Pune, India, June 29, 2022 (GLOBE NEWSWIRE) -- The global luxury yacht market size is predicted to grow owing to the rise in urbanization across the globe coupled with significant growth in the tourism and recreational sector. Fortune Business Insights has presented this information in its upcoming report titled, “Luxury Yacht, 2022-2029”. Additionally, A luxury yacht is a sailing vessel with the crew that is used in a variety of activities and sports for recreation or leisure. Wind sailing and a propulsion system, such as an ICE (internal combustion engine) & gas turbine, can both be employed for the operation of these yachts.
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COVID-19 Impact:
The tourism and travel industries were severely impacted by the COVID-19 pandemic. The pandemic brought the luxury yacht sector to a halt all around the world. The impact on the industry is evident, as many companies experience supply chain disruptions. The scarcity of skilled workers hampered market expansionThe sector's stakeholders are considering all possiblities in order to alleviate the crisis. The charter market, on the other hand, is projected to rebound once the coronavirus situation improves.
Segmentation:
On the basis of type, the market is divided into the sailing yacht, motor yacht, and others. On the basis of size, the market is segmented into 50-100 meters, less than 50 meters, more than 150 meters, and 100-150 meters. On the basis of application, the market is bifurcated into private and commercial. Geographically, the market is classified into Asia Pacific, Latin America, North America, Europe, and the Middle East & Africa.
Report Coverage:
The report covers extensive information about the luxury yacht market. Furthermore, the report consists of information on factors such as the region-wise growth of the market, restraining factors, and the drivers. Additionally, it consists of the details on the COVID-19 impact on the marke inclusive of prominent market players employing several stratergies in order to grow their existence in the luxury business that will eventually increase sales and production of the market
Browse Summary of this Research Report:
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Report Scope & Segmentation:
| Report Attribute | Details |
| Base Year | 2021 |
| Historical Year | 2018 – 2020 |
| Forecast Year | 2022 – 2029 |
| Segments Covered | By Type, By Size, By Application, By Region |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2029 |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | Feadship, Blohm+Voss, Amels, Heesen Yachts, Lurssen, Oceanco, Nobiskrug, Fincantieri Yachts, Christensen Yachts, Sunseeker Yachts, Alexander Marine Co Ltd, Damen Shipyards Group, Azimut Benetti S.p.A., FERRETTI S.P.A., Horizon Yacht USA, Princess Yachts International plc, Viking Yacht Company, MarineMax, Inc., Sanlorenzo Spa. |
| Luxury Yacht Market Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Drivers & Restraints:
Increased Urbanization to Drive the Market Forward
Increased urbanization and rapid growth in the tourist and recreational industry are two important reasons stimulating the growth for the market. Furthermore, an increase in sporting activities, relaxation, and opulent experiences for private owners around the world is predicted to boost yacht demand.
Furthermore, the use of modern materials such as carbon fiber and fiberglass, as well as customized and specific requirements, is adding to the expansion. Other factors boosting market expansion include the use of alternative fuels in the marine industry, as well as the rising trend of expeditions near the Arctic, North, and South Poles. However, limited applications and the high cost of scooters may hinder the luxury yacht market growth.
Regional Insights:
Asia Pacific To Grow On A Fast Pace Due To Rising Disposable Income
In the next few years, Asia Pacific is expected to have the largest luxury yacht market share and the fastest growth rate due to rising disposable income, living standards, and other factors. This is a popular destination for major players looking to sell their boats in an untouched market which is a major driving factor.
The Middle East and Africa, as well as Latin America, are expected to rise at a moderate pace; the rise is anticipated due to both regions' increased focus on the tourism sector. Also, in recent years, both of these regions have made significant investments in tourism infrastructure in order to enhance their economies and attract visitors from diverse countries.
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Competitive Landscape:
Prominent Players to Witness Significant Growth in Developing Economies
Due to the diversity of offerings, goodwill, and brand name, key players such as Feadship, Blohm+Voss, Amels, and others have a dominant presence in the luxury yacht industry. Due to the expanding market presence in developing economies and the range of product offerings, these businesses are projected to see significant growth in their business. Furthermore, these brands are well-known in the global luxury yacht industry and control the majority of the market share. For instance, in July 2020, Northrop & Johnson was acquired by MarineMax, Inc. MarineMax is expected to gain market share and become a dominant player in the yacht service industry as a result of the acquisition.
Industry Developments:
December 2020: The Moto Panfilo 37m in the class category, as well as the 67m custom superyacht FB284, were launched by Azimut Benetti S.p.A. Both yachts are built to emphasize connectedness and horizontal lines and have high standards of liveability, well-thought-out interiors, and a style that emphasizes connectivity and horizontal lines.
List of Key Players in the Market:
- Feadship
- Blohm+Voss
- Amels, Heesen Yachts
- Lurssen, Oceanco
- Nobiskrug
- Fincantieri Yachts
- Christensen Yachts
- Sunseeker Yachts
- Alexander Marine Co Ltd
- Damen Shipyards Group
- Azimut Benetti S.p.A.
- FERRETTI S.P.A.
- Horizon Yacht USA
- Princess Yachts International plc
- Viking Yacht Company
- MarineMax, Inc.
- Sanlorenzo Spa.
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