Yacht Industry Overview
The global luxury yacht market is estimated at USD 7.12 Million in 2019, growing at a cagr of 6% over the forecast period as per the new research report by Confianza Market Research. Growing International tourism, especially marine tourism, corporate tourism is expected to substantially improve the demand for luxury yachts over the forecast period.
Luxury yacht manufacturers are focusing on organizing lucrative water sports and events to attract customers from around the world. With greater than 60% market share, the North America and Europe region emerged as the key stakeholder in the Global Yacht market. An increase in the population of high net worth individuals, including millionaires and billionaires around the world, is anticipated to increase demand for yachts in upcoming years. Although the high net worth individuals account for less than 1% of the global population, they have almost 40% of the worldwide wealth as per the latest publication by the World Bank.
The trend of yacht renting is also increasing in some regions as many users who cannot afford to buy a yacht prefer renting one for their usage. The usage of yacht substantially increased for corporate events in recent years. Yachts have become a symbol of luxury for many people and organizations.
Global Yacht market segmental overview
Yacht market can be segmented by type into superyacht, flybridge Yacht, Sports Yacht, long-range Yacht, and others. The growing trend of recreational boating in countries such as China, Japan, and France has increased the demand for sport Yacht exponentially. The trend of organizing sports events & tournaments has led to increased demand for sports yachts around the world. These yachts are used for corporate tourism, marine tourism, cruising, sports tournaments, and other water-related activities.
Based on the length, the market can be segmented into up to 50 feet, 20 – 50 feet, above 50 feet segments. Yachts are available in various sizes, starting from 35 feet to up to 200 feet. The 20-50 feet is the most popular segment among all yacht sizes. As 20-50 feet is considered as the ideal size of the yacht for sports as well as personal usage
The Asia Pacific region is anticipated to emerge as the fastest-growing segment for the yacht market as the regional per capita income has grown exponentially in the last decade. also, the number of high net worth individuals has increased in the region in the last few years anticipated to boost for the boost further boost the market growth
The report incorporates market estimates & forecast in terms of revenue for below-mentioned segments:
- Type Insights (Revenue, USD Million, 2017 – 2027)
- Flybridge yacht
- Sport yacht
- Long-range yacht
- Length Insights (Revenue, USD Million, 2017 – 2027)
- Up to 20 ft
- 20 to 50 ft
- Above 50 ft
- Regional Insights (Revenue, USD Million, 2017 – 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- North America
Key Yacht Manufacturers Covered In This Report
- Brunswick Corporation,
- 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