Yacht Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2028
Yacht Market Growth & Trends The global yacht market size is expected to reach USD 12.16 billion by 2028, according to a new report by Grand View Research, Inc. 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. Browse full report with Table of Content (PDF with All Related Graph and Chart)
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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
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Yacht Market Segmentation Grand View Research has segmented the yacht market report based on type, yacht length, propulsion, and region: Yacht Type Outlook (Revenue, USD Million, 2017 - 2028) Super Yacht
Flybridge Yacht
Sport Yacht
Long Range Yacht
Others
Yacht Length Outlook (Revenue, USD Million, 2017 - 2028) Up to 20 Meters
20 to 50 Meters
Above 50 Meters
Yacht Propulsion Outlook (Revenue, USD Million, 2017 - 2028) Motor Yacht
Sailing Yacht
Yacht Regional Outlook (Revenue, USD Million, 2017 - 2028) North America
o
U.S.
o
Canada
o
U.K.
o
Germany
o
France
o
India
o
China
o
Japan
Europe
Asia Pacific
Latin America o
Brazil
o
Mexico
Middle East & Africa (MEA)
List of Key Players in the Yacht Market 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)
Princess Yachts Limited
Viking Yacht Company.
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About Grand View Research Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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According to a new report published by Grand View Research,