The Yacht Market to grow by USD 3.38 billion from 2022 to 2027 | The growing popularity of recreational tourism to boost market growth -Technavio

NEW YORK, Sept. 14, 2023 /PRNewswire/ — The yacht market is estimated to grow by USD 3.38 billion from 2022 to 2027, growing at a CAGR of 6.71%. The yacht market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer yacht market are Alexander Marine International Co Ltd., Azimut Benetti SpA, Cantieri Navali Codecasa Tre SpA, Dalian Wanda Group, Damen Shipyards Group, Feadship Holland BV, Fincantieri Spa, Flensburger Schiffbau Gesellschaft mbH, Fr. Lurssen Werft GmbH, Heesen Yachts Sales BV, Horizon Yacht USA, KPS Capital Partners LP, Oceanco SAM, Overmarine Group Spa, Palmer Johnson, Palumbo Group Spa, Sanlorenzo Spa, THE ITALIAN SEA GROUP SpA, Viking Yacht Co., and Westport Yachts. The report provides a full list of key companies, their strategies, and the latest developments. Download the FREE Sample before buying

Company Offering:

Alexander Marine International Co Ltd. – The company offers yachts such as the azimut grande tri-deck, 37 Legend Ocean Alexander, and 35 Revolution Ocean Alexander.
Azimut Benetti SpA – The company offers yachts such as seadeck 6, and seadeck 7.
Cantieri Navali Codecasa Tre SpA – The company offers yachts such as Amels 80, Amels 60, and Seaxplore 60.
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By Geography, the market is classified as Europe, North America, APAC, South America, and Middle East and Africa. Europe will have the largest share of the market.

Europe is estimated to contribute 34% to the growth of the global market during the forecast period. Demand for yachts in Europe depends on many factors, including the region’s extensive coastline, high concentration of high net-worth individuals, and favorable weather conditions for water activities. Demand is mainly driven by increased fishing and other water sports such as water skiing, diving, and swimming in European countries. In addition, due to the trend towards fun and recreational activities such as water skiing, diving, and swimming, the yacht market will grow significantly in the period 2017-2022. The main driver driving demand for yachts is travelers’ growing preference for luxury trips, personalized treatments, and special excursions. Hence, these factors are expected to drive market growth in the region during the forecast period.

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Impactful driver- Growing popularity of recreational tourism
Key Trend – Increased demand for superyachts
Major Challenges – High maintenance and operating costs

Market Segmentation

By Type, the market is classified into motor and sailing. The market share growth by the motor segment will be significant during the forecast period. Motor yachts are typically faster and more powerful than sailboats, allowing faster and more efficient travel over longer distances. Larger rooms, luxurious areas, and modern entertainment equipment are also offered in these Yachts. In addition, motor yachts make maneuvers easier so that they may be maneuvered more easily in confined waters or tight spaces. The high market share of this segment is due to the advantages that motor yachts offer, such as high speed and performance as well as long-distance coverage. Furthermore, these yachts are very popular with people because of their advanced systems and equipment, such as connected devices on board. Hence, these factors are expected to drive segment growth during the forecast period.

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Yacht Market Scope
Report Coverage	Details
Historic period	2017-2021
Growth momentum & CAGR	Accelerate at a CAGR of 6.71%
YoY growth 2022-2023 (%)	6.4
Regional analysis	Europe, North America, APAC, South America, and Middle East and Africa
Key countries	US, China, Japan, UK, and Germany

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Application

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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