Yacht Market Segmented by Type, Length, Region and Industry Forecast till 2025
According to a report, “Yacht Market Size, Share & Trends Analysis Report By Type (Super Yacht, Flybridge Yacht, Sport Yacht, Long Range Yacht), By Yacht Length (Up To 20 Ft, 20 To 50 Ft, Above 50 Ft), By Region, And Segment Forecasts, 2019 – 2025” published by Grand View Research, Inc., the global yacht market size is expected to reach USD 9.0 billion by 2025, registering a CAGR of 5.6% over the forecast period. The market is expected to witness significant growth owing to the increasing coastal and marine tourism activities across the globe. Furthermore, the rising standard of living and growing corporate tourism activities across the globe are expected to further drive the market.
The sports segment is expected to exhibit high growth owing to its use in personal activities as well as sports events. The increasing number of recreational sporting events, yacht trade shows, and events organized by OEMs are supporting the growth of the market in developed regions such as North America and Europe. A significant increase in the number of people participating year-on-year in marine recreational activities is also expected to further boost the market growth in these regions. Moreover, rising marine tourism and the growing population of high net worth individuals are also likely to contribute to the growth of the regional markets.
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According to the World Bank, HNWI accounts for less than 1% of the world’s total population and more than 40% of the world’s total wealth. The growing HNWI population is driving the spending on leisure activities, including yacht travels. The demand for modern leisure yachts is particularly growing as it provides a connected experience while cruising, fishing, and so on.
Yacht Market Report Highlights
- On the basis of type, the sport yacht segment is expected to witness the fastest growth over the forecast period. The growth can be attributed to the high demand for a sports yacht in countries such as China and France.
- On the basis of yacht length, the 20 to 50 ft segment dominated the market in 2018 and is expected to maintain its dominance over the forecast period.
- The Asia Pacific is anticipated to emerge as the fastest-growing regional market over the forecast period. The rise in disposable income and improved standard of living are some of the critical factors responsible for the changing preference of the regions’ populace with respect to yacht travel.
- Europe accounted for the largest market share in 2018 owing to the increased sales of yachts. The demand in European countries is majorly driven by factors such as an increasing number of HNWI and the growing popularity of water sports & fishing activities.
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