What`s New for 2022?

» Global competitiveness and key competitor percentage market shares
» Market presence across multiple geographies - Strong/Active/Niche/Trivial
» Online interactive peer-to-peer collaborative bespoke updates
» Access to our digital archives and MarketGlass Research Platform
» Complimentary updates for one year

Global Yacht Industry Market to Reach US$10.8 Billion by the Year 2026

The `yacht` is a floating vessel that is commonly associated with luxury and opulence, and a symbol of affluent lifestyle. Already a lifestyle in many Western countries such as the UK, the US, Italy and France due to the presence of a broad base of wealthy population with a strong penchant for sailing, yachting is gradually emerging to be the new means of leisure and recreation in several developing regions as well, thanks to economic development and increasing wealth of people. Yacht industry is expected to witness increased demand for yachts with long range capabilities and with ice-breaking hulls, given the growing desire of luxury yacht owners for adventure travels to remote locations such as Antarctica and Galapagos. As against the conventional compartmentalized layouts, there is a shift towards innovative designs with brighter and open-plan interiors. Yacht designs are also focused on outdoor areas for providing yacht travelers a direct and more intimate experience with the sea. Owners are increasingly demanding high-tech features and gadgets to be integrated into their yachts. In addition to standard components such as jet skis, canoes and water skis, demand is rising for advanced gadgets such as hover boards, jetlev and skibob. Further, yachts with high-quality cinema rooms and media rooms are also gaining widespread popularity among potential customers.

Amid the COVID-19 crisis, the global market for Yacht Industry estimated at US$9.1 Billion in the year 2022, is projected to reach a revised size of US$10.8 Billion by 2026, growing at a CAGR of 6.2% over the analysis period. Super Yacht, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$3.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Sport Yacht segment is readjusted to a revised 7.3% CAGR for the next 7-year period. This segment currently accounts for a 22.6% share of the global Yacht Industry market.

The U.S. Market is Estimated at $2.9 Billion in 2022, While China is Forecast to Reach $1.2 Billion by 2026

The Yacht Industry market in the U.S. is estimated at US$2.9 Billion in the year 2022. The country currently accounts for a 32% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$1.2 Billion in the year 2026 trailing a CAGR of 7.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.7% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR while Rest of European market (as defined in the study) will reach US$1.3 Billion by the end of the analysis period. While the presence of large number of wealthy and affluent people has a strong bearing on higher demand for yachts in the US and Europe, increased penchant for sea tours and marine entertainment among population also aids the yacht industry. New and unexplored markets like Asia are attracting significant attention of yacht makers. Interest in yachts is surging, with the expanding UHNW and HNW population increasingly seeking to purchase these boats to augment their social status. One of the promising yachting hubs to emerge in recent times is Southeast Asia, with countries such as Indonesia and Thailand becoming popular destinations for luxury yachting. China is another market with significant growth potential in Asia-Pacific region. In China, yachting is emerging into a popular sport, with motor yachting particularly gaining immense acceptance.

Flybridge Yacht Segment to Reach $2.1 Billion by 2026

The flybridge concept is growing in acceptance mainly for conducting corporate meetings, as it offers all the required amenities like air conditioning. In the global Flybridge Yacht segment, USA, Canada, Japan, China and Europe will drive the 6.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.2 Billion will reach a projected size of US$1.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$109.3 Million by the year 2026.

Yacht`s Marine Electronics Undergo Compelling Evolution

The yacht technology and associated electronics is slated to experience notable evolution due to increasing uptake of emerging technologies. The AI is set to gain high attention in the yacht industry, enabling devices to leverage the 5G technology for weather services and predictive routes using auto-guidance. AI can be integrated with autopilot for boats to find an optimal route or even finding fish. The technology is expected to enhance the boating experience through efficient operations and informed decisions. Machine vision along with advanced processing are anticipated to support new use cases, like using cameras for identification of objects. Another prominent change is associated with connectivity along with integration of new options already being used in other industries, like voice assistance and multifunctional displays intended to enable better control over yachts and onboard systems.

While the implementation of advanced sensors is expected to deliver accurate, real-time information in an affordable manner, the increased connectivity is set to pave way for control over different systems using mobile devices. New changes brought by introduction of sophisticated software tools along with faster and multifunctional display processors are poised to change the industry. Improvements related to hardware, including high-resolution displays or screens, coupled with better software are anticipated to lift the user experience. The industry is expected to also experience increasing level of automation that would pave way for new capabilities like auto-docking. On the other hand, electronics manufacturers serving the marine industry are likely to offer user interface through multifunction displays. The industry is expected to witness integration of advanced sensors offered by marine electronics manufacturers with visual and thermal cameras provided by other stakeholders. In addition, engine makers are expected to deliver systems capable of allowing marine electronics players for effectively controlling the vessel. Furthermore, the increasing proliferation of 5G technology supported by sophisticated antennas is poised to enable faster connectivity and real-time transfer of data from connected devices for informed decisions. The industry is anticipated to be transformed in the coming years as low-Earth-orbit satellite networks are anticipated to come online, presenting cost-effective solutions. These continuing developments hold significant potential to bring positive and transformative changes to the industry with sophisticated functions and capabilities.