According to a research report published in July 2021, the Global Yacht Market was valued at USD 7.98 Billion in the year 2021. One of the most important factors impacting the yacht market is the increase in the UHNWI population. As the HNWI increases, the addressable customer base of the yacht industry also increases. This provides a strong tailwind for the manufacturers of yachts.
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In addition to a growing customer base of UHNWIs, the size of their wealth is also expected to grow in the coming years. This would translate into an increasing average size of yachts or customers shifting towards models with a higher degree of customization and premium features. In both cases, this should support growth in the average selling price of yachts. Furthermore, the market has been growing over the past few years, due to factors such as growing demand for luxury tourism, rising construction of super yachts, a growing number of boat shows, favourable government initiatives, and increasing demand for yacht charter, etc.
The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as customization and personalization, acute focus on eco-friendly and sustainable products, the internet of things, yachts run quieter due to tech advances, explorer yachts are continuing to rise in popularity, etc.
Based on the Vessel Type, the market is segmented into Super/ Mega, Flybridge, Sport, Cruiser, and Others. The Super/ Mega yacht segment is expected to grow at a higher CAGR during the forecast period as the high share of this segment can be attributed to the high popularity of these yachts among the end-users.
Americas is estimated to hold the maximum share in the global Yacht Market in 2021. During the forecast period, Asia-Pacific is set to be the fastest-growing regional market. Furthermore, Asia-Pacific is seeing great growth as a result of a variety of factors. Several factors have contributed to the rapid growth of Yacht markets in Asia-Pacific.