Yacht Market : Current Analysis and Forecast (2022-2028)

Report Description

Yacht Market was valued at USD 8.15 billion in 2021 & is expected to grow at a CAGR of 6.0% from 2022-2028 owing to the increasing disposable incomes, rising tourism activities, and the growing demand for luxury leisure activities. One of the major drivers of the yacht market is the increasing demand for luxury leisure activities. Yachts are seen as a symbol of wealth and luxury, and their popularity has been rising steadily among high-net-worth individuals. This trend has been observed globally, with various companies reporting increased sales and orders for yachts. For example, in February 2021, Ferretti Group, an Italian luxury yacht manufacturer, reported that it had sold six yachts in January 2021 alone, with a total value of €33 million.

Another driver of the yacht market is the growth of tourism activities. The rise in the number of tourists globally has led to an increase in demand for leisure activities such as yachting. The Mediterranean region has seen a surge in yacht tourism, with countries such as Greece, Italy, and Croatia reporting an increase in yacht rentals and charters. Additionally, the increasing disposable incomes of individuals have also contributed to the growth of the yacht market. High-net-worth individuals, especially those in emerging economies such as China and India, are increasingly investing in luxury leisure activities such as yachting.

Some of the major players operating in the market include Schneider Electric; Siemens; ABB; Samsung; Honeywell International; Robert Bosch GmbH; LG Electronics; ASSA ABLOY; ACUITY BRANDS, INC.; and Cisco Systems, Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst propulsion, the sailing segment held a significant share of the market in 2021.”

Based on propulsion, the market is bifurcated into motor and sailing. Amongst these, the sailing segment is a significant part of the yacht market, and there are several drivers behind its popularity. One of the main reasons is the thrill and adventure associated with sailing. For many enthusiasts, sailing is a way of life, and the challenge of harnessing the power of the wind and navigating the seas is an exhilarating experience. Another factor contributing to the sailing segment’s popularity is its accessibility. Sailing can be enjoyed by people of all ages and backgrounds, and it can be practiced in a range of settings, from tranquil coastal waters to open seas. Additionally, sailing offers a wide range of experiences, from competitive racing to leisurely cruising, making it an ideal activity for families and groups of friends.

“Amongst length, the 50-meter segment to have significant growth in upcoming forecast period ”

By length, the market is segmented into up to 20 meters, 20 – 50 meters, and above 50 meters. Among these, The 50-metre segment of the yacht market has seen significant growth in recent years due to several key drivers. One of the primary factors contributing to this growth is the increasing wealth of individuals and families around the world. As more people become affluent, they are looking for ways to enjoy their wealth and live a luxurious lifestyle. Owning a yacht is one of the ways they can achieve this, and the 50-metre segment provides a perfect balance between size and luxury. Another driver of the growth in the 50-metre yacht segment is the desire for more space and amenities. In addition, a 50-metre yacht provides ample space for water sports, such as jet skiing and diving, which are becoming increasingly popular among yacht owners.

“North America has a significant share of the market.”

North America has a significant share of the yacht market due to several drivers, including the region’s high levels of disposable income, its love for recreational boating, and its well-developed infrastructure for marine leisure activities. One major driver of the yacht market in North America is the region’s high levels of disposable income. North America is home to some of the wealthiest individuals in the world, who often use yachts as a status symbol and a means of indulging in luxury experiences. This has created a strong demand for high-end yachts, driving the growth of the yacht market in the region. Another driver of the yacht market in North America is the region’s love for recreational boating. North America has a long history of recreational boating, with many residents enjoying the water as a pastime. This has led to a strong culture of marine leisure activities, with many individuals owning their own boats and yachts.

Finally, North America has a well-developed infrastructure for marine leisure activities, which has further contributed to the growth of the yacht market in the region. The region has a vast network of marinas, boatyards, and yacht clubs that offer a range of services, from boat storage to maintenance and repair.

Yacht Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global yacht market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Yacht Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global yacht market were the three major steps undertaken to create and analyze the adoption of yacht in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global yacht market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the yacht market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the yacht market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, length, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the yacht market. Further, we conducted factor analysis using dependent and independent variables such as product, technology, and end-users of the yacht market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the yacht market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global yacht market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the yacht market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global yacht market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global yacht market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global yacht market.

The main objective of the Global Yacht Market Study

The current & future market trends of the global yacht market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the yacht market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the product, technology, and end-users.
• Define and analysis of the regulatory framework for the yacht
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the yacht market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the yacht market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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