According to a research report titled ‘Global Yacht Market Size study, by Type (Super Yacht, Flybridge Yacht, Sport Yacht and Others), Length (Up to 20 Meters, 20-50 Meters and Above 50 Meters), Propulsion (Motor Yacht and Sailing Yacht) and Regional Forecasts 2020-2027’, available with Market Study Report, global yacht market was valued at approximately USD 7.75 billion in 2019 and is expected to record a CAGR of 5.2% over 2020-2027, subsequently amassing USD 11.63 billion valuation by the forecast period end.
 

As per the findings of the report, rising disposable income levels and increased expenditure on leisure activities are primarily contributing to the growth of worldwide yacht industry. Moreover, growing preference for luxury tourism, exclusive traveling, and personalized service are also accelerating the market expansion.
 

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Furthermore, increased investments in luxurious amenities and high-tech interiors by manufacturers, ongoing R&D activities for onboard luxury accommodation, and growing focus towards maritime security systems are expected to boost global yacht market during the forecast period. Additionally, easy availability of yachts on rental basis, and advancements in IoT platforms and telematics are positively swaying the industry dynamics.
 

For the uninitiated, a yacht can be described as a large boat with sails. To elaborate further, it is motor or tensile structure, used for pleasure, racing or cruising.
 

From a regional frame of reference, North America, Europe, Asia Pacific, and Latin America are the key regions covered in the global yacht market research literature. Among these, Europe held majority of the market share owing to rising number of high net worth individuals, growing popularity of fishing activities and other water sports, and increasing frequency of trade shows.
 

Meanwhile, Asia-Pacific region is projected to exhibit a healthy growth rate over the forecast period 2020-2027. This can be credited to factors such as improving living standards, rising disposable income, as well as favorable government initiatives, such as Incredible India, Swadesh Darshan Scheme, aimed at the development of marine tourism.
 

Key contenders in global yacht market space are Horizon Yacht USA, Viking Yacht Company, Princess Yachts Ltd., Alexander Marine International Co. Ltd. (AMI), Ferretti S.p.A., Sunseeker International, Sanlorenzo S.p.A., Heesen Yachts, Damen Group, and Azimut Benetti S.p.A.