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IntroductionGlobal Yacht Market
A yacht is a sail or power vessel used for sports and pleasure. While most yachts are utilized for racing and cruising, a small number are also used for commercial purposes. They can be sailed or powered by an internal combustion engine, gas turbine, or any other propulsion system. In recent years, demand for luxury cruising and marine tourism has been on the rise among the high-income group. As per reports, the global yacht market is likely to reach US$ 74.7 billion by 2022.
The market is also benefitting from the increased use of luxury yachts for water-based sports and luxury activities. Report analysts believe that the demand for large yachts or superyachts will increase at a notable pace over the forecast period. The tourism industry plays an important role in the market for luxury yachts. They are also rented from fleet operators for events, business meetings, and recreational activities. All these factors are expected to drive the global yacht market during the forecast period.
According to report analysts, the use of advanced materials in yachts and the increased use of alternative fuel in the marine industry are two important factors that are likely to boost the yacht market in the coming years. From US$ 5,703.4 million in 2017, the global market of luxury yachts is expected to reach US$ 10,205.7 million by 2025. This report offers insights on the current market status, growth prospects, industry trends, opportunities, threats, challenges, key players, important regions, market drivers, and more to help industry players plan their future strategies.
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Segmentation:
The global yacht market is segmented by types, applications, and materials.
Based on types, the market is divided into motor yachts and sailing yachts.
Based on applications, the market is divided into private use, commercial use, and special use.
Based on materials, the market is divided into FRP/composites, metal/alloys, and others.
Regional Analysis:
In this report, the important regions considered for analyzing the global yacht market are North America (The United States, Mexico and Canada), Europe (France, UK, Italy, Germany, Spain, Russia, and the rest of the region), Asia-Pacific (India, Japan, South Korea, China, Australia, Singapore, Indonesia, and the rest of the region), Central and South America (Brazil, Columbia, Argentina, and the rest of the region), and the Middle East and Africa (UAE, Saudi Arabia, Egypt, Turkey, and South Africa).
The market will witness significant growth in the Asia-Pacific and MEA regions. Developing countries in the Asia-Pacific region are taking keen interest in building yacht infrastructure and this is likely to expand the market in the coming years. North America and European countries are investing more in sports and recreational activities. This will also help drive the market over the assessment period. America holds the largest global market share of yachts, followed by the Asia-Pacific, and MEA regions.
Industry News:
Large sailing yachts are becoming increasingly popular among the super-rich individuals. With growing emphasis on environmental awareness, eco-friendly kite-powered yachts are gaining popularity in recent years.
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