Portland,OR, Oct. 31, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global luxury yacht market generated $5.70 billion in 2017 and is projected to garner $10.20 billion by 2025, registering a CAGR of 7.8% from 2018 to 2025. The report offers an extensive analysis of changing market dynamics, key segments, top investment pockets, market share & projections, and competitive intelligence.
Increase in individuals having high net worth, surge in yacht tourism, and chartering of yachts drive the growth in the global luxury yacht market. However, strict regulations and environmental policies by government along with rise in maintenance costs hinder the market growth. Contrarily, rise in preference for leisure and recreational activities along with smooth luxury experience create new opportunities in the industry.
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121-250 feet segment expected to lead position in terms of revenue by 2025
Based on size, the 121-250 feet segment held the major share with nearly half of the total share, and is expected to lead in terms of revenue throughout the forecast period. This is attributed to its ability to offer various customizations to target audience.
Motorized luxury yacht segment to dominate during the forecast period
Based on type, the motorized luxury yacht segment held nearly two-thirds of the market share in 2017 and will dominate by 2025. Moreover, this segment is expected grow at the highest rate with a CAGR of 8.3% from 2018 to 2025. It is a lucrative segment, owing to its simplicity in operation in comparison to other types and its capability to travel up to far distance in less time. The report also explores sailing luxury yacht and other types.
Europe to account for the highest share by 2025
Europe accounted for the largest market share in 2017, with more than two-thirds of the total revenue. This is due to availability of manufacturing plants of leading manufacturers in various European countries such as Italy and the U.K. However, Asia-Pacific would grow at the highest CAGR of 8.7% from 2018 to 2025, owing to rise in demand, availability of better infrastructure, and accessibility of raw materials.
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Key market players
Key market players discussed in the report include Alexander Marine Co. Ltd., Damen Shipyards Group, Azimut Benetti S.p.A., Feadship, FERRETTI S.P.A., Horizon Yacht USA, Princess Yachts International plc, Sanlorenzo Spa, Sunseeker International Limited, and Viking Yacht Company.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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