Published on : Aug 02, 2016
ALBANY, New York, August 02, 2016: ResearchMoz.us has announced a new addition to its repository. The report, titled “Studying the Middle East Yacht Industry 2016,” examines the historical growth trajectory, drivers, and trends in the emerging market for yachts in the Middle East. The present market scenario and future growth prospects of the market are presented in the report. The report is available for sale on the company website.
Yachting is becoming increasingly popular in the Middle East thanks to the rapid economic development in the region. It is also influencing the development of cities in the Middle East due to the large-scale development projects initiated on seafronts.
The report highlights the emerging markets for yachts with special focus on the Middle East. According to the report, the global yacht market is expected to grow at a 6.5% CAGR between 2016 and 2020. The yacht industry in Eastern Europe is anticipated to witness the fastest growth, with an expected average annual growth rate of 7.2%. The markets in the Middle East and China are expected to grow at a constant rate by 2020.
Due to the increase in the number of new licenses issued every year in the Middle East, the market in this region is expected to grow at an approximate rate of 5-10% annually. The number of new licenses issued in the Middle East reached 1,623 in 2015, from 698 in the previous year.
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The report states that in the superyacht segment, the Middle East is likely to be the most important market globally. The prosperity of the Middle East market is expected to shift the crux of the yacht industry towards it in spite of North America and Western Europe being the main superyacht markets. The report contains the latest industry- associated opinions and the emerging yachts market in the Middle East.
According to the report, people in the Middle East own 193 superyachts. The largest yacht in the world, the Azzam, is also a part of the yacht fleet, along with a third of the 200 largest international yachts. The report provides an in-depth analysis of the challenges and opportunities that the manufacturers of yachts are likely to face in the future. The report ranks the largest motor yachts according to their length.
The major vendors of yachts in the Middle East are taking up collaborations to set a mark in the global market of yachts and increase the growth rate of the yacht market in the Middle East. The key players in the yacht market in the Middle East are Sanlorenzo SPA, Sunseeker International, Azimuti Benetti, Princess Yachts International Plc., Ferretti Group, and Gulf Craft Inc. The report ranks these leading yacht manufacturers by the number of orders they received in 2014.
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