Yacht Market
The Yacht Market size is projected to be valued at USD 8.12 billion in 2020 and is expected to rise to USD 10.65 billion by 2028. The market is expected to register a CAGR of 5.1% during the forecast period from 2021 to 2028.
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Various factors propelling the demand for yachts include:
● OEM manufacturers develop opulent amenities and high-tech interiors, which are expected to stimulate global demand.
● The rapid growth of tourism in both established and developing nations is expected to increase demand in the industry.
● The growing inclination towards recreational or leisure activities as disposable income rises, combined with an increasing preference for personalized services, luxury tourism, and exclusive travel, are just a few of the key factors expected to drive market growth during the forecast period.
What Are Yachts?
Yachts are large recreational vessels that are between 35 and 160 feet in length, and that may open on calm seas and ocean waters. The crew is required to oversee engineering, navigation, maintenance, repairs, electronics, and stewardship. The main types of sailing and motor boats are superyachts, flybridge yachts, sport yachts, long-range yachts, and other models. Superyachts are big, luxurious, well-mannered motor or sailing vessels having a load line of at least 24 meters.
Top Companies:
In this extremely competitive industry, major rivals constantly innovate and differentiate their products in an effort to take the lead in the market.
Some of the leading companies in the yacht market:
• Azimut Benetti Group
• Baglietto s.p.a
• Bavaria Yachtbau GmbH
• Damen Shipyards Group
• Ferretti S.p.A.
• Heesen Yachts
• Princess Yachts Limited
• Sunseeker International
• Sanlorenzo Yachts
• Viking Yacht Company
𝐁𝐮𝐲 𝐭𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/buy/804/2
Segmental Breakdown:
The yacht market is mainly segmented on the basis of type, length, propulsion, and region. Based on the type of research, in 2020, the superyacht accounted for the largest portion of global revenue, a position it is expected to maintain going forward. The segment is expected to increase at a healthy rate between 2021 and 2028 because of the rising demand for outdoor leisure activities and the growing appeal of superyachts across a broad range of consumers.
Moreover, the propulsion analysis predicts that the motor yacht segment will generate significant revenue during the anticipated period. The benefits of the same, including power, high speed, and vast coverage areas, have led to a significant demand for it.
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Regional Landscape:
• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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