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Yacht Industry Expected to Reach $10.79 Billion by 2029 at 3.5% CAGR
Yacht
Yacht Market Value Projection: How Much Will the Market Size by 2025?
Over the past few years, there has been a consistent expansion in the yacht market. It is projected to escalate from $9.06 billion in 2024 to $9.41 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 3.8%. Factors such as enhanced income capabilities, more expenditure on leisure activities, and the burgeoning construction of super yachts have contributed to the growth witnessed during the historic period.
What Will Be the Market Growth Forecat for Yacht in 2029?
In the coming years, the yacht market is projected to experience a consistent expansion. The market is estimated to reach $10.79 billion by 2029, with a compound annual growth rate (CAGR) of 3.5%. The predicted growth during the forecasted timeframe is due to factors such as governmental backing, escalating urbanization, an increase in the population of wealthy individuals, and a surge in tourism. Significant trends that will shape this period include an emphasis on fuel cell technology, alliances and takeovers, the application of artificial intelligence (AI), product novelty and technological progress.
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What Are the Core Competitive Drivers in the Yacht Industry?
The surge in luxury tourism and sailing is anticipated to drive the need for the yacht market. Luxury tourism centers around providing premium comfort and quality, free from stress or strain. It embodies a heightened travel experience with the least amount of distress and the most convenience. The swift expansion in luxury tourism is likely to enhance the demand for yachts, which are an essential part of luxury tourism for locations based on the seaside. For instance, in 2022, nearly 30% of survey participants confirmed that their holiday budgets had increased post-COVID, and they were seeking lavish travel alternatives. Consequently, the escalating demand for luxury tourism and sailing is predicted to reinforce the need for yachts throughout the projected period.
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Which Yacht Market Segment Is Projected to See the Fastest Growth?
The yacht market covered in this report is segmented -
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
Subsegments:
1) By Super Yacht: Motor Super Yachts, Sailing Super Yachts, Expedition Super Yachts
2) By Flybridge Yacht: Open Flybridge Yachts, Enclosed Flybridge Yachts
3) By Sport Yacht: High-Performance Sport Yachts, Racing Yachts
4) By Long Range Yacht: Explorer Yachts, Long Range Motor Yachts
5) By Other Types: Catamarans, Trimarans, Houseboats, Classic Yachts
Which Trends Are Opening New Opportunities in the Yacht Market?
Firms in the yacht industry are prioritizing product innovations and creation of unique product solutions to solidify their market standing. An illustration of this is when ISA Yachts, a brand from Palumbo Superyachts situated in Italy, unveiled the ISA Granturismo 45-meter Aria SF in April 2022. The ISA GT 45, boasting a steel hull and aluminium superstructure, can house up to 10 guests across five spacious cabins. Notably, the ISA Gran Turismo 45, a superyacht, has striking, sporty external lines set off by a vertical bow, side arches linking the trio of decks, and a fin-shaped hard-top, lending a slender, airy appearance to the profile.
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Who Are the Leaders in the Yacht Market?
Major 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., Qingdao Captain Marine Co. Ltd., HBM-Huanan Building Materials (Shenzhen) Co. Ltd., COSCO Shipping, China Shipbuilding Industry Co. Ltd., Azimut Benetti, Christensen Shipyards Ltd, Ferretti, Heesen Yachts, Horizon Yacht, Brunswick Corporation, Ocean Alexander, Quantum Sails, Michael Rybovich & Sons Boatworks, Burger Boat Company, MCP Yachts, Sterling Yachts, Fibrafort, Delta Yachts, Flexboat, Schaefer Yachts, Asmar, AS Marine, Oryx Yachts, Majesty Yachts, Nomad Yachts, Moonday Yachts, Yerliyurt Marin, Numarine, Robertson & Caine, Falcon Inflatables, Dean Catamarans, De Birs Yachts, Tiger Marine
Which Regional Yacht Markets Offer the Greatest Growth Potential?
Europe was the largest region in the yacht market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the yacht market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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