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The report includes a comprehensive outlook on the Yacht Painting and Maintenance Market, offering forecasts for the industry segmented by Type, which comprises refurbished yachts and new yachts. Additionally, it categorizes Application into commercial use and personal use, and covers Regions, including Europe, North America, APAC, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments. The report covers market trends and analysis and also includes an in-depth analysis of the development of fire-retardant coatings for yachts, the use of high-resolution microscopy to detect faults and damages, and the high investment requirements and lack of experienced workforce.
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Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Boero Bartolomeo Spa, Bonsink Yacht Painters BU, Chi Yacht Refinishing, Coastal Yacht Services, Epifanes NA Inc., Fr. Lurssen Werft GmbH, GULF CRAFT INC., GYG Ltd, Hempel AS, Jotun AS, Mankiewicz Gebr. and Co., MARLIN srl, Nautipaints, Nigel Burgess Ltd., PPG Industries Inc., Thraki Yacht Painting GmbH, Tjeerdsma, Yacht Protect LLC, and Yachting Protection Ltd.
Qualitative and quantitative analysis of market growth and trends of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Development of fire-retardant coatings for yachts is the key factor driving market growth. Most buyers prefer buying yachts with fire-retardant coatings, or they repaint yachts with such coatings to reduce the risk of fire accidents. With growing sales of yachts, the regulations about yachts and their protection have become more stringent. This has led market players to introduce fire-retardant paintings for yachts that comply with regulatory bodies.
Moreover, flame screen coatings used in large yachts must comply with the Maritime and Coastguard Agency (MCA) Marine Guidance Note MGN453(M) by BTTG Testing & Certification. The increasing demand for such fire-retardant coatings will be one of the major drivers of the global yacht painting and maintenance market during the forecast period.
The use of high-resolution microscopy to detect faults and damages is the primary trend shaping market growth. While the identification of certain coating damages is easy, some others are microscopic and cannot be identified with the naked eye. If such microscopic damages are not repaired, they may lead to large damages, incurring large maintenance costs for owners. To avoid such issues, WreTec, a subsidiary of Wrede Consulting, uses a high-resolution mobile microscope to detect faults that are not visible to the naked eye.
Moreover, an electronic microscope allows the proper identification of surface damage and analysis of the cause of the damage to find the optimum solution. This equipment is currently being reviewed by scientists to enhance its efficiency. The use of such products will help increase the efficiency of the painting and maintenance activities of yachts and will drive market growth during the forecast period.
High investment requirements and a lack of experienced workforce is a challenge that affects market growth. Yachts that include super luxury features for superior recreational experiences are highly expensive. The cost of yachts differs based on the extent of luxury and features offered in them. In addition, yacht owners pay gas prices, general maintenance, taxes, and crew salaries, which add up to the maintenance costs. Owners also pay other costs, such as insurance, dock charges, and repair charges, which constitute a significant share of the total initial investments.
Furthermore, the low availability of skilled workforce increases their payouts. For instance, an experienced captain can charge up to thousands of dollars for a small vessel and increase it to millions of dollars for a large vessel. In addition, some other workers and helpers require high payouts. Consequently, such factors pose a significant price challenge for buyers and restrict the sale of new yachts. They also impede the growth of the global yacht painting and maintenance market during the forecast period.
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The refurbished yachts segment will account for a major share of the market's growth during the forecast period.?The market for refurbished yachts spans across various regions globally, driven by the growing demand for luxury travel experiences and the desire to upgrade existing vessels to meet evolving standards. Service providers in this sector offer tailored solutions catering to different yacht sizes, types, and owner preferences, employing advanced techniques, quality materials, and skilled craftsmanship to deliver impeccable results. The refurbished yachts segment was valued at USD 276.44 million in 2018. Market growth is also influenced by technological advancements, eco-friendly practices, and the increasing focus on sustainability in yacht maintenance, driving innovation and diversity in refurbishment offerings. Thus, the increased adoption of refurbished yachts will drive the growth of the global yacht painting and maintenance market during the forecast period.
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The Yacht Painting and Maintenance Market is segmented into two categories such as the commercial use segment, and the personal use segment.
Europe is estimated to contribute 50% during the forecast period.
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The Netherlands, Germany, Italy, the UK, France, and Finland are some of the biggest markets for yachts in Europe, as these countries have the largest coastline, which promotes recreational water events. An increase in the adoption of yachts in major European countries is one of the main reasons driving the growth of the yacht painting and maintenance market in the region.
In addition, increased participation in commercial and recreational fishing in Finland has driven the market for yachts in the country, which, in turn, drives the market in the country. Italy has about 9% of Europe's coastline, wherein ports such as Trapani, Palermo, Mazara del Vallo, Chioggia, Molfetta, Manfredonia, and Ancona handle a major part of the marine traffic. Germany has witnessed substantial growth in its yacht market over the last five years, with an increase in the demand for sailing yachts. Hence, such factors are expected to drive market growth in this region during the forecast period.
Yacht Painting And Maintenance Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6% |
Market Growth 2024-2028 |
USD 176.99 million |
Market structure |
Fragmented |
YoY growth (%) |
5.55 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 50% |
Key consumer countries |
US, Turkey, Italy, Greece, and UK |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Akzo Nobel NV, Boero Bartolomeo Spa, Bonsink Yacht Painters BU, Chi Yacht Refinishing, Coastal Yacht Services, Epifanes NA Inc., Fr. Lurssen Werft GmbH, GULF CRAFT INC., GYG Ltd, Hempel AS, Jotun AS, Mankiewicz Gebr. and Co., MARLIN srl, Nautipaints, Nigel Burgess Ltd., PPG Industries Inc., Thraki Yacht Painting GmbH, Tjeerdsma, Yacht Protect LLC, and Yachting Protection Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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