The global yacht market size is expected to reach USD 10.65 billion by 2028 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future industry growth.
The factors favoring the global market growth include the increasing rate of adoption of luxury yachts backed by the inclination towards leisure or recreational activities, coupled with the surge in proliferation-related to the sports and superyachts for providing improved performance attributes and customer experience are the integral factor accelerating the industry growth. According to the National Marine Manufacturers Association, U.S. recreational marine exports to Brazil are growing by 7% annually during 2015-2018.
Based on length, the 20-50-meter segment captured a leading share in terms of revenue in the global industry, owing to its low maintenance costs and light wind sailing abilities that help save fuel which boosts the segment growth, whereas up to 20-meter segment is projected to be the fastest growth rate in the overall market. Improved design, comfort, style, live-ability, performance, and technological innovations may contribute significantly to segment growth.
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With a considerable surge in disposable income over the last decade, the market has witnessed a higher demand as they get immense popularity on marine and coastal tourism activities. According to the World Economic Forum, in 2017, nearly 31% of global consumer disposable income originated from Asia-pacific. By 2030, it is anticipated to generate an additional USD 12 trillion in overall disposable income, accounting for almost 55% of the global increment. With such a rate, it is expected most of the growth will be driven from the concerned region.
Major Participants such as Sanlorenzo Yachts, Baglietto s.p.a, Damen Shipyards Group, Bavaria Yachtbau GmbH, Viking Yacht Company, Ferretti S.p.A., Princess Yachts Limited, Azimut Benetti Group, Sunseeker International, and Heesen Yachts are some of the key players operating in the global industry.
Similarly, in March 2021, YATCO secured major funding round to strengthen its path to the consumer market and help interested buyers to discover the vessel that fits their requirements, which dramatically surges the growth of the global industry.
Polaris Market Research has segmented the yacht market report on the basis of type, length, propulsion, and region:
Yacht, Type Outlook (Revenue, USD Billion, 2016 – 2028)
- Long Range
Yacht, Length Outlook (Revenue, USD Billion, 2016 – 2028)
- Up to 20 meters
- 20 – 50 meters
- Above 50 meters
Yacht, Propulsion Outlook (Revenue, USD Billion, 2016 – 2028)
Yacht, Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa