Sailboat Market To Rise At Modest Growth With CAGR And Revenue Till 2028|Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on July 28th, 2023 San Francisco, 28 July 2023: The ReportSailboat Market Size, Share & Trends Analysis Report By Hull Type (Monohull, Multi-hull), Length (Up to 20 ft., 20-50 ft., Above 50 ft.), By Region, And Segment Forecasts, 2021 - 2028 The global sailboat market size is expected to reach USD 7.03 billion by 2028, expanding at a CAGR of 2.4% from 2021 to 2028, according to a new report by Grand View Research, Inc. Increased investments in research and development activities is one of the major drivers for the market growth. Companies are collaborating with international engineering firms, yacht designers, and technological innovation providers to develop new models. For instance, the HanseYachts Group uses Catia-a design software-which enables it to map the entire production and development process from the first design to the activation of production machines. Other companies are also adapting to changing market conditions and responding quickly to changing customer preferences to maintain their positions in the market. The rising awareness about sustainability and the need to reduce carbon dioxide emissions have made suppliers and shipyards actively invest in more sustainable solutions. For instance, to offer a diverse portfolio that is more environmentally friendly, Rolls-Royce Power Systems is investing in the research and development of various sustainable technologies. Revenues generated on the sales of motor yachts account for a much smaller portion of the total revenue of the market compared to those generated on the sales of sailing yachts. Companies are expanding their product portfolios to include motor yachts. For instance, the HanseYachts Group continues to invest in expanding the product portfolio of its Sealine and Fjord brands and regionally expanding or reinforcing the dealer network. Companies face intense competition in the international market. Consequently, changing economic conditions in key sales markets impact the demand for products despite the broad regional diversification of international dealer networks. The military conflicts in the Middle East could affect sales in Middle Eastern countries. The U.K.’s departure from the European Union and the continuing uncertainties regarding the future economic relations between the U.K and the European Union, loss in value of the Turkish lira, and trade protectionism in the U.S. could negatively affect unit sales for companies exporting boats in these countries. The growth can be attributed to continuous research and development initiatives and a rise in the number of virtual trade shows. Companies are focused on the development of innovative, new yachts developed using ultra-modern production techniques and materials. The latest innovations and technological advancements made on the boats and boat engines help in increasing the demand for sailboats and help market players to maintain their market positions. The COVID-19 pandemic has contributed to digitalization in the industry. The prospects of virtual shows and live-streaming in near future are anticipated to create growth opportunities for the market. The pandemic has prompted digitalization initiatives in the market. Most boat shows across the world have been canceled and customers are attending virtual trade shows as an alternative. In the long term, such events are much cheaper to operate than real trade shows; moreover, purchase decisions no longer have to await certain trade shows, which can be expected to result in a better distribution of orders in the coming years. For instance, in February 2021, the Virtual Vancouver International Boat Show had 14,103 registrations. The virtual show featured highly interactive and innovative virtual showrooms with vast video content, product listings, chat room capabilities, and live-streaming. Request sample report of Sailboat Market@https://www.grandviewresearch.com/industry-analysis/sailboat-market-report/request/rs1 Sailboat Market Report Highlights
The COVID-19 pandemic significantly impacted the sailboat industry in the Americas and Europe and slowed down the production of sailboats across the world. This resulted due to the crisis measures taken by countries, which left some employees unavailable to complete existing orders, and in part to the delay in deliveries of parts needed for production. The cancellation of several boat shows, events, and competitions led to a decline in the sales of sailboats in Q1 and Q2 of 2020. The decline affected both consumer spending and exports. On the other hand, operational and production costs were adversely affected by disruptions in the delivery of parts from foreign countries to manufacturing sites and employee absences due to lockdowns and social distancing. Sailboat Market Report Scope
List of Key Players in the Sailboat Market
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