Major players in the yacht market are Azimut Benetti, Brunswick Corporation, Christensen Shipyards Ltd, Alexander Marine International, Damen Shipyards Group, Feadship, Ferretti, Viking Yacht Company, Princess Yachts Limited, Sunseeker International, Sanlorenzo SpA, Heesen Yachts, Fincantieri SpA, Horizon Yacht, Palumbo Group and Bavaria Yachtbau GmbH.
NEW YORK, Sept. 22, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the Yacht Global Market Report 2022 – https://www.reportlinker.com/p06317005/?utm_source=GNW
The global yacht market is expected to grow from US$7.70 billion in 2021 to US$8.22 billion in 2022 at a compound annual growth rate (CAGR) of 6.75%. The yacht market is expected to reach $9.97 billion in 2026 at a CAGR of 4.95%.
The yacht market consists of the sale of yachts by companies (organizations, retailers and partnerships) which refers to the large leisure boats ranging in length from 35ft to 160ft and capable of operating in ocean waters and turbulent seas. It requires a full crew for maintenance, navigation, electronics and engineering, repairs and stewards.
The main types of motor and sailing yachts include superyachts, flybridge yachts, sports yachts, long-distance yachts and others. The superyachts refer to large, luxurious, professionally crewed motor or sailing yachts with a load line of 24 meters and more.
Depending on the length, they vary in up to 20 meters, between 20-50 meters and over 50 meters.
Europe was the largest region in the yacht market in 2021. North America is projected to be the fastest growing region during the forecast period.
The regions covered in the Yacht Market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Yacht Market Research Report is one of a series of new reports providing yacht market statistics, including global yacht industry market size, regional shares, competitors with a yacht market share, detailed yacht market segments, market trends and opportunities, and other data you may need to succeed in the yacht industry. This Yacht Market Research Report provides a complete overview of everything you need with an in-depth analysis of the current and future scenarios of the industry.
The growing demand for luxury tourism and sailing is expected to boost demand for the yacht market. Luxury tourism focuses on offering a high level of comfort and quality without the stress or rush.
It includes an upscale travel experience with minimal hassle and maximum comfort. The rapid growth of luxury tourism is expected to boost demand for yachts as they are a key component of luxury tourism to seashore destinations.
For example, in 2019 Turkey, a luxury tourism country, saw a 20 percent growth in demand for boats and yachts rented by tourists (yacht tourism), especially foreign tourists, compared to the previous year. Therefore, the growing demand for luxury tourism and sailing is expected to boost demand for yachts over the forecast period.
Technological advancement is an important trend that is gaining popularity in the yacht market. Major yacht companies are focused on bringing technological advances such as electric power and hydrogen propulsion to yachts with robust engines with higher performance and lower body weight.
These yachts focus on providing faster commuting and comfortable travel. For example, in November 2020, a New Zealand-based premium powerboat builder, Herley Boats, unveiled the new Herley 3400 hybrid catamaran.
It is a luxury motor yacht equipped with a hybrid system (two electric drives power the yacht) with lithium-ion batteries to ensure emission-free and silent propulsion. It is a 100% electric yacht offering economy cruising with improved fuel efficiency and a power mode for high speed operation.
In May 2021, MarineMax Inc, a US-based recreational boat dealership, acquired Cruisers Yachts for an undisclosed amount. Through this acquisition, MarineMax intends to ensure that a premium US built yacht is available in its product portfolio and to offer the sales services through a select retail network while increasing additional growth capacity.
Cruisers Yachts is a US-based premium yacht manufacturing company that builds boats from 33 feet to 60 feet.
The countries covered in the Yacht Market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06317005/?utm_source=GNW
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