Luxury Yacht Market Size to Grow by 327 units | Increase In Recreational Tourism to Boost Market Growth | 17,000+ Technavio Research Reports

NEW YORK, Dec. 16, 2021 -- The "Luxury Yacht Market by Type and Geography - Forecast and Analysis 2021-2025" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.

The potential growth difference for the luxury yacht market between 2020 and 2025 is 327.00  units. The report identifies the market to witness an accelerating growth momentum at a CAGR of 11.32% during the forecast period.

To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.

Key Market Dynamics:

• Market Driver

Increase in recreational tourism is one of the key drivers anticipated to drive the market's growth during the forecast period. Tourism is a major economic activity across the globe and is a significant contributor to the economic growth, employment, and social development of numerous countries. It also plays a key role in the global luxury yacht market, where commercial yacht operators or fleet operators form a significant part of the business. The global tourism industry is witnessing tremendous growth, with Southeast Asia witnessing more growth than other regions. This is primarily due to the increase in the number of tourists from developing countries, such as China and India, who are spending almost three times more on foreign tourism than what they spend locally.

• Market Challenge

High cost of operations is one of the primary luxury yacht market challenges likely to limit the market growth. Motor luxury yachts have every modern convenience installed onboard, such as ACs, television, navigation aids, radar, echo-sounding, and autopilot. In order to power all these amenities, luxury yachts require a reliable power generating system. Thus, these yachts use gasoline or diesel-powered internal combustion engine ICEs to sail along with powering these modern conveniences and charging onboard batteries.

To learn about additional key drivers, trends, and challenges available with Technavio. Read our FREE Sample Report right now!

Key Market Segment Analysis:

The luxury yacht market report is segmented by Type (motor yachts and sail yachts) and Geography (Europe, APAC, North America, South America, and MEA). The motor yachts type segment led the market share in 2020 and will continue to retain its market dominance during the forecast period. The motor yacht segment is expected to have a higher growth rate than the sail yacht segment owing to the increasing demand for luxury motor yachts from both private owners and chartered yacht service providers. In terms of geography, Europe will be the leading region with 34% of the market's growth during the forecast period. The UK and Germany are the key markets for the luxury yacht market in Europe. Market growth in this region will be faster than the growth of the market in other regions.

View our sample report for additional insights into the contribution of all the segments and regional opportunities in the report.

Some Companies Mentioned·          

• Alexander Marine International Co. Ltd.
• Azimut Benetti SpA
• Brunswick Corp.
• Christensen Shipyards LLC
• Damen Shipyards Group NV
• Feadship Holland BV
• FERRETTI SpA
• Heesen Yachts Sales BV
• Overmarine Group Spa
• Palumbo Group Spa

To gain access to more vendor profiles with their key offerings available with Technavio, Click Here

Related Reports:

Marine Outboard Engines Market by Engine Power and Geography - Forecast and Analysis 2021-2025

Shipbuilding Market by Application and Geography - Forecast and Analysis 2021-2025

Key Topics Covered:

• Executive Summary
• Market Landscape
• Market Sizing
• Five Forces Analysis
• Market Segmentation by Type 
• Customer landscape
• Geographic Landscape
• Vendor Landscape
• Vendor Analysis
• Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.