The report, titled “Global Luxury Yacht Market 2016-2020,” states that the market will exhibit a healthy CAGR of 7% over the period between 2016 and 2020. The market is expected to benefit the most from the vast rise in international tourism and increasing consumer spending on recreational events over the said period.
Tourism plays a key role in strengthening the economic situation of a region, leads to vast employment opportunities, and has a huge stake in the social development of any society. It also plays a key role in the development of the luxury yacht market, wherein commercial or private fleet operators forming a massive source of revenue development for the business. This is especially true for regions such as Europe, which has one of the world’s largest and most attractive ports for yachts, the Port of Rotterdam in the Netherlands.
Presently, the number of tourists from emerging economies such as India, China, and Russia are rising significantly. Analysts state that these tourists spend over three times the money on luxury vacations as compared to local vacations. Targeting these demographics could lead to vast growth opportunities for the global luxury yacht market in the future years.
On the basis of geography, the report segments the global luxury yacht market into Asia Pacific, EMEA (Europe, Middle East, and Africa), and Americas. Of these, the Americas held the position of the leading market for luxury yachts in 2015. However, the region is expected to lead to moderate growth avenues for the market by 2020, chiefly owing to the unfavorable political and economic conditions witnessed in the recent past. The market is expected to start gaining momentum again from 2018 in the region. Additionally, the recent increased in the numbers of high-income immigrants and the significant rise in international tourism are also expected to augment the growth prospects of the luxury yacht market in the region in future years.
The competitive landscape of the global luxury yacht market features the presence of several regional and international players with well-diversified production practices. The companies are striving to strengthen their hold on the market by bringing in new models, providing service and product extensions, and investing in innovative technologies. The market is expected to witness an increased number of mergers and acquisitions in the next few years as companies look for ways to improve their deliverables and product portfolios.
Some of the key vendors operating in the global luxury yacht market are Feadship, Overmarine Group, Azimut | Benetti, ISA Yacht, Astondoa, Anastassiades & Tsortanides, Abeking & Rasmussen, Cammenga, Cantiere delle Marche, Austral Yachts, Arcadia Yachts, Heesen Yachts, Danish Yachts, Ortona Navi, Corsair Marine, De Schepper, Geta Corp, Bilgin, Derecktor, Neta Marine, Nautor's Swan, Ter Haak Group, Royal Huisman, Sterling, Southern Wind, Van Dam Nordia, Tecnomar, Johnson Yachts, Green Marine, Bloemsma Van Breemen, Intermarine, Per Mare, ICON Yachts, Falcon Yachts, Kvaerner, and Ferretti Group.
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