Rising Demand for Luxury Tourism: A Key Driver Transforming the Yacht Market 2024

The Business Research Company's Early Year-End Sale! Get up to 30% off detailed market research reports-limited time only!

Will the Yacht Market See Any Sizeable Growth in the Foreseeable Future?

The yacht market, displaying a substantial growth trend in recent years, is all set to rise from its 2023 estimated market size of $8.73 billion to an anticipated worth of $9.19 billion by 2024, indicating a compound annual growth rate CAGR of 5.3%. Drivers behind such impressive growth during the historic period include elevated earning capacities, the rise in expenditure on recreational activities, and continued construction of super yachts.

What are the dominant trends influencing the yacht market?

The yacht market worth is likely to see a steady rise beyond 2024 and reach an estimated $10.78 billion by 2028, promising a compound annual growth rate CAGR of 4.1%. This growth trajectory during the forecast period can be correlated to government support, accelerating urbanization, increase in high-net-worth individuals, and thriving tourism industry. Major trends marking the forecast period comprise emphasis on fuel cell technology, collaborations and acquisitions, the adoption of artificial intelligence AI, product innovation, and technological advancement.

Dive Into Detailed Insights of the Global Yacht Market with a Free Sample Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=6678&type=smp

What is stimulating demand in the yacht market?

The burgeoning demand for luxury tourism and sailing is expected to act as a catalyst propelling the yacht market's growth. Luxury tourism stresses on providing a high level of comfort and quality, ensuring a stress-free and hassle-free elevated travel experience, defined by minimal annoyance and maximum convenience. Sea-based tourism involving yachts as a primary component has witnessed a surge, especially on the sea coast. In 2022, about 30% of survey respondents agreed that their holiday budgets had escalated post COVID, prompting them to explore luxury travel options. Hence, the evolving dynamics triggering a demand explosion for luxury tourism and sailing will fuel the yacht market's growth trajectory during the forecast period.

Pre-book the report for a swift delivery:
https://www.thebusinessresearchcompany.com/report/yacht-global-market-report

Which companies are deemed as key industry players in the yacht market?

Some of the significant companies operating in the yacht market include Ferretti S.p.A., Sanlorenzo S.p.a., Feadship, Princess Yachts Limited, Fincantieri S.p.A., Fr. Lürssen Werft GmbH & Co.KG, Damen Shipyards Group, Viking Yacht Company, Sunseeker International, Alexander Marine Co. Ltd., Palumbo Group, Shanghai Waigaoqiao Shipbuilding Co. Ltd., and Qingdao Captain Marine Co. Ltd., among others.

What recent advancements can be seen in the yacht market?

In line with recent advancements, yacht companies are focusing on product innovations and developing new product solutions to bolster their position in the market. In an instance from April 2022, Italy-based brand of Palumbo Superyachts, ISA Yachts launched the new ISA Granturismo 45-meter Aria SF. This superyacht features a sleek and sporty exterior and has the capacity to accommodate up to 10 guests across its five large cabins.

How can we segment the yacht market?

The yacht market report divides the market into several segments:

1 By Type: Super Yacht, Flybridge Yacht, Sport Yacht, Long Range Yacht, Other Types
2 By Length: Up to 20 Meters, 20-50 Meters, Above 50 Meters
3 By Propulsion: Motor, Sail

Which regions have been significant in the yacht market in 2023?

Europe held the position of the largest market in the yacht industry in 2023. However, North America is expected to be the fastest-growing region in the forecast period. The yacht market report also extends to regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Contact us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Latest Trending Press Releases: https://www.thebusinessresearchcompany.com/press-release.aspx

Learn More About The Business Research Company

The Business Research Company has published over 15000+ reports spanning across 27 industries and covering 60+ geographies. Drawing on an impressive 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders, they offer a unique perspective.

This release was published on openPR.