Rise in preference for leisure or recreational activities among consumers and increasing fishing trends in developed countries is boosting the utilization of flybridge on yacht or boats, which in turn is expected to drive the flybridge yacht market.
The flybridge is considered as an open deck that is above the main bridge of the yacht and is equipped with duplicate boat controls. Flybridge yachts are motor controlled and are widely used in warmer climates. The flybridge is extensively utilized while fishing; once the fish is locked in lucky angler, the flybridge is used to move the boat and angle fishing. Most fishing yachts have a flybridge, which proves beneficial while fishing.
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Key Drivers of Flybridge Yacht Market
Rising inclination of consumers toward recreational activities and increasing disposable income boost the flybridge yacht market. Consumers are preferring exclusive travel destinations for their holidays and spending huge amounts on luxury, which is a major factor propelling the market. Moreover, manufacturers of yachts are focusing on the integration of luxurious features and offering improved performance and customer experience, which in turn is further boosting the rate of adoption of flybridge yachts.
Flybridge yachts are motor operated, which offer high power and speed, and can cover large distance. Furthermore, these yachts have advanced equipment, which is a major factor fueling the flybridge yacht market. Additionally, a fuel based flybridge yacht can also use renewable energy sources such as wind and solar energy that reduces emission from the yacht and increases consumer preferences to opt for a flybridge yacht.
Challenges in Flybridge Yacht Market
Demand for flybridge yachts is seasonal, as they are not preferred during rainy season due to increasing storms and extreme weather conditions. This hampers the market.
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The outbreak of the COVID-19 pandemic prompted governments to initiate lockdowns across the world that led to the closure of all the holiday destinations and the global tourism industry was disrupted, which restrained the market. Government regulations restricted the gathering of people, which in turn reduced the usage of private as well as rental yachts. Moreover, disturbed supply chain hindered the supply of raw material that is required for manufacturing of yachts. A steady recovery of demand for flybridge yacht is anticipated in the near future, as most people are vaccinated and tourist spots are re-opening.
Opportunities in Flybridge Yacht Market
Increasing technology advancements in IoT and telematics of yachts and rising use of yachts in recreational activities are expected to propel the flybridge yacht market during the forecast period. Moreover, the flybridge yacht is also employed for fishing, and a rising preference for recreational fishing is prompting most private and rental yachts to install flybridge, which in turn is estimated to further drive the market.
Rising demand for water sports events in North America is expected to boost the market. Increase in year-on-year number of participants in marine sporting events by OEMs, trade shows on yachts, and water recreational activities is estimated to boost the flybridge yacht market. Furthermore, expansion of the marine tourism industry also propels the market.
Flybridge Yacht Market in Europe to Expand Significantly
The flybridge yacht market in Europe is estimated to expand significantly, as the region witnesses an increased sales of yachts and growing popularity of fishing and water sports. Moreover, rising attractiveness and supportive government policies in marine tourism are likely to boost passenger traffic in the coastal regions across Europe. Increase in investments in the coastal regions and several other marine recreational activities such as free diving, scuba diving, fishing, and snorkeling also propel the use of flybridge yachts. Additionally, Europe is home to a high number of high-net-worth individual (HNWI), who can buy their own yacht and flybridge for existing yachts with technologically advanced features. Furthermore, original equipment manufacturers based in Europe are investing in yachts for luxurious amenities and high-tech interiors, which further drives the market in Europe. Additionally, the market in Asia Pacific is projected to expand at a rapid pace during forecast period due to a rise in disposable income of customers and improved living standards that improve tourism preferences of consumers in the region.
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Key Players Operating in Flybridge Yacht Market
The flybridge yacht market is moderately consolidated. A few of the key players operating in the global flybridge yacht market are:
Ada Yachting and Tourism Limited
Warwick Yacht Design
Majesty Yachts – Sovereign Super Yachts
Azimut Benetti S.p.A.
Heesen Yachts Sales B.V.
The San Lorenzo S.p.a
Princess Yachts Limited
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