Dublin, June 22, 2022 (GLOBE NEWSWIRE) -- The "Global Yacht Market: Analysis By Propulsion, By Category, By Type, By Length, By Region Size And Trends With Impact Of COVID-19 And Forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.
The global yacht market in 2021 was valued at US$10.80 billion. The market is anticipated to reach US$15.15 billion by 2026.
This report provides an in-depth analysis of the global yacht market by value, by propulsion, by category, by type, by length, by export, by operational fleet, by region (North America (The US and Canada), Europe (Italy, Netherlands, Germany, UK, France, and Rest of Europe), Asia Pacific (China, Japan, and the Rest of the Asia Pacific), Latin America, and the Middle East & Africa), etc. The report also provides a detailed analysis of the COVID-19 impact on the global yacht market.
Much of the expertise in the luxury yacht building market is concentrated in only a few countries, including Italy, Turkey, the Netherlands, the US and Germany. The Italian manufacturers benefit from a worldwide reputation for quality and style. This market's customer base is composed of extremely wealthy individuals who can afford the significant purchasing price of a large yacht as well as the maintenance costs.
An increase in income inequality, higher disposable income, and a positive macroeconomic scenario are some of the factors driving the market growth. The market is expected to grow at a CAGR of 7% during the forecast period of 2022-2026.
Global Yacht Market Dynamics:
- Growth Drivers: One of the most important factors impacting the yacht market is the increase in the UHNWI population. As the HNWI increases, the addressable customer base of the yacht industry also increases. This provides a strong tailwind for the manufacturers of yachts. In addition to a growing customer base of UHNWIs, the size of their wealth is also expected to grow in the coming years. This would translate into an increasing average size of yachts or customers shifting towards models with a higher degree of customization and premium features. In both cases, this should support growth in the average selling price of yachts. Therefore, the market would experience tremendous growth. Furthermore, the market has been growing over the past few years, due to factors such as growing demand for luxury tourism, rising construction of super yachts, growing number of boat shows, favorable government initiatives, and increasing demand for yacht charter, etc.
- Challenges: However, the market has been confronted with some challenges specifically, high investments and upkeep costs associated with yachts, cyclicality of the yachting industry, etc.
- Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as customization and personalization, acute focus on eco-friendly and sustainable products, the internet of things, yachts run quieter due to tech advances, explorer yachts are continuing to rise in popularity, etc. Explorer yachts are a popular demand for yacht enthusiasts. Whether a client is keen to purchase or charter, explorer yachts are among the most demanded vessels, due to their peculiarity, great cruising performance, an immense ability to travel in remote locations. Changing demographics among HNW and UHNW individuals have ushered in a new and exciting demand for explorer yachts and adventure travel excursions. This trend is expected to further propel the growth of the yacht industry in the coming years.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic has adversely affected the yacht market in the first half of 2020. However, COVID-19 has changed the way target customers live. People tend to start spending more on leisure activities. This has increased the sale of both motor yachts and sailing yachts in the year 2021. Moreover, as the number of billionaires grows and COVID-19 has added to incentives for avoiding crowds, the multi-billion-dollar global yacht industry is rebounding fast after near-paralysis at the onset of the pandemic. On the other hand, the pandemic has prompted digitalization initiatives in the market.
Competitive Landscape:
The global yacht market is moving toward consolidation. Following the 2008 financial crisis, some yacht companies went bankrupt (e.g. Aicon, Rodriguez, Royal Denship, etc.), others were rescued (e.g. Ferretti itself, Baglietto, Bavaria, Dalla Pieta, Perini) or decided to join forces together with other smaller shipyards and form a larger conglomerate (e.g., Tecnomar, Admiral, Cantieri Apuania combined as Italian Sea Group). As a matter of fact, it has been witnessed increasing concentration in the industry, with a declining number of shipyards and increasing number of orders, leading to a higher number of deliveries per shipyard.
The key players of the global yacht market are:
- HanseYachts AG
- LVMH Moet Hennessy Louis Vuitton (Princess Yachts Ltd.)
- Lurssen Yachts
- Sanlorenzo S.p.a
- Ferretti Group
- Azimut Yachts
- Sunseeker International Ltd.
