News From www.AskCI.com
Yacht is a kind of sail or power boat used for water leisure and entertainment. The advent of yachts can be traced back to the mid-17th century, and the modern global yacht industry rose in the 1950s. After experiencing rapid growth in the 1970s, the industry entered a mature period of development in the 1990s. At present, yacht consumption is mainly concentrated in developed countries in Europe, the Middle East and Africa and / or the Americans.
The global yacht market grew steadily from 2016 to 2019, but declined in 2020 due to the COVID-19. Due to the stable growth of ultra-high net worth people and ultra-high net worth people in the future and the rapid growth of their demand for yachts in the post epidemic era, it is expected that the global yacht market will increase to 22.1 billion euros in 2022. The global epidemic stopped most outdoor activities, changed the lifestyle of high net worth people and ultra-high net worth people, and increased their willingness to spend yachts. During the epidemic, due to the encouragement of social isolation and the fact that yachts can provide a more private and comfortable place for leisure time than other places, more and more ultra-high net worth people and ultra-high net worth people are keen to experience the yacht lifestyle. In addition, the impact and aftermath of the epidemic have led ultra-high net worth people and ultra-high net worth people to attach great importance to the current time, and then invest more in luxury goods as one of the entertainment methods.
Yachts can be divided into inboard, outboard and sail yachts according to the way of propulsion. The global inboard yacht market increased from 8.6 billion euros in 2017 to 9.9 billion euros in 2019. Affected by the COVID-19 in 2020, the market size of inboard yachts decreased, and it is expected that the market size will increase to 9.3 billion euros in 2022.
The global outboard yacht market grew at a CAGR of 8.4% from 2017 to 2019. Affected by the epidemic in 2020, the market scale of outboard yachts decreased. It is estimated that the market size of outboard yachts will reach 9.7 billion euros in 2022.
The global sailing yacht market grew steadily from 2016 to 2020. From 2.5 billion euros in 2017 to 2.8 billion euros in 2019. In 2020, due to the impact of the COVID-19, the market scale of sailing yachts decreased. With the growing demand for eco-friendly yachts, it is expected that the global yacht market will increase to 3billion euros in 2022.
For more information, please refer to the “Research Report on market prospects and investment opportunities of China’s yacht industry” issued by the China Business Industry Research Institute.