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Yacht Market Analysis 2023: Market Growth Rate, Competitive Landscape And Top Opportunities
Yacht
The Business Research Company's Yacht Global Market Report 2023 identifies luxury tourism and sailing the major driver for the Yacht market's growth in the forecast period. Luxury tourism focuses on offering a high level of comfort and quality, with no stress or hassle. It entails an elevated travel experience with minimal annoyance and maximum convenience. The rapid growth in luxury tourism is expected to boost demand for yachts, as they are a key component of luxury tourism for destinations located on the sea coast.
The global yacht market size will grow from $8.32 billion in 2022 to $8.91 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global yacht is expected to grow to $11.07 billion in 2027 at a CAGR of 5.6%.
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Major competitors in the Yacht market are Azimut Benetti, Brunswick Corporation, Christensen Shipyards Ltd., Alexander Marine International, Damen Shipyards Group.
A key trend in the Yacht market includes Technological advancement. Major yacht companies are focusing on bringing technological advancements to yachts such as electrical power, and hydrogen power with robust engines which have higher horsepower and lighter body weight. These yachts are focused on providing faster commute and comfortable travel. For instance, in November 2020, a New-Zeeland-based premium powerboat building company Herley Boats introduced the new Herley 3400 hybrid catamaran. It is a luxury motor yacht equipped with a hybrid system (two electric drives powering the yacht) with lithium-ion batteries to ensure emission-free and silent propulsion. It is a 100% electric yacht offering an economy cruise with improved fuel efficiency and performance mode for high-speed operation.
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https://www.thebusinessresearchcompany.com/report/yacht-global-market-report
The Yacht market is segmented -
• By Type: Super Yacht, Flybridge Yacht, Sport Yacht, Long Range Yacht, Other Types
• By Length: Up to 20 Meters, 20-50 Meters, Above 50 Meters
• By Propulsion: Motor, Sail
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Europe was the largest region in the Yacht market.
The Business Research Company's "Global Yacht Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Yacht Market Include:
1. Executive Summary
2. Yacht Market Characteristics
3. Yacht Market Trends And Strategies
4. Yacht Market - Macro Economic Scenario
5. Yacht Market Size And Growth
……
26. Africa Yacht Market
27. Yacht Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Yacht Market
29. Yacht Market Future Outlook and Potential Analysis
30. Appendix
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