LONDON--(BUSINESS WIRE)--The new luxury yacht market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the increase in recreational tourism,” says a senior analyst for Industrials at Technavio.
The tourism industry in Southeast Asia has been experiencing significant growth over the years. This is due to an increase in the number of tourists from developing countries such as India and China. Similarly, countries such as France, Italy, Greece, and Spain are witnessing an increase in the number of tourists, especially the wealthy population across the world. Besides, many developed countries in Europe are eliminating duty charges on the shopping of luxury goods to encourage tourism. These factors are influencing the growth of the global yacht market. As the markets recover Technavio expects the luxury yacht market size to grow by 310 units during the period 2020-2024.
Luxury Yacht MarketSegment Highlights for 2020
- The luxury yacht market is expected to post a year-over-year growth rate of over 11%.
- The motor yachts segment was the leading segment in the global luxury yacht market.
- The growth in the motor yachts segment will be faster than the growth of the market in the sail yachts segment.
Regional Analysis
- 54% of the growth will originate from the European region.
- The region will continue to offer significant opportunities for vendors during the forecast period.
- Italy, the Netherlands, and Germany are the key markets for the luxury yacht in Europe. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The luxury yacht market size is expected to accelerate at a CAGR of over 11% during the forecast period.
- The luxury yacht market is segmented Type (Motor yachts and Sail yachts) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including Alexander Marine Co. Ltd., Azimut Benetti Spa, Christensen Shipyards LLC, Damen Shipyards Group, Feadship Holland BV, Ferretti Spa, Fincantieri Spa, OVERMARINE GROUP Spa, Palumbo group Spa, and San Lorenzo Spa.
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