- Westport LLC
- Alexander Marine Co., Ltd. & Subsidiaries
- Feadship Yachts
- Bilgin Yachts
- Oceanco
- The Italian Sea Group
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Yacht Market: An Analysis
3.1.1 Global Yacht Market by Value
3.1.2 Global Yacht Market by Propulsion (Outboard & Inflatables, Inboard, and Sailing)
3.1.3 Global Yacht Market by Type (Super Yacht, Sport Yacht, Flybridge Yacht, Long Range Yacht, and Others)
3.1.4 Global Yacht Market by Length (20-50 meters, Above 50 meters, and Below 20 meters)
3.1.5 Global Yacht Market by Region (Europe, North America, Asia Pacific, Latin America, and Middle East & Africa)
3.2 Global Yacht Market: Propulsion Analysis
3.2.1 Global Outboard & Inflatables Yacht Market by Value
3.2.2 Global Inboard Yacht Market by Value
3.2.3 Global Inboard Yacht Market by Category (Composite, Made-to-measure, and Super)
3.2.4 Global Composite Inboard Yacht Market by Value
3.2.5 Global Made-to-Measure Inboard Yacht Market by Value
3.2.6 Global Super Inboard Yacht Market by Value
3.2.7 Global Inboard Yacht Market by Export
3.2.8 Global Sailing Yacht Market by Value
3.3 Global Yacht Market: Type Analysis
3.3.1 Global Super Yacht Market by Value
3.3.2 Global Sport Yacht Market by Value
3.3.3 Global Flybridge Yacht Market by Value
3.3.4 Global Long Range Yacht Market by Value
3.3.5 Global Others Yacht Market by Value
3.4 Global Yacht Market: Length Analysis
3.4.1 Global 20-50 Meter Yacht Market by Value
3.4.2 Global Above 50 Meter Yacht Market by Value
3.4.3 Global Below 20 Meter Yacht Market by Value
3.5 Global Super Yacht Market: An Analysis
3.5.1 Global Super Yacht Operational Fleet 30m+ by Length and Hull Material by Total Operational Fleet
4. Regional Market Analysis
4.1 Europe Yacht Market: An Analysis
4.1.1 Europe Yacht Market by Value
4.1.2 Europe Yacht Market by Region (Italy, Netherlands, Germany, UK, France, and Rest of Europe)
4.1.3 Italy Yacht Market by Value
4.1.4 Netherlands Yacht Market by Value
4.1.5 Germany Yacht Market by Value
4.1.6 The UK Yacht Market by Value
4.1.7 France Yacht Market by Value
4.1.8 Rest of Europe Yacht Market by Value
4.2 North America Yacht Market: An Analysis
4.2.1 North America Yacht Market by Value
4.2.2 North America Yacht Market by Region (The US and Canada)
4.2.3 The US Yacht Market by Value
4.2.4 The US Yacht Market by Type (Super Yacht, Sports Yacht, Flybridge Yacht, Long Range Yacht, and Others)
4.2.5 The US Super Yacht Market by Value
4.2.6 The US Sport Yacht Market by Value
4.2.7 The US Flybridge Yacht Market by Value
4.2.8 The US Long Range Yacht Market by Value
4.2.9 The US Others Yacht Market by Value
4.2.10 Canada Yacht Market by Value
4.3 Asia Pacific Yacht Market: An Analysis
4.3.1 Asia Pacific Yacht Market by Value
4.3.2 Asia Pacific Yacht Market by Region (China, Japan, and the Rest of the Asia Pacific)
4.3.3 China Yacht Market by Value
4.3.4 Japan Yacht Market by Value
4.3.5 Rest of Asia Pacific Yacht Market by Value
4.4 Latin America Yacht Market: An Analysis
4.4.1 Latin America Yacht Market by Value
4.5 Middle East & Africa Yacht Market: An Analysis
4.5.1 Middle East & Africa Yacht Market by Value
5. Impact of COVID-19
5.2 Impact of COVID-19 on Yacht Market
5.2 Impact of COVID-19 on Superyacht Sales
5.3 Post COVID-19 Impact on Yacht Market
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Increase in the UHNWI (Ultra-high-net-worth individuals) Population
6.1.2 Growing Demand for Luxury Tourism
6.1.3 Rising Construction of Super Yachts
6.1.4 Growing Number of Boat Shows
6.1.5 Favorable Government Initiatives
6.1.6 Increasing Demand of Yacht Charter
6.2 Challenges
6.2.1 High Investments and Upkeep Costs Associated with Yachts
6.2.2 Cyclicality of the Yachting Industry
6.3 Market Trends
6.3.1 Customization and Personalization
6.3.2 Acute Focus on Eco-friendly and Sustainable Products
6.3.3 The Internet Of Things
6.3.4 Yachts Run Quieter due to Tech Advances
6.3.5 Explorer Yachts are Continuing to Rise in Popularity
7. Competitive Landscape
7.1 Global Yacht Players by Market Share
7.2 Global Yacht Players Market Share by Segment
7.3 Global Yacht Market Players by Yacht Length
7.4 Global Yacht Market Players by Number of Projects
7.5 Global Yacht Market Players by Merger & Acquisition
8. Company Profiles
8.1 HanseYachts AG
8.1.1 Business Overview
8.1.2 Operating Segment
8.1.3 Business Strategy
8.2 LVMH Moet Hennessy Louis Vuitton (Princess Yachts Ltd.)
8.2.1 Business Overview
8.2.2 Operating Business Group
8.2.3 Business Strategy
8.3 Sanlorenzo S.p.a
8.3.1 Business Overview
8.3.2 Net Revenues New Yachts by Division
8.3.3 Business Strategy
8.4 Ferretti Group
8.4.1 Business Overview
8.4.2 Net Revenue by Production Type
8.4.3 Business Strategy
8.5 Azimut Yachts
8.5.1 Business Overview
8.5.2 Business Strategy
8.6 Sunseeker International Ltd.
8.6.1 Business Overview
8.6.2 Business Strategy
8.7 Westport LLC
8.7.1 Business Overview
8.7.2 Business Strategy
8.8 Lurssen Yachts
8.8.1 Business Overview
8.8.2 Business Strategy
8.9 Alexander Marine Co., Ltd. & Subsidiaries
8.9.1 Business Overview
8.9.2 Business Strategy
8.10 Feadship Yachts
8.10.1 Business Overview
8.10.2 Business Strategy
8.11 Bilgin Yachts
8.11.1 Business Overview
8.11.2 Business Strategy
8.12 Oceanco
8.12.1 Business Overview
8.12.2 Business Strategy
8.13 The Italian Sea Group
8.13.1 Business Overview
8.13.2 Business Strategy
For more information about this report visit https://www.researchandmarkets.com/r/lem7oj
