Growing consumer spending on outdoor recreational and boating activities along with the rising inclination towards luxury cruising, mainly in the high-net-worth individuals will foster the yacht industry development. The presence of supportive government regulations as well as policies has led to significant strides in the shipbuilding sector. There has been a considerable rise in the number of conferences and trade fairs in countries, like Abu Dhabi, UAE, and China. The boom in nautical tourism will also play a crucial role in the market expansion.
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Furthermore, leading yacht manufacturers are teaming up with technology firms to offer enhanced connectivity together with modern features, like onboard security and entertainment. For instance, in August 2019, Damen Shipyards selected Tata Consultancy Services, a global IT services frontrunner, for its ERP to offer reliable, secure, and scalable cloud-based solutions for enterprise operations. The rising preference for electric motor yachts given their low noise performance and zero-carbon emissions will also boost the industry prospects.
Driven by similar parameters, a recent research report by Global Market Insights, Inc. estimates that the global yacht market size will cross a valuation of USD 15 billion by 2027.
Here is a peek into the main drivers fueling the progression of this market space
Rising demand for sport yachts
The industry share of sport yachts is slated to increase in the estimated timeline due to their rising utility in fishing, cruising among several other water sports activities. Apart from showcasing sleek design and robust features, these yachts are powered by motors that offer maximum cruising speed.
On account of this, a vast number of the business participants are coming up with enhanced and upgraded sport yachts for attracting customers. To state an instance, Sunseeker International, in May 2021, introduced an all-new 65 Sport Yacht configured with revolutionary technology and design.
Asia Pacific to record significant footprint
Yacht market size in the Asia Pacific is set to surge at an exponential growth rate till 2027 owing to the emerging trend of luxury cruising amongst opulent individuals specifically in India, China, and Australia. The rise in the number of private investments has resulted in favorable tailwinds in the shipbuilding sector.
The significant growth in supportive government policies in the region in order to promote marine tourism is another parameter positively impacting the industry scenario. As per the India Brand Equity Foundation, the Indian Government announced an allocation of about USD 233.48 million for the Minister of Shipping for boosting the shipping sector under its Union budget 2020 – 2021.
Competitive marketing strategies
Globally leading players in the yacht market are rolling out new yacht models that have enhanced features and amenities to sustain competition. For instance, Bavaria Yachts, In July 2020, launched Bavaria Vida 33, a new cruiser with an outboard engine. The new yacht is designed with an L-shaped seating area and a large cockpit table and accommodates up to six people.
Adverse impact of COVID-19 on shipbuilding
The ongoing COVID-19 pandemic contributed to adverse effects to the yacht industry growth considering the influx of stringent travel restrictions. In addition, lack of skilled workforce, the dearth of raw materials & components, and supply channel disruptions were some of the major challenges faced by numerous manufacturers in the shipbuilding sector.
The rise in financial insecurities also resulted in the loss of workers. However, the gradual recovery of the market over the coming years with the flourishing tourism sector and the provision of supportive fiscal policies may bring a key demographic shift to sea leisure activities.
Table of Contents of the Report (TOC):
Chapter 1 Methodology and Scope
1.1 Definitions & forecast parameters
1.1.2 Methodology and forecast parameters
1.1.3 Region-wise COVID-19 impact
22.214.171.124 North America
126.96.36.199 Asia Pacific
188.8.131.52 Latin America
1.2 Data Sources
Chapter 2 Executive Summary
2.1 Yacht industry 360° synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Type trends
2.1.3 Length trends
2.1.4 Propulsion trends
2.1.5 Regional trends
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