Luxury Yacht Market Size to Grow by 327.00 units at a CAGR of 11.32%| Motor Yachts segment is expected to witness

NEW YORK, May 27, 2022 /PRNewswire/ — The Luxury Yacht Market size is expected to grow by 327.00 units with a YOY growth of 7.84% during the forecast period. One of the key factors driving the luxury yacht market is the increase in recreational tourism. The report offers an up-to-date analysis of the current market scenario and information from several leading manufacturers.

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This market research report extensively covers Luxury Yacht Market segmentations by the following:

• Type – Software and services

• Geography – North America, Europe, APAC, Middle East and Africa, and South America

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Luxury Yacht Market Dynamics

Market Driver

The rise in recreational tourism is one of the major drivers driving the luxury boat market. Tourism is a key economic activity that contributes significantly to the economic growth, employment, and social development of many countries across the world. This is partly due to a rise in the number of tourists from emerging nations like China and India, who spend nearly three times as much on overseas tourism as they do on domestic tourism. Increasing tourism and recreational activities are just two of the major reasons behind this.

Market Trend

The adoption of sophisticated materials is another important aspect propelling the luxury boat market forward. The majority of conventional boats are made of steel or aluminium, which makes them hefty and limits their fuel efficiency. Despite the fact that steel and aluminium are less expensive than alternative materials like glass fibre reinforced composites or pure carbon fibre, yacht builders recognise the overall benefits of using carbon fibre in the boat’s construction.

Market Challenge

One of the major roadblocks to the luxury yacht market’s expansion is the high cost of operating. ACs, televisions, navigation aids, radar, echo-sounding, and autopilot are all standard features onboard motor luxury yachts. Luxury yachts require a reliable power generation system to run all of these features. As a result, luxury motor yachts have higher operating and fueling expenditures than luxury sail yachts. The high operating costs of commercially used luxury boats provide a threat to the worldwide luxury yacht market, despite the fact that their private operation is minimal.

Story continues

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Luxury Yacht Market Segmentation

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Luxury Yacht Market Vendor

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

Find out the top market vendors, their competition and how they excel in the Luxury Yacht Market in our latest Sample Report. Download our Detailed Sample Report.

Product Insights and News

• Alexander Marine Co. Ltd. – The company offers luxury yacht through MEGAYACHTS and MOTORYACHTS product segments.

• Damen Shipyards Group – The company offers superyacht by Dutch luxury yacht builder AMELS.

• Azimut Benetti Spa – The company offers luxury yacht through Azimut Yachts brand.

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Type

6 Customer landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

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