DUBLIN--(BUSINESS WIRE)--The "Yacht Industry - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Yacht Industry Market to Reach US$10.8 Billion by the Year 2026
The yacht industry is expected to witness increased demand for yachts with long range capabilities and with ice-breaking hulls, given the growing desire of luxury yacht owners for adventure travels to remote locations such as Antarctica and Galapagos. As against the conventional compartmentalized layouts, there is a shift towards innovative designs with brighter and open-plan interiors. Yacht designs are also focused on outdoor areas for providing yacht travelers a direct and more intimate experience with the sea.
Owners are increasingly demanding high-tech features and gadgets to be integrated into their yachts. In addition to standard components such as jet skis, canoes and water skis, demand is rising for advanced gadgets such as hover boards, jetlev and skibob. Further, yachts with high-quality cinema rooms and media rooms are also gaining widespread popularity among potential customers.
Amid the COVID-19 crisis, the global market for Yacht Industry estimated at US$7.4 Billion in the year 2020, is projected to reach a revised size of US$10.8 Billion by 2026, growing at a CAGR of 6.2% over the analysis period. Super Yacht, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$3.6 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Sport Yacht segment is readjusted to a revised 7.3% CAGR for the next 7-year period. This segment currently accounts for a 22.6% share of the global Yacht Industry market.
The U.S. Market is Estimated at $2.7 Billion in 2021, While China is Forecast to Reach $1.2 Billion by 2026
The Yacht Industry market in the U.S. is estimated at US$2.7 Billion in the year 2021. The country currently accounts for a 32% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.2 Billion in the year 2026 trailing a CAGR of 7.5% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.7% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR while Rest of European market (as defined in the study) will reach US$1.3 Billion by the end of the analysis period. While the presence of large number of wealthy and affluent people has a strong bearing on higher demand for yachts in the US and Europe, increased penchant for sea tours and marine entertainment among population also aids the yacht industry.
New and unexplored markets like Asia are attracting significant attention of yacht makers. Interest in yachts is surging, with the expanding UHNW and HNW population increasingly seeking to purchase these boats to augment their social status. One of the promising yachting hubs to emerge in recent times is Southeast Asia, with countries such as Indonesia and Thailand becoming popular destinations for luxury yachting. China is another market with significant growth potential in Asia-Pacific region. In China, yachting is emerging into a popular sport, with motor yachting particularly gaining immense acceptance.
Flybridge Yacht Segment to Reach $2.1 Billion by 2026
The flybridge concept is growing in acceptance mainly for conducting corporate meetings, as it offers all the required amenities like air conditioning. In the global Flybridge Yacht segment, USA, Canada, Japan, China and Europe will drive the 6.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.2 Billion in the year 2020 will reach a projected size of US$1.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$109.3 Million by the year 2026.
Select Competitors (Total 255 Featured)
- Amels BV
- Azimut - Benetti Group
- Baglietto S.p.A.
- Bavaria Yachtbau GmbH
- BENETEAU
- Brunswick Corporation
- Cheoy Lee Shipyards Limited
- Dyna Craft Ltd.
- Feadship
- Ferretti S.p.A.
- FIPA Group
- Fr. Lurssen Werft GmbH & Co. KG
- HanseYachts AG
- Heesen Yachts
- Horizon Yacht Company
- ICON Yachts BV
- Kingship Marine Limited
- O Yachts
- Oceanco
- Overmarine Group
- Perini Navi S.p.A.
- Princess Yachts International plc
- Sanlorenzo S.p.A.
- Shanghai Double Happiness Yacht Co. Ltd.
- Sunbird Yacht Co. Ltd.
- Sunrise Yachts
- Sunseeker International
- Trinity Yachts
Key Topics Covered
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 and a Looming Global Recession
- 2020: A Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Review of the World Economy in 2021
- Leisure Marine Industry amid COVID-19 Pandemic
- Global Yachting Industry Maintains Balance Amid the Storm
- The Road Ahead
- An Introduction to Yachts, the Floating Luxuries
- Classification of Yachts
- Key Trends in Yachting Industry: In a Nutshell
- Yacht Industry to Benefit from the Increasing Wealth of UHNW Individuals
- Growing Number of Newer and Younger Billionaires Add to Growth Prospects
- Developed Regions: Key Revenue Contributors
- Yachting Set to Make Significant Gains in Developing Regions
- China Evolves into Fastest Growing Market for Yachts
- Motor Yachts Dominate the Scenario
- Major Production Hubs
- Competitive Scenario
- Recent Market Activity
- World Brands
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Growing Popularity of Nautical Tourism Underpins Market Expansion
- Super-Yachts Industry Exhibits Mixed Performance through Categories amid COVID-19
- Strong Gains for Explorer Yachts
- Rise in Demand for Superyachts to Trigger Growth
- Demand Shifts to Larger Superyachts
- A Few New Superyacht Models in the Market, Introduced in the year 2021
- Consumers Move to Shorter Holidays
- UHNW Individuals Transform the Luxury Yachts Market
- Trends Influencing the Luxury Yacht Building Industry
- Rising Focus on Sustainable Solutions
- Improving Yacht Management Efficiencies
- Exploration Yachting Picks Up
- Increasing Sophistication of Security Systems
- Enhanced Audiovisual Systems Becoming New Normal in Luxury Yachts
- Key Luxury Yachts Launched in 2021
- Democratization of Luxury: A Key Influencing Factor for Luxury Yachts Market
- Millennials Drive the Trend towards Electric Yachts
- Yachts Integrated with Innovations & Novel Design Elements Entice New Yacht Buyers
- Adoption of AI Solutions Gains Momentum
- Smart Yachts: A Key Area of Development
- Designers Get More Optimistic About Possibility of Fully 3D-Printed Yachts
- Gyroscopic Stabilization & Smooth Boat Glides
- Electric & Smarter Yachts
- New Materials & Other Possibilities
- Focus on Technologies to Improve Guest Experience
- New Generation of Super-Yacht Owners Brings New Changes to Yachting Industry
- Higher Demand for Multihulls Among Younger Yacht Owners
- High Demand for Greener and Sustainable Yachts
- Solar Power Emerges as Mega Trend in Global Yacht Industry
- Hybrid Propulsion Systems
- Increased Interest of Yacht Owners in Exploring More Remote Destinations
- Interest in Yacht Charters Poised to Grow in Post-COVID-19 World
- Growing Trend Towards Taking a Staycation on a Yacht
- Established Image of Yacht Chartering in Luxury Vacations Fuels Growth
- Sailing Yachts for Luxury Yacht Charter Experience
- Technological Advances Lead to New Generation of Sports Yachts
- Floating Villas and Artificial Semi-Submersible Islands Gaining Widespread Traction
- Advanced Cybersecurity Measures Gaining Prominence in Yacht Industry
- Surging Interest in Sailing among Women Opens Up Growth Avenues
- Support Yachts Find Favor
- Carbon Fiber Emerges as a Preferred Material for Yachts
- Composites Demand in Boat Building: On the Rise
- Marinas Look to Address Shortage of Berths for Megayachts
- Increasing Disposable Incomes to Propel Yacht Sales
- Yacht's Marine Electronics to Undergo Compelling Evolution Ahead
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
- Total Companies Profiled: 255
For more information about this report visit https://www.researchandmarkets.com/r/6hlm41
