:

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio