A Yacht is a vessel which is primarily used for pleasure and recreational purposes. Though some yacht are used for commercial purposes, but count of such yachts is very less. The size of yachts can vary from 35 feet in length to more than 160 feet in length. Moreover, yachts can either be sailed or powered by a propulsion system such as internal combustion engine or gas turbine. Most of the yachts are used for high speed recreation and sports purposes. With technological advancements have led to transformation of yacht racing not just as a hobby but as a sophisticated Sport. Many of the Original equipment manufacturers are focusing on implementing alternative sources of energy for yachting purpose. Yacht brokers play an important role in the resell and purchase of new yachts. They act as mediators which help their clients to select suitable yachts according to their purpose and application. They help in improving the supply chain structure of the company, which has a significant impact on the growth of yacht market across the globe. Yachts can be made of various materials such as steel, aluminum, fiberglass, wood, carbon fiber or treated wood with epoxy resins. Moreover, vessels with height more than 100 feet are termed as mega yachts and vessels with height more than 200 feet are termed as super yachts.
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Yacht Market: Market Dynamics
In the recent years inclination towards marine tourism and water sports has increased multifold. Owing to this OEMs are strategically focusing on developing high speed yachts which could cater to the advancing demands of the customers. Moreover, super yachts or large yachts which are custom build according to the demand is anticipated to witness an incremental growth in demand over the assessment period for luxury and recreational purposes. This will create opportunities for further augmentation of yacht market over the forecast period. Furthermore, with increasing focus on alternative fuels, solar powered yachts are becoming a popular alternative to replace conventional diesel powered yachts. Manufacturers of cruiser yachts are focusing on increasing the luxury features with improved performance characteristics for better on water experience. This will further increase the demand of cruiser yachts for on water recreation purposes. Yachts are more often made of wood, but a recent shift in trend has led to introduction of yachts which are made up of wood and composites for better performance. This will further create opportunities for augmentation of the said market over the assessment period. Moreover, in order to reduce the production cost, manufacturers are shifting towards the utilization of modular construction method for yacht building.
Stringent emission norms and safety regulations derail the growth of yacht market. Owing to many speed, emission and design regulations, the manufacturers are investing on implementing new technologies in their products. This will increase the initial cost of yachts which would have a negative impact on the sales. Moreover, apart from recreation, luxury and sports sailing yachts do not find much use for transport of goods and passengers. This could further restrain the growth of the market over the assessment period.
Yacht Market: Market Segmentation
On the basis of Design, global yacht market can be segmented into:
- Sailing boats
On the basis of type of hull, global yacht market can be segmented into:
On the basis of type of length, global yacht market can be segmented into:
- Less than 24m
- More than 24m (Pleasure ships)
Yacht Market: Regional outlook
Increase in demand for luxury cruising in Asia Pacific and MEA region will create opportunities for the augmentation of yacht market in the said regions over the assessment period. Moreover, developing economies in Asia Pacific region are investing in building yacht infrastructure, which will further support expansion of yacht market in the Asia Pacific region. Furthermore, increasing expenditure on sports and recreation in Europe and North America will further ramp up the yacht market over the assessment period.
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Yacht Market: Key Participants
- Brunswick Corporation
- Bavaria Yachtbau GmbH
- Baglietto s.p.a
- Azimut Benetti
- Cheoy Lee Shipyards Limited
- Damen Group
- Blohm+Voss B.V. & Co. KG
- FINCANTIERI S.p.A.