According to the recent research report titled ‘Yacht Market Size By Type (Flybridge Yacht, Sports Yacht, Cruiser Yacht), By Length (Below 24 meter, 24 - 45 meter, Above 45 meter), By Propulsion (Motor, Sail), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global yacht market is projected to showcase a robust CAGR over 2021-2027.
 

Global yacht market growth can be credited to rising consumer disposable income, along with growing popularity of water-based sports such as kayaking, surfing, and cruising. Moreover, widespread demand for environmentally friendly electric motorboats and yachts has encouraged industry players to focus on designing and manufacturing battery-powered yachts.
 

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Besides, leading firms are actively engaging in releasing products, forming partnerships, and so on. For instance, in May 2021, MarineMax Inc., a prominent yacht and recreational boat builder, acquired KCS International Inc., also known as Cruisers Yachts, a Wisconsin-based premium yacht maker.
 

Similarly, Azimut Yachts, a leading yacht designer and manufacturer, unveiled the Magellano 30 METRI in July 2020, a motor yacht with a dual mode hull lynchpin that performs well at both faster speeds and displacement mode.
 

Based on type, sports yacht segment of worldwide yacht market is expected to develop significantly over the study period, owing to increased interest in water sports such as wakeboarding and fishing.
 

As per length, above 45 meter segment is projected to grow substantially over the next five years, due to rising demand for luxury cruising.
 

With respect to propulsion, motor segment is expected to reach a significant valuation by 2027, registering a CAGR of around 4% over the forecast period. Motorboats' increased speed and navigation capabilities are expected to improve product acceptance in the future years.
 

Regionally, Middle East and Africa industry is expected to record 2.5% CAGR throughout the forecast period, creditable to rising tourism activities in the region, especially in UAE.
 

Coming to competitive landscape, Viking Yacht Company, The Italian Sea Group, Sunseeker International Ltd., Sanlorenzo S.p.A., Royal Huisman Shipyard B.V., and Riveria Australia Pty. Ltd. are among the prominent firms operating in global yacht market sphere.