SAN FRANCISCO, Nov. 16, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Yacht Industry – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 18; Released: November 2021
Executive Pool: 422
Companies: 255 – Players covered include Amels BV; Azimut Benetti Group; Baglietto s.p.a; Bavaria Yachtbau GmbH; BENETEAU; Brunswick Corporation; Cheoy Lee Shipyards Limited; Dyna Craft Ltd.; Feadship; Ferretti S.p.a; FIPA Group; Fr. Lürssen Werft GmbH & Co. KG; HanseYachts AG; Heesen Yachts; Horizon Yacht Company; ICON Yachts BV; Kingship Marine Limited; O Yachts; Oceanco; Overmarine Group; Perini Navi S.p.a; Princess Yachts International Plc; Sanlorenzo S.p.a; Shanghai Double Happiness Yacht Co. Ltd; Sunbird Yacht Co., Ltd.; Sunrise Yachts; Sunseeker International; Trinity Yachts and Others.
Coverage: All major geographies and key segments
Segments: Type (Super Yacht, Flybridge Yacht, Sport Yacht, Long Range Yacht, Other Types); Propulsion (Motor Yacht, Sailing Yacht)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Yacht Industry Market to Reach US$10.8 Billion by the Year 2026
The ‘yacht’ is a floating vessel that is commonly associated with luxury and opulence, and a symbol of affluent lifestyle. Already a lifestyle in many Western countries such as the UK, the US, Italy and France due to the presence of a broad base of wealthy population with a strong penchant for sailing, yachting is gradually emerging to be the new means of leisure and recreation in several developing regions as well, thanks to economic development and increasing wealth of people. Yacht industry is expected to witness increased demand for yachts with long range capabilities and with ice-breaking hulls, given the growing desire of luxury yacht owners for adventure travels to remote locations such as Antarctica and Galapagos. As against the conventional compartmentalized layouts, there is a shift towards innovative designs with brighter and open-plan interiors. Yacht designs are also focused on outdoor areas for providing yacht travelers a direct and more intimate experience with the sea. Owners are increasingly demanding high-tech features and gadgets to be integrated into their yachts. In addition to standard components such as jet skis, canoes and water skis, demand is rising for advanced gadgets such as hover boards, jetlev and skibob. Further, yachts with high-quality cinema rooms and media rooms are also gaining widespread popularity among potential customers.
Amid the COVID-19 crisis, the global market for Yacht Industry estimated at US$7.4 Billion in the year 2020, is projected to reach a revised size of US$10.8 Billion by 2026, growing at a CAGR of 6.2% over the analysis period. Super Yacht, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$3.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Sport Yacht segment is readjusted to a revised 7.3% CAGR for the next 7-year period. This segment currently accounts for a 22.6% share of the global Yacht Industry market.
The U.S. Market is Estimated at $2.7 Billion in 2021, While China is Forecast to Reach $1.2 Billion by 2026
The Yacht Industry market in the U.S. is estimated at US$2.7 Billion in the year 2021. The country currently accounts for a 32% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$1.2 Billion in the year 2026 trailing a CAGR of 7.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.7% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR while Rest of European market (as defined in the study) will reach US$1.3 Billion by the end of the analysis period. While the presence of large number of wealthy and affluent people has a strong bearing on higher demand for yachts in the US and Europe, increased penchant for sea tours and marine entertainment among population also aids the yacht industry. New and unexplored markets like Asia are attracting significant attention of yacht makers. Interest in yachts is surging, with the expanding UHNW and HNW population increasingly seeking to purchase these boats to augment their social status. One of the promising yachting hubs to emerge in recent times is Southeast Asia, with countries such as Indonesia and Thailand becoming popular destinations for luxury yachting. China is another market with significant growth potential in Asia-Pacific region. In China, yachting is emerging into a popular sport, with motor yachting particularly gaining immense acceptance.
Flybridge Yacht Segment to Reach $2.1 Billion by 2026
The flybridge concept is growing in acceptance mainly for conducting corporate meetings, as it offers all the required amenities like air conditioning. In the global Flybridge Yacht segment, USA, Canada, Japan, China and Europe will drive the 6.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.2 Billion in the year 2020 will reach a projected size of US$1.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$109.3 Million by the year 2026. More
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SOURCE Global Industry Analysts, Inc.