What is Luxury Yacht Market?
A luxury yacht is a watercraft which is large, luxurious, professionally crewed motor and length is varying from 75 feet to more than 250 feet. It is mostly available for chartered providing and private purpose in order to provide seamless luxury experience full of high standard and comfort. The presence of well-diversified international and regional builders as well as international builders and rise in inclination toward recreational and leisure activities, and a surge in trend in yacht tourism, favorable government initiatives such as lower mooring and marine resort taxes are expected to be among the major growth drivers for the market over the forecast period. The market for luxury yachts is anticipated to register a CAGR of over 13.4% during the forecast period.
The market study is being classified by Type (Motor Luxury Yachts, Sailing Luxury Yachts and Others), by Application (Private Use, Commercial Use and Special Use) and major geographies with country level break-up.
Amels (Netherlands), Azimut Benetti (Italy), Feadship (Netherlands), ISA Yachts (Italy), OVERMARINE GROUP (Italy), Ferretti Group (Italy), Sanlorenzo (Italy), Sunseeker (United Kingdom), Lürssen (Germany) and Princess Yachts (United Kingdom) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Amels / Damen (Netherlands), Heesen Yachts (Netherlands), Westport (Canada), Oceanco (Netherlands) and Trinity Yachts (United States).
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global luxury yacht market can witness an upsurge in the forecast period Research Analyst at AMA predicts that Italy Manufacturers will contribute to the maximum growth of Global Luxury Yacht market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Luxury Yacht market by Type, Application and Region.
On the basis of geography, the market of Luxury Yacht has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increase in Recreational Tourism Worldwide
- Change in Lifestyle of People and High Net worth Individuals
Market Trend
- Increasing Usage of Advanced Materials in Luxury Yacht
- Focus of Yacht Makers on Emerging Markets
- Innovations in Technology to Lure Custom Boat Buyers
- Emergence of Alternate Fuel in Marine Industry
Restraints
- Risk and Uncertainty in the Market
Opportunities
- Rising Demand from Economics such as China and India
Challenges
- Issue related to High cost of operations
In February 2019, the Vaan Company has launched recyclable yacht with Hydro recycled aluminum. In addition, the Vaan R4 is a catamaran built with more than 75% recycled aluminum from Hydro. Hence, this will, in turn, propel the growth of the luxury yacht market
Key Target Audience
Manufacturers of Luxury Yacht, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others