yacht market

Yacht Market Share, Size, Trends, Industry Analysis Report, By Type (Super, Flybridge, Sport, Long Range, Others); By Length; By Propulsion (Motor, Sailing), By Region; Segment Forecast, 2021 - 2028

  • Published Date: Oct 2021
  • Pages: 112
  • Format: PDF
  • Report ID: PM2020
  • Base Year: 2020
  • Historical Data: 2016 - 2019

Report Summary

The global yacht market was valued at USD 8.12 billion in 2020 and is expected to grow at a CAGR of 5.1% during the forecast period. The increasing inclination towards recreational or leisure activities on account of growing disposable income, coupled with the increasing preference for personalized services, luxury tourism, and exclusive traveling, are the few prominent factors expected to accelerate the market growth during the forecast period.

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As per the survey of the World Tourism Organization UNWTO, in 2018, nearly 75% of the inclusive international travel departures leave from North America, South America, Europe, and comprised these regions accounted USD 263 billion in adventure travel expenditures. As a result, the adoption has shown the growth due to growing consumer interest in adventurous activities thereby, aiding the market growth over the forecast period.

A yacht is a power vessel or sailing utilized for preference, cruising, or racing. However, there is no typical definition, so the term refers to vessels with a cabin with facilities that provide accommodations for overnight use. In addition, factors such as the development of new, lighter, and more fuel-efficient yachts are further contributing to the considerable market demand for end-use.

Industry Dynamics

Growth Drivers
The yacht market has perceived substantial developments since the last few decades supported by the constant advancements in technological yachts, allowing improved flexibilities to contract engines operate at an adjustable speed and considerably reduce noise, emission, and vibration.

Moreover, the development of luxurious amenities and high-tech interiors are delivered by the OEM manufacturers, which is further, predicted to drive the demand in the entire world. OEM vendors have often been witnessed to be continually investing in the research and development activities to provide an exceptional experience, thereby driving the growth outlook for the global yacht market over the foreseen period.

In addition, the rapid rise in tourism across developed and developing economies is further projected to reinforce the demand in the industry. North America is the major contributing factor that shows drastic growth in the tourism market. U.S. is the world's largest travel & tourism economy dominates with around 83% of the direct GDP impact on the region, followed by Mexico (12.6%) and Canada (4.5%). As a result, the adoption of yachts is growing, thereby creating positive growth for the global yacht market.

Report Segmentation

The market is primarily segmented on the basis of type, length, propulsion, and region.

By Type

By Length

By Propulsion

By Region

  • Super
  • Flybridge
  • Sport
  • Long Range
  • Others
  • Up to 20 meters
  • 20 - 50 meters
  • Above 50 meters
  • Motor
  • Sailing
  • North America (U.S., Canada)
  • Europe (Germany, UK, France, Italy, Spain, Netherlands, Austria)
  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Malaysia)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, South Africa, Israel, UAE)

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Insight by Type

Based on the type segment, the superyacht is the leading revenue contributor in the global market in 2020 and is likely to keep its dominance in the forthcoming period. The segment is anticipated to observe a healthy growth during 2021-2028, owing to the increasing popularity of superyachts among the wide consumer base, along with the surging affinity for outdoor leisure activities. The sports yacht segment is projected to evolve as the highest CAGR in terms of market share during 2021-2028. This can be accredited to the vigorous participation of adults in sporting events and recreational boating activities.

Further, recreational tournaments are providing employment opportunities. They are emerging as an integral source of revenue generation for clothing outlets, yacht caterers, and boat builders, among others, which are anticipated to reinforce the market growth during the forthcoming period.

Insight by Propulsion

Motor yacht segment is expected to witness large revenue in the foreseen period. A considerable demand has been witnessed for the same on account of its benefits, such as large distance coverage, high speed, and power, among others. Besides, several individuals have extensively preferred it for the advanced equipment and systems deployed in the motor yachts, which have positively impacted the segment’s growth fortune.

The sailing yachts segment is projected to record the second-highest CAGR in the global market, backed by several factors, including increasing focus on leisure activities and the growing technological developments in these ships that make them more attractive options among the buyers.

Geographic Overview

Geographically, Europe is expected to dominate the global market in 2020. The demand in the European countries is mainly driven by the growing number of high net-worth individuals and the increasing popularity of fishing activities and water sports. For instance, in 2018, German residents took almost 142 million trips, which is the largest number of leisure and vacation trips performed in Europe.

However, in the approaching years, passenger traffic in marine tourism is growing dramatically due to the attractiveness of the region and current supportive policies. This is further anticipated to raise the investments in recreational activities, which, in turn, is expected to aid the adoption of the yacht in the region. In North America, the favorable growth in the number of yacht passengers is one of the major factors amplifying the demand for the regional market. Furthermore, the exponential rise in the travel & tourism markets due to rising disposable income, along with the increasing number of international tourist visits, is further augmenting the market growth in the region.

According to the World Bank Group, in 2010, nearly 99.5 million international tourists visited North America, which increased to 137.1 million in 2017. The increased number of international passenger visits is an important driver bolstering the region’s growth. Moreover, Asia Pacific is expected to witness a high CAGR in the global market in 2020. The demand in the region is anticipated to increase over the forecast period favorable government policies such as Swadesh Darshan Scheme and the flagship Incredible India, coupled with a rise in investment by the high-net-worth individuals seeking rich life experience.

By 2030, China including, other Asian countries such as India, Indonesia, and Malaysia expected to have a large proportion of middle-income societies, followed by younger millennials having high disposable income. Thus, many consumers and tourist agencies have now recognized the consumption of yachts for recreational activities, so the market is gaining significant prominence in the Asian economy.

Competitive Insight

Some of the Major Players operating the global market include 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, and Viking Yacht Company.

Yacht Market Report Scope

Report Attributes

Details

Market size value in 2020

USD 8.12 billion

Revenue forecast in 2028

USD 10.65 billion

CAGR

5.1% from 2021 - 2028

Base year

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2021 to 2028

Segments covered

By Type, By Length, By Propulsion, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Companies

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, and Viking Yacht Company

Key Take-Away
Polaris Market Research
Yacht Market Size | Global Industry Report, 2021 - 2028