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GIA announces the release of a comprehensive global report on the Yacht Industry. Global market for Yachts is projected to reach US$73.8 billion by 2020, driven by the rise in the number of high net worth individuals, particularly in developing regions such as China and the Middle East.
San Jose, California (PRWEB) June 24, 2014
Defined as a ship or a boat mainly used for recreational purposes, yachts are rapidly emerging to be a symbol of affluent lifestyle. The sport is largely a leisure and recreation activity for the rich and the famous. Yachting is already a lifestyle in many Western countries, owing to the presence of a broad base of wealthy population with a strong penchant for sailing. Yachts are also becoming a preferred luxury possession for the affluent population in developing countries. Yachts are available in a wide range of sizes and specifications to meet varied customer requirements. While small sized yachts are used widely in the United States and in Scandinavian countries by middle class customers for leisure activities, larger yachts are preferred by the rich in developing countries.
The expanding base of rich population worldwide with net worth of over US$30 million is driving demand for larger and more luxurious yachts. In particular, the expanding number of ultra-high net worth individuals looking to enhance their social status is a major driving force in the market. Changing demographic patterns are also influencing growth in the market. For instance, yachting which was earlier taken up by older individuals, is now gaining popularity among the younger population. Growing popularity of yacht tourism, which brings together sailing and boating activities with holidaying in various countries across the world, is also buoying demand for these vessels.
As stated by the new market research report on the Yacht Industry, the United States represents the largest market worldwide supported by the well-entrenched boating culture among both the middle class Americans and the Silicon Valley billionaires. China ranks as the fastest growing market with a CAGR of 11.4% over the analysis period. The country is emerging as one of the most vibrant yacht markets in the world led by economic prosperity and changing perceptions of luxury and theories of ostentatious living.
Favorable government policies in terms of development of marine tourism, including construction of marinas and hassle-free registration of vessels are also aiding market growth. China is also emerging into a manufacturing hub for yachts owing to low labor and raw material costs. The Middle East also represents a strong market for luxury yachts with the growing number of oil billionaires and tycoons favoring yachting recreational sport.
Major players covered in the report include Alloy Yachts Limited, Azimut Benetti, Blohm+Voss Shipyards, Camuzzi Nautica, Cheoy Lee Shipyards Limited, Christensen Shipyards Ltd., the Ferretti Group, Heesen Yachts, Jet Tern Marine, Lurssen, Oceanco, The Perini Navi Group, Princess Yachts International, Sanlorenzo, Shanghai Double Happiness Yacht, Sunbird Yacht, Sunrise Yachts, Sunseeker International, Yantai CIMC Raffles Shipyard, among others.
The research report titled "Yacht Industry: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in value for geographic markets such as the United States, Canada, Europe, China and Rest of World markets.
For more details about this comprehensive market research report, please visit http://www.strategyr.com/Yacht_Yachting_Industry_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
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