The supply of new boats is dwindling, and as a result, the prices of older vessels are also increasing. As a result, Wolf says that some of his clients have approached him, similar to how a homeowner receives random phone calls from real estate agents.
Size of market
The global market for yacht sales, such as Great Lakes Yacht Sales, is growing fast. The market is driven by increased demand for water adventures and sailing. In addition, the popularity of luxury travel and fishing activities will help the yacht sales industry.
The Asian Pacific is a promising market. The region accounts for around 50% of the global market for luxury goods.
Additionally, this region is still in its early stages. In the years to come, the demand for luxury yachts will expand at a rapid pace. Increased marine tourism and recreational activities in this region will provide significant opportunities for the yacht industry. As a result, the size of the market for yacht sales is expected to grow at a CAGR of 10.9% between 2020 and 2027.
The COVID-19 pandemic affected the yacht industry in the first half of 2020. The virus was the leading cause of a global supply chain lockdown and a shortage of skilled labor; however, some builders managed to survive the crisis by safeguarding their suppliers and taking loans. As a result, in the second half of 2020, the global market for luxury yachts is projected to rebound.
Global Yacht market report provides an overview of the current industry, market size, and prospects of the luxury yacht industry.
The report identifies the key manufacturers and market players, analyzes their strategies, and outlines the latest market trends. In addition, it covers the production, price, and consumption of luxury yachts globally. This report is ideal for those interested in entering the luxury yacht industry.
While Europe and North America remain the world’s largest yacht consumers, Asia-Pacific has rapidly emerged as the fastest-growing market. In recent decades, China has grown into one of the largest yacht markets, with a massive increase in boat purchases and a growing interest in sailing.
Some industry experts describe this growth in the Asian region as a ‘boom.’ As a result, many world’s largest shipbuilders have closed their showrooms and have removed China from their core target markets.
Forecast to 2025
The Global Yacht market is anticipated to grow by 82% by 2025, with the highest growth expected in the motor yacht segment.
The advantages of these vessels include high speed, powerful engines, extensive coverage, and advanced systems.
In recent years, the equipment has become one of the most critical factors for a yacht’s high sales, driving the market’s growth. This report examines the competitive landscape and offers insights into the issues market participants need to consider.
The luxury yacht market is further segmented by size, type, and material. The 23 to 37-meter category contributed the most to the market in 2017 and is expected to grow at a moderate CAGR over the next six years.
Composite materials offer several benefits, including corrosion resistance and improved strength-to-weight characteristics.
The Global Private Yacht market report presents a comprehensive analysis of the industry. It covers a broad range of information, including qualitative and quantitative analysis, regional and country-level market analysis, competitive landscape, company profiles, product offerings, critical financial information, and recent developments.
The Global Private Yacht market report also provides an in-depth analysis of the industry’s key players, including the type of yachts they manufacture and sell. The information also includes each vendor’s gross margin, revenue, and sales.