Published: November 17, 2021
Global Yacht Industry Market to Reach $84.7 Billion by 2027
In 2019, the Yacht market was estimated at approximately USD 7.75 billion. Then, it was expected to grow at a rate of more than 5.2% over the forecast period 2020-2027. However, amid the COVID-19 crisis, the global Yacht market is estimated at USD 64.1 Billion in the year 2020 and is expected to reach a revised size of USD 84.7 Billion by 2027, growing at a CAGR of 4.1% over the period 2020-2027.
A yacht is a large boat, almost like a floating villa with either a motor or sails, i.e., a tensile structure. It is mainly used for recreation, racing or cruising for pleasure purposes. However, in recent years, due to an increase in quality of life, people are increasingly seeking vacation options that can give them ultimate comfort and luxury and an ambience that can make the vacation the most memorable activity of a lifetime.
Leisure activities have become very popular due to the rise in the per capita income of individuals, who are constantly exploring unique ways to spend quality time with their family and friends. Since people are earning more, they manage to spend more on leisure living standards. Therefore, travellers have a rising preference for luxury tourism, personalised service, and exclusive travel options. This growing inclination for luxury tourism is driving a large section of vacationists to the yacht market.
The Yacht market research study casts light on the present and expected future developments in the industry. The research also includes a full geographical analysis to provide readers with a complete picture of the market’s regional growth. Market participants can use this analysis to obtain a competitive advantage over their competitors.
Major Key Players Who Dominate The 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
- Horizon Yacht USA
Yacht Market Report Highlights
- The yacht market is expected to experience a significant CAGR of 5.2% on account of the growing interest in marine tourism.
- The sports yacht segment is expected to register the highest CAGR over the projection period due to its increasing popularity in personal and sports applications.
- The 20-to-50-meter length yacht segment is expected to see higher growth due to the low cost of operations, maintenance, and fuel consumption.
- Asia Pacific is supposed to register the highest CAGR over the forecast period due to various initiatives introduced by the government to encourage marine tourism and the rising additional income of people.
- The COVID-19 impacted the market severely during the initial months of the pandemic due to strict lockdowns imposed by governments across the world.
Target Audience of the Global Yacht Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers