Report : Middle East & Africa Luxury Yacht Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Sailing luxury Yacht, Motorized Luxury Yacht, and Others), Material (FRP/Composites, Metal/Alloys, and Others), and Size (75-120 feet, 121-250 feet, and Above 250 feet)
At 7.8% CAGR, the Middle East & Africa Luxury Yacht Market is speculated to be worth US$ 481.53 million by 2028, says Business Market Insights
According to Business Market Insights research, the Middle East & Africa luxury yacht market was valued at US$ 306.16 million in 2022 and is expected to reach US$ 481.53 million by 2028, registering a CAGR of 7.8% from 2022 to 2028. Growing yacht tourism and increasing superyacht demand are the critical factors attributed to the Middle East & Africa luxury yacht market expansion.
The popularity of yacht tourism is increasing with a rise in the number of high-net-worth individuals. People from this category prefer spending their free time on luxury yachts to release the stress of everyday life. Alongside spending a relaxing time on the oceans, they can moor their yachts and visit historical places and scenic natural destinations. Due to the rising demand, yacht tourism has become an essential asset for development in various countries. The yacht tourism industry brings national and international investments, employment opportunities, foreign exchange income, business volumes, and socioeconomic and sociocultural benefits to national economies. Governments of different countries are investing significant resources in the growth of yacht tourism. In addition, in these countries, luxury yachts are leased for various promotional events, celebratory functions, and meetings, which is increasing the demand for luxury yachts in recreational tourism. Thus, the growing yacht tourism contributes to the proliferation of the Middle East & Africa luxury yacht market.
On the contrary, high initial cost and carbon footprint hampers the Middle East & Africa luxury yacht market.
Based on type, the Middle East & Africa luxury yacht market is segmented into sailing luxury yacht, motorized luxury yacht, and others. The motorized luxury yacht segment held 78.5% share of Middle East & Africa luxury yacht market in 2022, amassing US$ 240.32 million. It is projected to garner US$ 375.70 million by 2028 to expand at 7.7% CAGR during 2022–2028.
Based on material, the Middle East & Africa luxury yacht market is segmented into FRP/composites, metal/alloys, and others. The metal/alloys segment held 51.8% share of Middle East & Africa luxury yacht market in 2022, amassing US$ 158.58 million. It is projected to garner US$ 237.80 million by 2028 to expand at 7.0% CAGR during 2022–2028.
Based on size, the Middle East & Africa luxury yacht market is segmented into 75-120 feet, 121-250 feet, and Above 250 feet. The 121-250 feet segment held 53.1% share of Middle East & Africa luxury yacht market in 2022, amassing US$ 162.57 million. It is projected to garner US$ 233.46 million by 2028 to expand at 6.2% CAGR during 2022–2028.
Based on country, the Middle East & Africa luxury yacht market has been categorized into South Africa, the UAE, Saudi Arabia, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 41.5% share of Middle East & Africa luxury yacht market in 2022. It was assessed at US$ 127.05 million in 2022 and is likely to hit US$ 202.24 million by 2028, exhibiting a CAGR of 8.1% during the forecast period.
Key players dominating the Middle East & Africa luxury yacht market are Azimut Benetti SpA; Cheoy Lee Shipyards Ltd; Damen Shipyards Group NV; Delta Marine Industries Inc; Fincantieri SpA; Fr. Lurssen Werft GmbH & Co KG; Heesen Yachts Sales BV, among others.
- January 2023, Azimut|Benetti Group introduced the S7 at Boot Dusseldorf 2023 for its world premiere, revealing the sporty soul and high-tech heart equipped with environmental technology. This new model comes with a refined design and advanced solutions that distinguish the Azimut|Benetti Group, which offers low-emission yachts.
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