According to the latest report by IMARC Group, titled “Luxury Yacht Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global luxury yacht market exhibited moderate growth during 2015-2020 and is expected to grow at a CAGR of around 9% during 2021-2026.
A luxury yacht is a crewed sailing watercraft, primarily used for recreational activities and sports. It is operated through wind sailing or by a propulsion system, including internal combustion engine and gas turbine. Luxury yachts are manufactured using various materials, such as steel, aluminum, fiberglass, wood, carbon fiber, treated wood, etc. They are generally charted or rented by private entities and accommodated with sophisticated, luxurious, and personalized facilities, such as a jacuzzi spa, gymnasium, sauna, and sun pads. Luxury yachts are also equipped with technologically advanced components to enhance the overall performance of the yacht.
Rapid urbanization, coupled with significant growth in the recreational tourism sector, is primarily driving the luxury yacht market growth. Furthermore, luxury yachts are provided on lease by yacht fleet operators for organizing business meetings, recreational activities and events, thereby propelling the global market. Additionally, the wide utilization of innovative construction materials, along with the growing adoption of customized solutions to fulfill the specific needs of the customer, is also augmenting the market growth. The rising environmental concerns are catalyzing the demand for fuel-efficient and lightweight product variants, which are further expected to drive the market for luxury yachts in the coming years.
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Luxury Yacht Market 2021-2026 Competitive Analysis and Segmentation:
The competitive landscape of the luxury yacht market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
The report has segmented the global luxury yacht market on the basis of type, size, material, application and region.
Breakup by Type:
Breakup by Size:
Breakup by Material:
Breakup by Application:
Breakup by Region:
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Key highlights of the report:
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