The global yacht market is expected to witness a CAGR of 5.6%, according to the new report by Grand View Research, Inc. The market is predominantly driven by the rise in disposable income and inclination toward recreational or leisure activities. Countries such as China, France, and Germany have technologically driven yachts and an expanding number of High-Net-Worth Individuals (HNWI). The manufacturers are focusing on including luxury features for offering improved performance characteristics and customer experience.
Numerous OEM manufacturers are offering improved customer experience by revolutionizing the onboard accommodation. Demand for luxury yachts has experienced a major boom over the last few years, owing to altering lifestyles and the popularity of recreational activities. The market has observed a trend of exclusive traveling and personalized service in yacht tourism.
Covid-19 Effect:
The market has faced unprecedented uncertainty amid the ongoing COVID-19 outbreak. COVID-19 crisis has created a significant impact on the product demand and supply chain in the automotive and tourism sectors. Despite the overall slump in demand, the market is likely to demonstrate a steady growth during the forecast period. In August 2020, Cannes Yachting Festival organizers have obtained the “Safe & Clean” tag by APAVE after the implementation of necessary health safety measures to make the show safe for all participants and spectators.
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Further findings from the report suggest:
- The sport yacht segment accounted for the largest revenue share in 2018 and it can be ascribed to increasing demand for sports and recreational yacht, particularly in countries such as China and France
- Yachts are available in a variety of lengths ranging from 35 feet to more than 150 feet. The 20 to 50 was the largest grossing segment in 2018, which can be attributed to its light wind sailing capabilities to save fuel and safeguard traveling in different wind direction and low maintenance costs
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Major Players:
- Brunswick Corporation
- Azimut Benetti S.p.A.
- Damen Shipyards Group
- Heesen Group
- The San Lorenzo S.p.a
- Sunseeker International
- Ferretti S.p.A.
- Alexander Marine International Co., Ltd. (AMI)
- Princess Yachts Limited
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