Singapore Yacht Market (2024-2030) | Share, Growth, Forecast, Outlook, Analysis, Value, Size, Trends, Companies, Revenue, Industry

Singapore Yacht Market Synopsis

The Singapore Yacht Market is projected to grow at a CAGR of around 5.6% during the forecast period 2020-2026. The growing number of affluent individuals, high disposable incomes and increasing participation in water sports have been driving the market growth in Singapore. In addition, rising trend of luxurious vacations on yachts has further contributed to the market growth. Moreover, attractive government incentives offered for yacht ownership are expected to drive development activities in the coming years and hence boost this industry???s growth rate over the next few years as well.

Market Drivers

Growing Affluent Population ??? There has been an increase in affluent population due to rising household income levels and easy access to credit cards with high spending capacity across all segments leading consumers towards luxury purchases such as yachts in Singapore. Attractive Government Incentives ??? To encourage yacht ownerships, various incentives have been offered by the government such as tax exemptions on shipbuilding and repairs and reduced taxes on imported boats which drives boat building activities within Singapore.Rising Trend Of Luxury Vacations And Water Sports Activities ??? Increasing recreational activities involving sailing gaining popularity among tourists coupled with rise in demand for luxurious vacation experiences opens up new opportunities for yacht sales within this region.

Market challenges

High Upfront Cost Involved - While there are numerous benefits associated with owning a private vessel, it also requires substantial amount of capital investment that may deter potential buyers from entering this segment resulting into lesser number of sales transacted.Weather Conditions Affecting Operational Efficiency - Cyclones or typhoons can cause destruction along coastal regions affecting operational efficiency hampering overall performance level delivered by these vessels eventually restricting their usage adversely impacting its sale figures.

Key players

Some key players operating within Singapore yacht market include Beneteau Asia Pacific Pte Ltd., Simpson Marine (Singapore) Pte Ltd., Ocean Marina Yacht Club Co., Ltd., Luxury Boats & Yachting Services Pte Ltd., Azimut Yacht Southeast Asia Ptdl, Nautors Swan Far East Office Sg Pte Ltd, and Sunseeker Asia Pacific Limited among others who are constantly developing innovative products along with customer focused services making them more competitive than ever before thus driving up the overall industry growth rate further ahead.

Covid-19 Impact

The recent Covid-19 pandemic has had an impact on this growth rate. The short term effects of Covid-19 have been very negative as people were reluctant to buy luxury items such as yachts due to financial uncertainty and economic downturns in many countries. In addition, many countries imposed lockdowns which resulted in restricted movement that led to fewer sales of new yachts. However, with travel restrictions being eased off now and people looking for safe options for leisure activities such as sailing or cruising on their own boat/yacht will lead to increased demand for recreational boats and yachts in the near future. This could result in a positive outlook for the Singapore yacht market over the coming years even though it might take some time before sales return back to pre-Covid levels.

Key Highlights of the Report:

• Singapore Yacht Market Outlook
• Market Size of Singapore Yacht Market, 2023
• Forecast of Singapore Yacht Market, 2030
• Historical Data and Forecast of Singapore Yacht Revenues & Volume for the Period 2020-2030
• Singapore Yacht Market Trend Evolution
• Singapore Yacht Market Drivers and Challenges
• Singapore Yacht Price Trends
• Singapore Yacht Porter's Five Forces
• Singapore Yacht Industry Life Cycle
• Historical Data and Forecast of Singapore Yacht Market Revenues & Volume By Types for the Period 2020-2030
• Historical Data and Forecast of Singapore Yacht Market Revenues & Volume By Super yacht for the Period 2020-2030
• Historical Data and Forecast of Singapore Yacht Market Revenues & Volume By Flybridge yacht for the Period 2020-2030
• Historical Data and Forecast of Singapore Yacht Market Revenues & Volume By Sport yacht for the Period 2020-2030
• Historical Data and Forecast of Singapore Yacht Market Revenues & Volume By Long range yacht for the Period 2020-2030
• Historical Data and Forecast of Singapore Yacht Market Revenues & Volume By Others for the Period 2020-2030
• Historical Data and Forecast of Singapore Yacht Market Revenues & Volume By Length for the Period 2020-2030
• Historical Data and Forecast of Singapore Yacht Market Revenues & Volume By Up to 20 ft for the Period 2020-2030
• Historical Data and Forecast of Singapore Yacht Market Revenues & Volume By 20 to 50 ft for the Period 2020-2030
• Historical Data and Forecast of Singapore Yacht Market Revenues & Volume By Above 50 ft for the Period 2020-2030
• Singapore Yacht Import Export Trade Statistics
• Market Opportunity Assessment By Types
• Market Opportunity Assessment By Length
• Singapore Yacht Top Companies Market Share
• Singapore Yacht Competitive Benchmarking By Technical and Operational Parameters
• Singapore Yacht Company Profiles
• Singapore Yacht Key Strategic Recommendations