Luxury Yacht Market | Growth and Analysis
Recovery and Growth Insights for 2021-2025
Accelerating at a CAGR of over 11.32%, the luxury yacht market is expected to grow by post an incremental growth of 327.00 units over the next five years. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers to provide growth projections and insights. This analytical examination of the market will enable businesses to plan and set the path for future growth prospects.
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Luxury Yacht Market: Market Segments by Type and Geography
The Luxury yacht market is segmented by Type (motor yachts and sail yachts) and Geography (Europe, APAC, North America, South America, and MEA). Europe led the market with 34% of the market growth set to originate from this region during the forecast period. High cost of operations is one of the challenges that will need to be overcome to drive growth. The research report provides market share projections of each segment along with a detailed analysis of all the factors that are likely to boost growth within specific regions as well as global markets.
Luxury Yacht Market: Leading Drivers and Market Trends
One of the primary factors that will drive market growth is the increase in recreational tourism. Tourism 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 European region is a popular destination for business events and meetings, where luxury yachts are leased from the yacht fleet operators. in addition the Southeast Asia region is also beginning to capitalise on this market to promote tourism. The luxury yacht market report provides an understanding of this and all the other drivers that are likely to impact market growth. These insights will enable clients to design growth strategies that will leverage opportunities and neutralize challenges effectively.
Luxury yacht manufacturers are attracting prospective customers by actively relying on digital marketing and social media to drive growth. Creating a campaign or page on Facebook helps manufacturers reach their target audience faster than any other medium. Celebrity commendations have become a key driving force for luxury yacht manufacturers who utilise the power of social media to promote their offerings and services. Yachts are popularly used by HNWIs who are also avid users of social media.
Luxury Yacht Market: Competitive Landscape
The market is fragmented. The research report provides insights into the top market player and their product portfolio along with pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. 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, and Palumbo Group Spa are some of the major market participants.
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Luxury Yacht Market: Key Highlights of the Report for 2021-2025
The report provides insights into the following FAQs:
Luxury Yacht Market Size to Grow by 310 units through 2020-2024
The luxury yacht market is expected to grow by 310 units, accelerating at a CAGR of almost 11% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.
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Luxury Yacht Market: Segmentation by Type
This report provides a detailed analysis of the market by Type (Motor yachts and Sail yachts) and Geography (APAC, Europe, MEA, North America, and South America). This research report will provide insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges which are likely to influence market growth during the forecast period. These insights are expected to equip clients with reliable information based upon which they can design a growth strategy for their business and area of operations.
Luxury Yacht Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Alexander Marine Co. Ltd., Azimut Benetti Spa, Christensen Shipyards LLC, Damen Shipyards Group, Feadship Holland BV, Ferretti Spa, Fincantieri Spa, OVERMARINE GROUP Spa, Palumbo group Spa, and San Lorenzo Spa are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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