Yacht Industry to Reach $51bln by 2020
In 2014, the global yacht charter market was valued at USD 35 billion and is projected to reach USD 51 billion by 2020, growing at a CAGR of 6.5% during the forecast period, according to Market Report.
Region wise, Eastern Europe is expected to see the largest growth of 7.2% annually with other regions growing at an average rate of 6.5%. The emerging markets including the Middle East and China are expected to continue growing consistently.
The Middle East yacht market has been experiencing an approximate annual growth of 5-10%. In 2015, new licenses issued for water craft of all types almost doubled, and reached 1,623, as compared to 698 licences the year before.
The Middle East is the most important superyacht (40 metres and above) market globally. While conventionally, Western Europe and North America are the major markets for superyachts, the affluence of the Middle East is shifting the industry dynamics towards this region, owing to the larger share of wealthy clientele.
Approximately 193 superyachts are owned by people from the Middle East, accounting for 12% of the global fleet of yachts more than 40 metres in length. Azzam, the largest yacht in the world as well as approximately a third of the other 200 largest yachts internationally are owned by the citizens of the Middle East.
