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. Azimut Benetti S.p.A., Damen Shipyards Group, Heesen Group, The San Lorenzo S.p.a, Sunseeker International, Ferretti S.p.A. are some of the key players in this industry. 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.
Related Press Release@ Yacht Market Report
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
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
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