The Global Yacht Industry is Projected to Reach US$74.7 Billion by 2022

Increasing Popularity of Yachting as a Luxury Sport and Leisure Activity to Spur Demand for Yachts, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Yacht Industry. The global Yacht Industry is projected to reach US$74.7 billion by 2022, driven by the rising interest in luxury cruising among high net worth and ultra-high net worth individuals, particularly in developing regions of Asia-Pacific and the Middle East.

Yacht is a sailing vessel that is used primarily for recreational or luxury purposes. Yachts are available in a wide range of sizes and specifications to meet the specific requirements as well as price range of customers. Small sized yachts, which are widely used in the U.S. and Scandinavian countries, are typically purchased by middle class customers for leisure and recreational purposes, whereas the larger yachts are typically intended to address the needs of high-end market. A symbol of affluence, luxury and opulence, yachting is already a lifestyle in many Western countries such as the U.K, the U.S., Italy and France, due mainly to the broad base of wealthy individuals with a strong penchant for sailing. Yachting is also gradually emerging as a leisure and recreational activity for the affluent in several developing regions as well, thanks to positive economic environment and increasing wealth of people. With higher average incomes and early retirements, an increasing number of people are choosing yachting as a leisure activity. Rapid growth of high net worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs) across the world, particularly in emerging regions of Asia-Pacific and Middle East, is propelling sales of yachts. The global yacht industry is being favorably influenced by the surging demand for large yachts, which come with a premium price tag and are generally built on specific orders. Increasing numbers of ultra-high net worth individuals in both developed and developing economies is providing significant impetus to the adoption of larger vessels. With the average length of yachts recording continuous growth, there is increased emphasis on a more professional approach to management of yachting operations. The Yachting industry is also being transformed by the advent of new technologies, growing demand for sustainability, and adoption of strict regulations pertaining to safety.

As stated by the new market research report on Yacht Industry, the United States represents the largest market worldwide. Improvements in personal consumption, real disposable income, and consumer confidence are positively impacting boat purchases in the country. China is forecast to register the fastest CAGR of 8.1% over the analysis period, driven by rising personal wealth of citizens, growing base of millionaires and billionaires, rising interest in yachting as a leisure and sporting activity, growing international dominance of Chinese yacht manufacturers based in Guandong and Shandong, and government plans to develop marine infrastructure for supporting yachts in the country.  

Major players covered in the report include Azimut Benetti, Baglietto s.p.a, Bavaria Yachtbau GmbH, BENETEAU, Blohm+Voss Shipyards, Brunswick Corporation, Christensen Shipyards Ltd., Dyna Craft Ltd., Feadship, Ferretti S.p.a, FIPA Group, HanseYachts AG, Horizon Yacht Company, Kingship Marine Limited, Fr. Lürssen Werft GmbH & Co. KG, Oceanco, Overmarine Group, Perini Navi S.p.a, Princess Yachts International Plc, Sanlorenzo Spa, Sunbird Yacht Co. Ltd., Sunseeker International, and Trinity Yachts, among others.

The research report titled “Yacht Industry: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Europe (France, Germany, Italy, UK and Rest of Europe), China and Rest of World.

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