Posted On: 2022-03-02
Flybridge Yacht has acquired the largest market revenue share in the Saudi Arabia Yacht Market in 2021– 6Wresearch
Saudi Arabia has 2113 miles (3400kms.) long serene coastlines along the Red Sea in the west and the Arabian Guld in the east. The primary reason for growth in Saudi Arabia Boat and Yacht industry can be attributed to the geographical location and upcoming infrastructure projects such as NEOM, Red Sea project, The Rig, Amaala and many more in the country. These projects are expected to bring about bright future for domestic tourism along the beaches and pristine blue waters. Saudi Vision 2030 aims to promote infrastructural development and new laws for private sector establishment. The rise of the yacht market is fueled by factors such as the increase in high-net-worth individuals and yacht tourism. In addition, a yacht charter is one of the primary elements driving the yacht market forward.
According to 6Wresearch, the Saudi Arabia Boat and Yacht Market size is projected to grow at a CAGR of 19.4% during 2022-2028. Saudi Arabia boat and yacht market is currently at the growth stage of the industry life cycle. The market would continue to increase owing to growing tourist and travel industry in Saudi Arabia. In addition to this, under Saudi Arabia Vision 2030, the total visitation would reach to 100 million. The growing tourism industry is a major driver for boat and yacht market owing to increase in exploration and adventure tourism in the country. With the growing maritime industry, the market is anticipated to grow during forecast period.
According to Chhavi Malpani, Assistant Manager, 6Wresearch, “In Boat Segment – By Types, Outboard Boats being new technology has taken over the market rapidly and they should be the focal segment that is being used for commercial and recreational purpose and have better speed, cost much less to maintain compared to other variants and are easier to dock.
And By Application – in Boat segment - fishing segment has acquired the highest market share and the same trend is expected in coming years owing to Saudi Arabia's fishery policy which is promoting sustainable productivity of local fish stocks. Also the fishing activity grew tremendously during the pandemic.”
According to Shivali Sharma, Research Analyst, 6Wresearch, “In Yacht Segment – By Propulsion - Motor yachts would dominate the market as motor yachts are used for recreational activities and leisure traveling. Motor yachts have higher speed, spacious deck, robust design and cover long distances in less time. Motor yachts provide better onboard facilities and accommodate more guests. In coming years, sailing yachts would register an upward trend owing to low maintenance cost and helps in saving fuel along with promoting green environment considering the ongoing projects taken by the government such as Red Sea Project, NEOM, etc.”
According to Sumon Dutta, Research Analyst, 6Wresearch, “In Yacht Segment – Flybridge has dominated the market as it is used for cruising and leisure purpose. But Super Yacht would register an upward trend in coming years as post pandemic more residents are using it as a safe haven and this segment is creating opportunities for Floating Villas for the residents. Considering the proper development of infrastructure of marinas along the coastlines, technical support and easy paper work the market is expected to witness growth in coming years.”
Some of the major companies in Saudi Arabia Boat and Yacht Market includes Ferretti Group, Azimut, Sanlorenzo, Brunswick Boat Group, Damen, Sunseeker International, Princess Yachts, Gulf Craft, Heesen Group.
“Saudi Arabia Boat and Yacht Market (2022-2028)” report provides an in-depth analysis with 15 figures and 08 tables, covered in 81 pages. The report estimates and forecast the overall Saudi Arabia Boat and Yacht Market – By Types, By Length, By Propulsion, By Application and By Power Source. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.s