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The yacht market is doing better, so much so that, according to the latest market research by Insights Inc, a turnover of $15 billion is expected by 2027 for the major players operating in the market.
A recovery in the yachting market
Despite the negative impact of the coronavirus pandemic on the yacht industry due to travel restrictions, manufacturers have also faced a number of challenges : disruptions to supply channels, unavailability of raw materials and components, and a shortage of skilled labour, all of which resulted in waves of layoffs.
Nevertheless, the nautical market is recovering. Consumer spending on outdoor recreational activities is increasing and should drive market growth.
The area with the highest demand is that of sports yachts. This is due to their elegant design and robust features. Their advantage lies in a design that is beneficial for many activities, such as fishing, cruising or even water sports. In order to attract customers, manufacturers are focusing on developing new sports yacht models with new technologies.
The Asia Pacific yacht market is expected to experience the largest growth by 2027. Growing interest in luxury cruising among individuals in India, China and Australia is expected to support regional market revenues. In addition, supportive government policies to sustain marine tourism and increasing private investments in the shipbuilding sector will support the growth of the yacht market in this region. According to a report published by India Brand Equity Foundation, the Indian government, as part of its Union Budget 2020-2021, has announced an allocation of $233.48 million to the Ministry of Shipping to boost the shipping industry.
An evolution of the industry
Several findings that emerge from the Insights Inc report also point to an evolution in the market. On the one hand, the report notes an increase in demand for electric motor yachts due to their zero carbon emissions and low noise. In addition, market players are increasingly working with technology companies to provide their customers with enhanced connectivity and modern features for safety and on-board entertainment. Finally, countries such as China and the United Arab Emirates, are organising conferences and trade shows to support the yacht industry’s prospects at a regional level.
After a complicated period, the luxury yacht industry is entering a new phase of expansion, characterised by a more modern and environmentally friendly approach to luxury cruising.
Read also > INTERNATIONAL YACHT & AVIATION AWARDS 2021: SUNREEF YACHTS AWARDED
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The yacht market is doing better, so much so that, according to the latest market research by Insights Inc, a turnover of $15 billion is expected by 2027 for the major players operating in the market.
A recovery in the yachting market
Despite the negative impact of the coronavirus pandemic on the yacht industry due to travel restrictions, manufacturers have also faced a number of challenges : disruptions to supply channels, unavailability of raw materials and components, and a shortage of skilled labour, all of which resulted in waves of layoffs.
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The yacht market is doing better, so much so that, according to the latest market research by Insights Inc, a turnover of $15 billion is expected by 2027 for the major players operating in the market.
A recovery in the yachting market
Despite the negative impact of the coronavirus pandemic on the yacht industry due to travel restrictions, manufacturers have also faced a number of challenges : disruptions to supply channels, unavailability of raw materials and components, and a shortage of skilled labour, all of which resulted in waves of layoffs.
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