Yachts are a sailboat or motorboats used for pleasure, cruising, or racing. Yachts over 79 feet (24 m) are classified by the commercial Yacht Code. These yachts require a hired crew and are built to higher standards. There are three types of large yachts: private, which can carry no more than 12 people, commercial, which can be used solely for the enjoyment of the owner and their guests, and private, which can be used for only the pleasure of the owners and their guests.
The global yacht market size was valued at USD 8.50 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.4% from 2022 to 2032.
In the past few years, the demand for yachts has steadily increased due to an increase in disposable income and a desire to enjoy leisure or other recreational activities. Yacht sales are driven by the growing demand for luxury tourism, personal service, and exclusive travel.
Yacht Market Dynamics:
The growth of the yacht charter industry is due to a rise in private islands, increasing disposable income worldwide, increased use of alternative energy sources, and an increase in high-net-worth individuals. Young people love yacht charters because they are easy to rent and can celebrate special occasions with style. This has helped fuel the market growth. The market is also being driven forward by the increasing popularity of remote investigations. People around the globe are choosing leisure, sports, and luxurious experiences more than ever before. Luxury yacht fleet operators can rent luxury yachts for corporate meetings, leisure activities, or special occasions. This report provides a full list of key vendors, their strategies, and the latest developments. Request a PDF Sample Now!
The market is growing due to the increased use of advanced structural materials like fiberglass and the ability to create bespoke solutions that meet individual needs. The market will be driven by other factors such as rising consumer spending power and increased use of alternative fuels within the maritime sector. Market growth has been attributed to the OEM manufacturers’ development of high-tech interiors and luxurious amenities. Industry statistics are positively influenced by artificial intelligence (AI), electrification, and wearable technologies. AI is changing the market and will play a key role in the future development of the maritime industry. The main reason for the slow growth of the global yacht industry is its high operating and maintenance costs. The market growth is further impeded by the COVID-19 outbreak, which has negatively impacted the travel and tourism sector. Market growth may be hindered by factors such as high yacht taxation costs and rental fees in certain areas. This market is resisted by natural calamities as well as high costs associated with yacht charters.
The market will be influenced by the rising demand for yacht charters due to increasing marine tourism. Many luxury yacht manufacturers offer yachts for rent to allow guests to explore different coastlines and islands. This allows them to enjoy a seamless, comfortable travel experience. Ritz Carlton, for example, launched itineraries in 2021 to encourage guests to stay onboard for more than one voyage. There are many market growth opportunities due to the ease of booking yachts online, whether every week or monthly. Many associated businesses such as yacht management that assist in the construction of new yachts have also entered the market to increase the market growth.
Manufacturers are now focusing on luxury features to offer better performance and customer experience. Over the past few years, manufacturing processes for yachts have undergone significant changes. Originally, yachts were made from wood or fiber-reinforced plasticizers. Composites are now more popular due to their corrosion resistance, lower maintenance cost, and better strength/weight.
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Global Yacht Market Segment Analysis:
Top: Biggest Yacht companies in the world
Amels / Damen
Region #1: North America(US, Canada)
Region #2: Europe( Germany, UK, France, Italy, Spain, Russia, Rest of Europe)
Region #3: Asia Pacific( China, Japan, South Korea, India, Rest of Asia Pacific)
Region #4: Latin America( Brazil, Mexico, Rest of Latin America)
Region #5: Middle East & Africa ( GCC, South Africa, Israel, Rest of MEA)
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