Selbyville, Delaware, Sept. 21, 2021 (GLOBE NEWSWIRE) --
The yacht market is predicted to record a valuation of USD 15 billion by 2027, according to the most recent study by Global Market Insights Inc. The rising nautical tourism in conjunction with increasing consumer expenditure on outdoor recreational activities is expected to drive market growth.
The coronavirus pandemic has adversely impacted the yacht industry due to stringent travel restrictions. Manufacturers in the shipbuilding industry faced several challenges including supply channel disruptions, unavailability of raw materials & components, and a shortage of skilled workforce. Several manufacturers had to let go of their workers owing to financial insecurities. The industry is expected to witness recovery in the coming years owing to supportive fiscal policies, growth in tourism, and a major demographic shift to sea leisure activities.
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Sport yachts are witnessing high demand due to their sleek design and robust features. They are generally designed for fishing, cruising & other water sports activities and are powered by motors to provide higher cruising speed. Market players are focusing on developing improved sport yachts to attract customers. For instance, in May 2021, Sunseeker International launched an all-new 65 Sport Yacht embedded with a revolutionary design and technology.
The Asia Pacific yacht market is anticipated to witness a significant growth rate by 2027. The rising interest in luxury cruising among high net worth individuals in India, China, and Australia is poised to support the regional market revenue. Furthermore, supportive government policies to support marine tourism and rising private investments in the shipbuilding sector will support the yacht market growth in this region. According to a report published by the India Brand Equity Foundation, the Government of India under its Union budget 2020 - 2021, announced an allocation of USD 233.48 million for the Minister of Shipping to boost the shipping industry.
Some of the major companies in the global yacht market include Sunseeker International Ltd., Azimut Benetti S.P.A, FERRETTI S.P.A, Riveria Australia Pty Ltd., BAGLIETTO SPA, San Lorenzo S.P.A., Royal Huisman Shipyard B.V, Bavaria Yachts, King Marine Yachts, The Italian Sea Group, Viking Yacht Company, Princess Yachts, Hanse Group, and Damen Shipyards Group. Market players are introducing new yacht models in the market with enhanced features and amenities. In July 2020, Bavaria Yachts launched a new cruiser, Bavaria Vida 33 with an outboard engine. The yacht can accommodate up to six people and consist of a large cockpit table and an L-shaped seating area.
Some key findings of the yacht market report include:
- The growing market demand for electric motor yachts due to their zero-carbon emission and low noise performance.
- Increasing spending on boating activities and shifting preference for luxury cruising among high net worth individuals will spur the yacht market growth.
- Market players are working with technology companies to provide enhanced connectivity and modern features for onboard security & entertainment.
- Several countries including Abu Dhabi, UAE, and China are conducting conferences and trade fairs to support the yacht industry prospects at the regional level.
- Supportive government regulations and policies to support the shipbuilding industry will accelerate the yacht market growth.
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Partial chapters of report table of contents (TOC):
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on yacht industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.3 Manufacturers
3.3.4 End use landscape
3.3.5 Profit margin analysis
3.3.6 Distribution channel analysis
3.3.7 Vendor matrix
3.4 Investment landscape
3.5 Technology & innovation landscape
3.6 Analysis of custom-built superyacht industry
3.7 Regulatory landscape
3.7.1 North America
3.7.2 Europe
3.7.3 Asia Pacific
3.7.4 Latin America
3.7.5 MEA
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing number of high-net-worth individuals across the globe
3.8.1.2 High focus of manufacturers of building technologically integrated yachts
3.8.1.3 Growing demand for luxury tourism and sailing in North America and Europe
3.8.1.4 Positive outlook of yacht manufacturing industry in China and Australia
3.8.1.5 Emergence of yacht charter companies in Latin America
3.8.1.6 Flourishing tourism industry and increasing yacht ownership in MEA
3.8.2 Industry pitfalls & challenges
3.8.2.1 High investments and upkeep costs associated with yachts
3.9 Growth potential analysis
3.10 Porter's analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Internal rivalry
3.11 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
