Luxury Yacht Market Size to Grow by 327.00 units at a CAGR of 11.32% | Motor Yachts segment is expected to witness lucrative growth | Technavio – QNT Press Release


NEW YORK, May 27, 2022 /PRNewswire/ — The Luxury Yacht Market size is expected to grow by 327.00 units with a YOY growth of 7.84% during the forecast period. One of the key factors driving the luxury yacht market is the increase in recreational tourism. The report offers an up-to-date analysis of the current market scenario and information from several leading manufacturers.

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This market research report extensively covers Luxury Yacht Market segmentations by the following:

  • Type – Software and services
    • Motor yachts will gain a considerable part of the luxury yacht market. Because of the growing demand for luxury motor yachts from both individual owners and chartered yacht service providers, the motor yacht market is predicted to develop faster than the sail yacht category.
  • Geography – North America, EuropeAPAC, Middle East and Africaand South America
    • Europe will account for 34% of the market’s growth. In Europethe primary markets for luxury yachts are the United Kingdom and Germany. The market in this region will expand quicker than the market in other regions. Over the forecast period, vendor product launches will aid the growth of the luxury boat market in Europe.

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Luxury Yacht Market Dynamics

Market Driver

The rise in recreational tourism is one of the major drivers driving the luxury boat market. Tourism is a key economic activity that contributes significantly to the economic growth, employment, and social development of many countries across the world. This is partly due to a rise in the number of tourists from emerging nations like China and Indiawho spend nearly three times as much on overseas tourism as they do on domestic tourism. Increasing tourism and recreational activities are just two of the major reasons behind this.

Market Trend

The adoption of sophisticated materials is another important aspect propelling the luxury boat market forward. The majority of conventional boats are made of steel or aluminium, which makes them hefty and limits their fuel efficiency. Despite the fact that steel and aluminium are less expensive than alternative materials like glass fibre reinforced composites or pure carbon fibre, yacht builders recognise the overall benefits of using carbon fibre in the boat’s construction.

Market Challenge

One of the major roadblocks to the luxury yacht market’s expansion is the high cost of operating. ACs, televisions, navigation aids, radar, echo-sounding, and autopilot are all standard features onboard motor luxury yachts. Luxury yachts require a reliable power generation system to run all of these features. As a result, luxury motor yachts have higher operating and fueling expenditures than luxury sail yachts. The high operating costs of commercially used luxury boats provide a threat to the worldwide luxury yacht market, despite the fact that their private operation is minimal.

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Luxury Yacht Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Full story available on Benzinga.com



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