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

October 18, 2017

Growing Image of Yachting as a Leisure & Recreational Activity Spurs 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.

Yachts are small- to mid-sized watercraft used for leisure and recreational purposes in marine environments. Basically a European concept with established image in countries such as Italy, the Netherlands, the UK, France and Germany, yachting has become a global concept in recent decades. Significant increase in the number of high net worth (HNW) and ultra high net worth (UHNW) individuals, who represent the primary clients for luxury products such as yachts, has a major bearing on growth of the market. Availability of best-in-class yacht models from expert builders in a range of design and size configurations, from less than 10 meters to more than 100 meters lengths, for sailing, cruising, racing and expedition programs is bolstering the positive sentiment.

Market growth also funnels from increased popularity of nautical tourism, especially in locations such as the US Southeast & Caribbean and Mediterranean basin among others. Growing image of nautical tourism is especially creating conducive environment for yacht chartering services, the volumes of which grew substantially over the past few years across all the key marine tourism destinations. Although yachting entails the image of luxury product primarily designed for millionaires and billionaires, wider access to charter services has made yachting an affordable attraction for global tourists.

Growing demand for superyachts has a strong bearing on the market. Sales of superyachts, referring to large sized yachts of lengths exceeding 30 meters, are exhibiting steady growth with buyers from wealthy households purchasing these mega vessels to flaunt their opulence. Superyachts are being equipped with sophisticated accessories and toys such as personal submarines and in-built ponds, and security features such as HD surveillance cameras and submersibles, which is further raising the market image these modern yachts. Yacht sales are expected to remain firm in the immediate term on the back of stable economic scenario, growing population of wealthy people, and uptrend in global tourism scenario. At the same time, market faces certain challenges such as adverse weather conditions, which significantly impact the marine tourism volumes while causing significant revenue erosion for yacht manufacturers, charters, brokerage firms and marinas.

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 in the market include Amels Holland, Azimut Benetti, Baglietto s.p.a, Bavaria Yachtbau GmbH, BENETEAU, Blohm+Voss Shipyards, Brunswick Corporation, Cheoy Lee Shipyards Limited, Christensen Shipyards Ltd., Dyna Craft Ltd., Feadship, Ferretti S.p.a, FIPA Group, Fr. Lürssen Werft GmbH & Co. KG, HanseYachts AG, Heesen Yachts, Horizon Yacht Company, ICON Yachts BV, Kingship Marine Limited, O Yachts, Oceanco, Overmarine Group, Perini Navi S.p.a, Princess Yachts International Plc, Sanlorenzo S.p.a, Shanghai Double Happiness Yacht Co. Ltd, Sunbird Yacht Co. Ltd., Sunrise Yachts, Sunseeker International, Trinity Yachts, and Yantai CIMC Raffles Shipyard Limited 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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