According to the latest report by IMARC Group “Asia Pacific Luxury Yacht Market Report: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The Asia Pacific luxury yacht market size reached US$ 1,371 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 2,422 Million by 2027, exhibiting a growth rate (CAGR) of 10.25% during 2022-2027.
A luxury yacht is a professionally crewed marine vessel used for recreational purposes. It is made from reinforced polymer, wood, and composites and can operate through wind sailing or a propulsion system. It is also equipped with modern style, design, comfort, and technologically advanced components to enhance the overall performance of the yacht and user.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
There is a rise in the demand for marine recreational activities in the Asia Pacific region on account of inflating disposable incomes and improving living standards among individuals. This represents one of the key factors bolstering the growth of the market. Besides this, a significant availability of improved maritime security systems, tracking, and connectivity, is also contributing to market growth in the region. Moreover, leading market players are employing state-of-the-art technology that offers spacious cabins, well-equipped galleys, dining rooms and staterooms, which are embedded with sound and media systems. These innovations are creating a favorable market outlook in the region.
Breakup by Type:
- Sailing Luxury Yacht
- Motorized Luxury Yacht
- Others
Breakup by Size:
- 75-120 Feet
- 121-250 Feet
- Above 250 Feet
Breakup by Material:
- FRP/ Composites
- Metal/ Alloys
- Others
Breakup by Application:
- Commercial
- Private
Breakup by Country:
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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