Luxury Yacht Market Size to Grow by 327.00 units at a CAGR of 11.32%| Motor Yachts segment is expected to witness lucrative growth | Technavio
NEW YORK, May 27, 2022 /PRNewswire/ -- The Luxury Yacht Market size is expected to grow by 327.00 units with a YOY growth of 7.84% during the forecast period. One of the key factors driving the luxury yacht market is the increase in recreational tourism. The report offers an up-to-date analysis of the current market scenario and information from several leading manufacturers.
This market research report extensively covers Luxury Yacht Market segmentations by the following:
Type - Software and services
Motor yachts will gain a considerable part of the luxury yacht market. Because of the growing demand for luxury motor yachts from both individual owners and chartered yacht service providers, the motor yacht market is predicted to develop faster than the sail yacht category.
Geography - North America, Europe, APAC, Middle East and Africa, and South America
Europe will account for 34% of the market's growth. In Europe, the primary markets for luxury yachts are the United Kingdom and Germany. The market in this region will expand quicker than the market in other regions. Over the forecast period, vendor product launches will aid the growth of the luxury boat market in Europe.
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Luxury Yacht Market Dynamics
Market Driver
The rise in recreational tourism is one of the major drivers driving the luxury boat market. Tourism is a key economic activity that contributes significantly to the economic growth, employment, and social development of many countries across the world. This is partly due to a rise in the number of tourists from emerging nations like China and India, who spend nearly three times as much on overseas tourism as they do on domestic tourism. Increasing tourism and recreational activities are just two of the major reasons behind this.
Market Trend
The adoption of sophisticated materials is another important aspect propelling the luxury boat market forward. The majority of conventional boats are made of steel or aluminium, which makes them hefty and limits their fuel efficiency. Despite the fact that steel and aluminium are less expensive than alternative materials like glass fibre reinforced composites or pure carbon fibre, yacht builders recognise the overall benefits of using carbon fibre in the boat's construction.
Market Challenge
One of the major roadblocks to the luxury yacht market's expansion is the high cost of operating. ACs, televisions, navigation aids, radar, echo-sounding, and autopilot are all standard features onboard motor luxury yachts. Luxury yachts require a reliable power generation system to run all of these features. As a result, luxury motor yachts have higher operating and fueling expenditures than luxury sail yachts. The high operating costs of commercially used luxury boats provide a threat to the worldwide luxury yacht market, despite the fact that their private operation is minimal.
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Luxury Yacht Market Scope
Report Coverage
Details
Page number
120
Base year
2020
Forecast period
2021-2025
Growth momentum & CAGR
Accelerate at a CAGR of 11.32%
Market growth 2021-2025
327.00 units
Market structure
Fragmented
YoY growth (%)
11.06
Regional analysis
Europe, APAC, North America, South America, and MEA
Performing market contribution
Europe at 34%
Key consumer countries
US, UK, Germany, China, and Japan
Competitive landscape
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
Alexander Marine International Co. Ltd., Azimut Benetti SpA, Brunswick Corp., Christensen Shipyards LLC, Damen Shipyards Group NV, Feadship Holland BV, FERRETTI SpA, Heesen Yachts Sales BV, Overmarine Group Spa, and Palumbo Group Spa
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Luxury Yacht Market Segmentation
Type
Motor yachts
Sail yachts
Geography
North America
Europe
APAC
Middle East And Africa
South America
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Luxury Yacht Market Vendor
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
Alexander Marine International Co. Ltd.
Azimut Benetti SpA
Brunswick Corp.
Christensen Shipyards LLC
Damen Shipyards Group NV
Feadship Holland BV
FERRETTI SpA
Heesen Yachts Sales BV
Overmarine Group Spa
Palumbo Group Spa
Find out the top market vendors, their competition and how they excel in the Luxury Yacht Market in our latest Sample Report.Download our Detailed Sample Report.
Product Insights and News
Alexander Marine Co. Ltd. - The company offers luxury yacht through MEGAYACHTS and MOTORYACHTS product segments.
Damen Shipyards Group - The company offers superyacht by Dutch luxury yacht builder AMELS.
Azimut Benetti Spa - The company offers luxury yacht through Azimut Yachts brand.
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Table of Contents
1 Executive Summary
2 Market Landscape
2.1 Market ecosystem
Exhibit 01: Parent market
Exhibit 02: Market characteristics
2.2 Value chain analysis
Exhibit 03: Value chain analysis
3 Market Sizing
3.1 Market definition
Exhibit 04: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 05: Market segments
3.3 Market size 2020
3.4 Market outlook: Forecast for 2020 - 2025
Exhibit 06: Global - Market size and forecast 2020 - 2025 (units)
Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
4 Five Forces Analysis
4.1 Five forces summary
Exhibit 08: Five forces analysis 2020 & 2025
4.2 Bargaining power of buyers
Exhibit 09: Bargaining power of buyers
4.3 Bargaining power of suppliers
Exhibit 10: Bargaining power of suppliers
4.4 Threat of new entrants
Exhibit 11: Threat of new entrants
4.5 Threat of substitutes
Exhibit 12: Threat of substitutes
4.6 Threat of rivalry
Exhibit 13: Threat of rivalry
4.7 Market condition
Exhibit 14: Market condition - Five forces 2020
5 Market Segmentation by Type
5.1 Market segments
Exhibit 15: Type - Market share 2020-2025 (%)
5.2 Comparison by Type
Exhibit 16: Comparison by Type
5.3 Motor yachts - Market size and forecast 2020-2025
Exhibit 17: Motor yachts - Market size and forecast 2020-2025 (units)
Exhibit 18: Motor yachts - Year-over-year growth 2020-2025 (%)
5.4 Sail yachts - Market size and forecast 2020-2025
Exhibit 73: Overmarine Group Spa - Product and service
Exhibit 74: Overmarine Group Spa - Key offerings
10.12 Palumbo Group Spa
Exhibit 75: Palumbo Group Spa - Overview
Exhibit 76: Palumbo Group Spa - Product and service
Exhibit 77: Palumbo Group Spa - Key offerings
11 Appendix
11.1 Scope of the report
11.2 Currency conversion rates for US$
Exhibit 78: Currency conversion rates for US$
11.3 Research methodology
Exhibit 79: Research Methodology
Exhibit 80: Validation techniques employed for market sizing
Exhibit 81: Information sources
11.4 List of abbreviations
Exhibit 82: List of abbreviations
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