Significant increase in number of individuals with huge net worth, chartering of yachts, and upsurge in yacht tourism fuel the growth in the global luxury yacht market
PORTLAND, Oregon, May 6, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Luxury Yacht Market by Size (75-120 feet, 121-250 feet and Above 250 feet), Type (Sailing luxury Yacht, Motorized Luxury Yacht, and Others), and Material (FRP/Composites, Metal/Alloys, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025." According to the report, the global luxury yacht market garnered $5.70 billion in 2017 and is estimated to reach $10.20 billion by 2025, growing at a CAGR of 7.8% from 2018 to 2025.
Surge in number of individuals with high net worth, chartering of yachts, and increase in yacht tourism facilitate the growth in the global luxury yacht market. On the other hand, strict environmental policies and regulations of government along with surge in maintenance costs restrict the market growth. Contrarily, increase in inclination toward leisure and recreational activities and seamless luxury experience create new pathways in the industry.
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121-250 feet segment estimated to maintain its leadership position in terms of revenue
Based on size, the 121-250 feet segment accounted for nearly half of the total share, and is estimated to maintain its leadership position in terms of revenue throughout the forecast period. This is due to ability to carry out high customizations for target audience. However, the above 250 feet segment is expected to grow at the highest CAGR of 9.4% from 2018 to 2025, owing to ease in handling with implementation of hydraulics and push-button electrics.
Motorized luxury yacht segment to maintain its dominance by 2025
Based on type, the motorized luxury yacht segment accounted for nearly two-thirds of the total market share in 2017 and will maintain its dominance by 2025. This segment is expected to register the fastest growth rate with a CAGR of 8.3% from 2018 to 2025. It is a lucrative segment, owing to simpler operation as compared to its counterparts and its ability to cover distance in less time. The research also analyzes sailing luxury yacht and others.
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Fiber reinforced polymers/composites segment to be lucrative
Based on material, the fiber reinforced polymers/composites segment is lucrative, contributing more than two-thirds of the total share in 2017 and registering the fastest CAGR of 8.5% from 2018 to 2025. This is due to its light weight nature that enables increased speed, increased payload, and lowered of fuel consumption. Moreover, it possesses low stiffness and high corrosion resistance. The research also explores metal/alloys and other materials.
Europe to contribute the highest revenue by 2025
Europe held the largest market share in 2017, accounting for more than two-thirds of the total share. This is due to presence of leading manufacturers in European countries such as Italy and the U.K. However, Asia-Pacific is expected to register the highest CAGR of 8.7% from 2018 to 2025, owing to surge in demand, enhanced infrastructure, and ease in availability of raw materials.
Leading market players
Leading market players analyzed in the research include Alexander Marine Co. Ltd., Azimut Benetti S.p.A., Damen Shipyards Group, FERRETTI S.P.A., Feadship, Princess Yachts International plc, Horizon Yacht USA, Sunseeker International Limited, Sanlorenzo Spa, and Viking Yacht Company.
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The global luxury goods market is anticipated to witness steady demand in developed regions on account of early adoption of premium lifestyle and has a huge growth potential in emerging markets. Rise in disposable income, exposure to social media, urbanization and preference towards investments on personal luxury goods are some of the factors that have propelled the market.
Rise in number of business travelers and change in customer lifestyles have fueled the demand for luxury stays, with an increased trend for various luxury services such as spa and others. North American and European regions dominate the market due to higher number of tourist arrivals.
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