Luxury Yacht Market Size, Global Trends and Future Demand
Pune, India, June 29, 2022 (GLOBE NEWSWIRE) — The world luxury yacht market The size is expected to increase due to increased urbanization across the world coupled with significant growth in the tourism and leisure sector. Fortune Business Insights presented this information in its next report titled “luxury yacht, 2022-2029”. Additionally, a luxury yacht is a crewed sailboat that is used in a variety of activities and sports for recreation or recreation. Wind sail and a propulsion system, such as an ICE (internal combustion engine) and a gas turbine, can both be used for the operation of these yachts.
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Impact of COVID-19:
The tourism and travel industries have been hit hard by the COVID-19 pandemic. The pandemic has brought the luxury yacht industry to a halt worldwide. The impact on the industry is obvious, as many companies are experiencing supply chain disruptions. The scarcity of skilled workers has slowed the expansion of the market The players in the sector are considering all possibilities to mitigate the crisis. The charter market, on the other hand, is expected to rebound once the coronavirus situation improves.
On the basis of type, the market is divided into sailing yacht, motor yacht and others. Based on size, the market is segmented into 50-100 meters, under 50 meters, over 150 meters and 100-150 meters. Based on application, the market is divided into private and commercial. Geographically, the market is categorized into Asia-Pacific, Latin America, North America, Europe, Middle East & Africa.
The report covers detailed information about the Luxury Yacht market. In addition, the report contains information on factors such as regional market growth, restraining factors, and drivers. Additionally, it includes the details of the impact of COVID-19 on the market, including major market players employing several strategies in order to grow their existence in the luxury sector, which will ultimately increase the sales and production of the market.
Browse the abstract of this research report:
Report Scope and Segmentation:
|Historical year||2018 – 2020|
|forecast year||2022 – 2029|
|Segments Covered||By Type, By Size, By Application, By Region|
|Forecast units||Value (USD billion) and volume (units)|
|Quantitative units||Revenue in USD Million/Billion and CAGR from 2022 to 2029|
|Regions covered||North America, Europe, Asia-Pacific, Middle East and Africa, Latin America and Rest of the World|
|Countries covered||United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others|
|Number of companies covered||Feadship, Blohm+Voss, Amels, Heesen Yachts, Lurssen, Oceanco, Nobiskrug, Fincantieri Yachts, Christensen Yachts, Sunseeker Yachts, Alexander Marine Co Ltd, Damen Shipyards Group, Azimut Benetti SpA, FERRETTI SPA, Horizon Yacht USA, Princess Yachts International plc , Viking Yacht Company, MarineMax, Inc., Sanlorenzo Spa.|
|Coverage of the luxury yacht market||Market Growth Drivers, Restraints, Opportunities, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis, Regulatory Landscape, Market Attractiveness Analysis by Segments & Region, Market Share Analysis business and analysis of the impact of COVID-19.|
Drivers and constraints:
Increased urbanization to drive the market forward
Increased urbanization and rapid growth in tourism and recreation industry are two prominent reasons driving the growth of the market. Additionally, an increase in sporting activities, relaxation and opulent experiences for private owners around the world is expected to boost the demand for yachts.
In addition, the use of modern materials such as carbon fiber and fiberglass, as well as personalized and specific requirements, add to the expansion. Other factors driving the expansion of the market include the use of alternative fuels in the marine industry, as well as the rising trend of shipments near the Arctic, North and South Poles. However, the limited applications and high cost of scooters may hamper the growth of the luxury yacht market.
Asia-Pacific will grow at a rapid pace due to rising disposable income
Over the next few years, Asia-Pacific is expected to have the largest luxury yacht market share and fastest growth rate owing to rising disposable income, living standards, and other factors. . It is a popular destination for big players looking to sell their boats in an intact market, which is a determining factor.
The Middle East and Africa, as well as Latin America, should progress at a moderate pace; the rise is expected due to the increased focus of both regions on the tourism sector. In addition, in recent years, these two regions have made significant investments in tourism infrastructure to strengthen their economies and attract visitors from various countries.
Leading players who will witness significant growth in developing economies
Due to the diversity of offerings, goodwill and brand name, key players such as Feadship, Blohm+Voss, Amels and others have a dominating presence in the luxury yacht industry. Due to the increasing presence in the market of developing economies and the range of products offered, these companies are expected to experience significant growth in their business. Moreover, these brands are well known in the global luxury yacht industry and control the majority of the market share. For example, in July 2020, Northrop & Johnson was acquired by MarineMax, Inc. MarineMax is expected to gain market share and become a dominant player in the yacht services industry following the acquisition.
December 2020: The 37m Moto Panfilo in the class category, together with the 67m custom superyacht FB284, have been launched by Azimut Benetti SpA Both yachts are built to emphasize connectivity and horizontal lines and have high standards of habitability , well-thought-out interiors and styling that emphasizes connectivity and horizontal lines.
List of key market players:
- Amels, Heesen Yachts
- Lurssen, Oceanco
- Fincantieri Yachts
- Christensen Yachts
- Sunseeker Yachts
- Alexander Marine Co Ltd
- Damen Shipyards Group
- Azimut Benetti SpA
- FERRETTI SPA
- Horizon Yacht United States
- Princess Yachts International plc
- Viking Yacht Company
- MarineMax, Inc.
- Sanlorenzo thermal baths.
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