Boating Culture Has Played a Significant Role in Propelling the Growth of the Yacht Market in the Europe Region!
- Himanshu Patni
- August 12, 2023
- AUTOMOTIVE, NEWS
- Yacht Market, Yacht Market growth, Yacht Market share, Yacht Market size, Yacht Markettrends
- 0 Comments
Boating culture has played a significant role in boosting the yacht market in Europe. The continent has a rich history of boating and sailing, with several countries located on the coastlines of the Mediterranean and the Atlantic. This has created a strong demand for yachts among European consumers, particularly those who enjoy recreational boating and water sports. One of the key drivers of the yacht market in Europe is the increasing popularity of luxury boating. Many consumers are looking for high-end yachts that offer the latest in technology, comfort, and performance. As a result, yacht manufacturers are constantly innovating and developing new models to meet this demand. For instance, companies such as Ferretti Group, Sunseeker, and Princess Yachts have launched new models with features such as hybrid propulsion systems, advanced onboard technology, and spacious interiors designed for entertaining.
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Another driver of the yacht market in Europe is the growing trend of yacht chartering. This involves renting a yacht for a period, typically for a vacation or special event. Yacht chartering has become increasingly popular among consumers who want to experience the luxury and freedom of a yacht without the expense and hassle of ownership. Many yacht manufacturers have responded to this trend by offering yacht models designed specifically for chartering, such as the Sunseeker Predator range and the Princess V-Class. In addition, the rise of digital technology and social media has also contributed to the growth of the yacht market in Europe. Yacht manufacturers are increasingly using online platforms to market their products and engage with consumers. For example, Princess Yachts has launched an immersive virtual tour of its yachts, allowing consumers to explore the vessels from the comfort of their own homes. This has helped to increase awareness and interest in yachts among a wider audience, particularly younger consumers who may be less familiar with the boating culture.
Overall, the Yacht Market is expected to grow at a strong CAGR of 6.0% during the forecast period (2022-2028) driven by factors such as luxury boating, yacht chartering, and digital innovation. With a growing market of affluent consumers who are looking for the latest in technology, comfort, and performance, the yacht industry is likely to continue to thrive in the coming years.
By length, the market is segmented into up to 20 meters, 20 – 50 meters, and above 50 meters. Among these, the 20-50 meter segment has dominated the yacht supermarket due to several drivers. One of the primary drivers is the increasing demand for yachts in this size range among affluent individuals who seek luxury, comfort, and privacy while travelling. Additionally, technological advancements in yacht building have made it possible to build larger yachts with more features and amenities than ever before. Another driver is the growing popularity of yacht chartering, where people can rent a yacht for a specific period, which has increased the demand for larger yachts.
On the basis of propulsion, the market is bifurcated into motor and sailing. The motor segment of the yacht market has experienced significant growth in recent years, driven by several factors. One of the primary drivers of this growth is the increasing popularity of yachting as a recreational activity among affluent individuals. As more people seek to own their own vessels, motor yachts have become a popular choice due to their convenience and ease of use. Another important factor driving the growth of the motor segment in the yacht market is the development of new technologies and innovations in yacht design. Motor yachts are now available in a wide range of sizes and styles, from compact day boats to large luxury yachts with advanced features such as gyroscopic stabilizers, computerized navigation systems, and high-tech entertainment systems.
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Global Yacht Market Segmentation
Market Insight, by Type
· Super
· Flybridge
· Sport
· Long Range
· Others
Market Insights, by Length
· Up To 20 Meters
· 20 – 50 Meters
· Above 50 Meters
Market Insights, by Propulsion
· Motor
· Sailing
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o UK
o Italy
o France
o Rest of Europe
· APAC
o China
o Japan
o India
o Rest of APAC
· Rest of the World
Top Company Profiles
· Azimut Benetti S.p.A.
· Damen Shipyards Group
· Heesen Yachts Sales B.V
· Sanlorenza Spa
· Sunseeker
· Ferretti S.p.A.
· Alexander Marine International
· Princess Yachts Limited
· Viking Yacht Company
· Brunswick Corporation
