NEW YORK, May 12, 2021 /PRNewswire/ —
The global luxury yacht market by type (motor yachts and sail yachts) and geography (APAC, Europe, MEA, North America, and South America) has been added to Technavio’s offering. The global luxury yacht market is expected to grow by 310 units, at a CAGR of over 11% during 2020-2024.
The market has witnessed steady growth in the HNWI population over the past few years. In addition, the expanding middle-class income group and growing consumer interest in the purchase of luxury products are expected to have a positive impact on the growth of the luxury yacht market during the forecast period.
The market is expected to be driven by factors such as the increase in recreational tourism and growth in the HNWI population.
The report also offers information on the upcoming trends and challenges that will influence market growth.
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Luxury Yacht Market: Opportunities
During 2011 and 2018, the HNWI population increased by approximately 48% in North America. Similarly, Europe has witnessed an increase in the HNWI population over the years. This has increased the consumer demand for customized and luxury products. Besides, the rapid penetration of the internet and rising focus on innovations by vendors is expected to open several growth opportunities in the market.
Luxury Yacht Market: Segmentation by Type
Based on the segmentation by type, the market generated maximum revenue in the motor yacht segment in 2019. The segment is driven by the availability of modern features such as ACs, television, navigation aids, radar, echo-sounding, autopilot, and a reliable power generating system in motor yachts. Also, the increased use of motor yachts for recreational, non-cargo handling, and non-government purposes is contributing to the growth of the segment.
Luxury Yacht Market: Segmentation by Geography
Europe held the largest market share in 2019 and the market growth in the region is expected to be faster compared to the growth of the market in other regions. The growth of the market in Europe can be attributed to the continued expansion of tourism inflow and tourist spending due to simpler visa procedures in the region. Also, the emergence of France, Italy, and Portugal as manufacturing hubs for luxury goods is expected to contribute to the growth of the luxury yacht market in Europe during the forecast period.
One of the fortune 500 companies had used the detailed research report on the luxury yacht market and had decided to increase their market share in the Europe region which offers the highest market opportunities during the forecast period.
Explore more about market opportunities: Enquire about the report before purchasing
Luxury Yacht Market: Major Vendors
Alexander Marine Co. Ltd.
The company offers luxury yacht through MEGAYACHTS and MOTORYACHTS product segments.
Azimut Benetti Spa
The company offers luxury yacht through the Azimut Yachts brand. The company also offers technical assistance and attentive maintenance to its customers.
The company is engaged in the design, construction, and sale of luxury yachts and pleasure vessels. Some of its brands include Ferretti Yachts, Riva, Pershing, Itama, Mochi Craft, CRN, Custom Line, and Wally. The company offers luxury yachts through maxi and mega yachts.
The company offers all cruise ships, naval ships, ferries, and mega yachts. The company offers luxury yachts under the Victory and Serene brand.
OVERMARINE GROUP Spa
The company has a range of yachts like long-range, fast displacement, and maxi open yachts.
Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the luxury yacht market report:
- Further breakdown of the market segmentation at requested regions.
Market Player Information
- Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.
- Know the strategies adopted by vendors during the COVID-19 Recovery Phase.
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- Market Overview
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Type
- Market segments
- Comparison by Type placement
- Motor yachts – Market size and forecast 2019-2024
- Sail yachts – Market size and forecast 2019-2024
- Market opportunity by Type
- Geographic segmentation
- Geographic comparison
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver – Demand led growth
- Volume driver – Supply led growth
- Volume driver – External factors
- Volume driver – Demand shift in adjacent markets
- Price driver – Inflation
- Price driver – Shift from lower to higher priced units
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Alexander Marine Co. Ltd.
- Azimut Benetti Spa
- Christensen Shipyards LLC
- Damen Shipyards Group
- Feadship Holland BV
- Ferretti Spa
- Fincantieri Spa
- OVERMARINE GROUP Spa
- Palumbo group Spa
- San Lorenzo Spa
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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