Increase in number of high net worth individuals and growing yacht tourism drive the growth of the global luxury yacht market.
PORTLAND, Ore, April 21, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Luxury Yacht Market by Size (75-120 feet, 121-250 feet and Above 250 feet), Type (Sailing luxury Yacht, Motorized Luxury Yacht, and Others), and Material (FRP/Composites, Metal/Alloys, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global luxury yacht industry generated $5.8 billion in 2020, and is anticipated to generate $12.8 billion by 2031, witnessing a CAGR of 8.0% from 2022 to 2031.
Prime determinants of growth
Increase in number of high net worth individuals and growing yacht tourism drive the growth of the global luxury yacht market. However, natural calamities and rise in accidents on luxury yachts restrict the market growth. Moreover, customization in luxury yachts and surge in mergers & acquisitions present new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a negative impact on the global luxury yacht market, owing to factors such as temporarily closure of production facilities, supply chain disruptions, unavailability of raw materials, decline in demand from end users, and many more.
- However, the market is recovering steadily.
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The 120-250 feet segment to maintain its leadership status throughout the forecast period
Based on size, the 120-250 feet segment held the highest market share in 2020, accounting for nearly half of the global luxury yacht market, and is estimated to maintain its leadership status throughout the forecast period. This is because large yachts are now getting easier to handle. However, the above 250 feet segment is projected to manifest the highest CAGR of 9.0% from 2022 to 2031.Increased space and size open doors for more creative and unique interior designs drives the segment.
The moisturized luxury yacht segment to maintain its lead position during the forecast period
Based on type, the moisturized luxury yacht segment accounted for the largest share in 2020, contributing to more than two-thirds of the global luxury yacht market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 8.3% from 2022 to 2031, due to more on-board facilities, more room space, and more opportunities for recreational activities.
Europe, followed by Asia-Pacific& North America to maintain its dominance by 2031
Based on region, Europe, followed by Asia-Pacific& North America held the highest market share in terms of revenue 2020, accounting for more than two-thirds the global luxury yacht market. Manufacturers in the European region are now venturing for sustainable development and have increased their efforts to produce environment friendly yachts, which in turn, is driving the segment Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 8.6% from 2022 to 2031, owing to steady growth in revenue.
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Leading Market Players: -
- Alexander Marine Co Ltd
- Damen Shipyards Group
- AzimutBenettiS.p.A.
- Feadship
- FERRETTI S.P.A.
- Horizon Yacht USA
- Princess Yachts International plc
- Sanlorenzo Spa
- Sunseeker International Limited
- Viking Yacht Company
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