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The global yacht market size was valued at USD 8.15 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2028. The demand for yachts has gradually increased over the last few years owing to the increase in disposable income of individuals and their inclination toward leisure or recreational activities.
The growing preference of travelers for luxury tourism, personalized service, and exclusive traveling are the primary factors propelling the sales of yachts. The manufacturers are focusing on including luxury features for offering improved performance characteristics and customer experience.
The market is expected to witness significant growth in Europe over the forecast period. The growing number of High-Net-Worth Individuals (HNWI) and the adoption of technologically advanced yachts are the primary factors driving the growth of the sales of new yachts in the region.
High-tech interiors and luxurious amenities provided by the European OEM manufacturers are also predicted to drive the demand in Europe. The OEM manufacturers have been observed to be continuously investing in R&D activities to offer a unique experience while traveling with onboard luxury accommodation.