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[206+ Pages Report] According to facts and factors, the global yacht market was valued at approximately USD 8.15 Billion in 2020 and is predicted to create revenue of roughly USD 11.05 Billion by the end of 2026, with a CAGR of approximately 5.20% between 2021 and 2026.
A yacht is a crewed sailing ship primarily used for recreational and sporting purposes. Wind sailing or a propulsion system, such as an internal combustion engine (ICE) or a gas turbine, can be used to power it. Yachts are usually mass-produced by using various materials, such as aluminum, steel, fiberglass, carbon fiber, wood, and treated wood with epoxy resins. Some yachts are usually charted or rented by private entities and are equipped with sophisticated, elegant, and customized amenities such as a jacuzzi spa, gym, sauna, and sun lounges. They are also furnished with style, modern design, comfort, and technologically advanced components to enhance the yacht's overall performance and user experiences.
Yachts are huge, luxury, professionally crewed motor or sailing yachts that range in length from 75 feet and expanding to more than 250 feet. Yachts are commonly available for charter as well as private usage, allowing for a seamless luxury experience with high standards and comfort. Traditionally manufactured using woods, composites and fiber-reinforced polymers gain huge popularity in the last few years. Demand for yachts has augmented steadily in the last few years. This can be attributed to a shift in people's lifestyles fuelled by an increase in high-net-worth individuals, a rise in participation in leisure and recreational activities, and an increase in the popularity of yacht tourism.
The demand for yachts has grown steadily over the last few years, owing to the increase in people's disposable money and their preference for leisure or recreational activities. The increased demand of travelers for luxury tourism, personalized service, and exclusive travel are the driving factors of yacht sales. Manufacturers are emphasizing the inclusion of luxury features to increase performance and customer experience. Over the last few years, manufacturing technologies have also changed significantly. Yachts were manufactured using fiber-reinforced polymers and wood. On the other hand, composites have grown in popularity as a result of advantages like corrosion resistance, fewer maintenance costs, and greater strength-to-weight properties. The usage of an electronically regulated fuel injection system offers the flexibility to let engines operate at variable speeds and considerably reduce noise, vibration, and discharges in port and coastal areas. It also benefits the improvement of the yacht propulsion system's efficiency.
The COVID-19 pandemic had an adverse impact on the market growth, particularly yacht chartering businesses. The market was impacted by the outbreak of the pandemic and the subsequent lockdowns imposed by governments on several countries, as well as stringent travel restrictions. Furthermore, supply chain disruptions became a significant obstacle to manufacturing. On the other hand, as restrictions were eased, people became more inclined to engage in leisure activities and the market began to revive. As more people were willing to go along with their families, manufacturing companies have seen an increase in the number of orders for new yachts.
The yacht market is segmented based on type, length, and propulsion. As per type yacht market is segmented into (superyacht, flybridge yacht, sport yacht, long-range yacht, others), by length (up to 20 meters,20-50 meters, above 50 meters), and by propulsion (motor yacht. sailing yacht).In 2020, the superyacht segment dominated the market, accounting for more than 29% of overall revenue. The segment's high popularity among end-users is expected to boost its growth. The sport yacht is projected to emerge as the fastest-growing segment in the market. The growing demands for a sports yacht in nations like China and France are accountable for the segment's growth.
|Market Size in 2020||USD 8.15 Billion|
|Projected Market Size in 2026||USD 11.05 Billion|
|CAGR Growth Rate||5.20%|
|Key Market Players||AzimutBenetti, Bagliettos. p.a, Bavaria Yachtbau GmbH, BENETEAU, Brunswick Corporation, Cheoy Lee Shipyards Limited, and Others|
|Key Segments||Type, Length, Propulsion, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
In the global market, Europe held the largest share. The considerable increase can be attributed to expanding yacht purchases in the region. Factors such as a growth in the number of HNWIs and the growing popularity of water sports and fishing in European countries are driving demand. As a result of the region's attractiveness and recent favorable policies, passenger traffic in coastal and marine tourism is predicted to increase in the upcoming years. Sail training, fishing, kayaking, white-water rafting, and one-day scuba diving as well as boating trips free diving, and snorkeling, are examples of investments in coastal areas and leisure activities.
Some of the essential players operating in the yacht market are Alexander Marine International, Azimut - Benetti S.P.A., Brunswick Corporation, Viking Yacht Company, Christensen Shipyards LLC, SanlorenzoS.p.A, Feadship Holland B.V., FincantieriS.p.A. (CDP IndustriaS.p.A.), Damen Shipyards Group N.V., Heesen Yachts Sales B.V, Horizon Yacht USA (Metal Shark Boats), Palumbo Group S.P.A, Princess Yachts Limited (LVMH Group),., Sunseeker International (Wanda Group), etc. and among others.
To expand a higher market share, the key market occupants are undertaking initiatives and adopting strategies such as entering into partnerships, engaging in mergers and acquisitions, maintaining competitive prices, making investments, and launching new products and services for their products and services. For instance, the Azimut-Benetti Group declared the debut of a new yacht type under the Magellano collection in July 2020. Ken Freivokh designed the new Magellano 30 METRI boat
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