Market Overview:
The Luxury Yacht market estimated at USD 8.41 Billion in the year 2022, is projected to reach a revised size of USD 15.68 Billion by 2030, growing at a CAGR of 8.1% over the analysis period 2023-2030.
A yacht is any type of sea vessel that is mostly utilized for recreational or pleasure purposes like entertaining, cruising, fishing, water sports, or year-round accommodations. Yachts are large enough and have sleeping quarters on board for overnight trips, a kitchen, and a bathroom. Luxury yachts are commonly associated with luxury and opulence and are a symbol of a lavish lifestyle. The yacht industry is expected to witness increased demand for luxury yachts with long-range capabilities and more lavish amenities, given the growing desire of luxury yacht owners for adventure travel to popular locations such as Antarctica and Galapagos.
Top Key Players in the Luxury Yacht Market:
Damen Yachting BV (Netherlands), Azimut|Benetti Group (Italy), Baglietto S.p.A. (Italy), BENETEAU (France), Cheoy Lee Shipyards Limited (China), Dyna Craft Ltd. (US), Feadship (Netherlands), Ferretti S.p.a (Italy), FIPA Group (Germany), Fr. Lürssen Werft GmbH & Co. KG (Germany), HanseYachts AG (Germany) Heesen Yachts (Netherlands), Horizon (US), ICON Yachts (Netherlands), Kingship Marine Limited (China), O Yachts (US), Oceanco (Netherlands), Overmarine Group (Italy), Perini Navi S.p.a (Italy), Bavaria Yachtbau GmbH (Germany), and Other Major Players.
Market Dynamics and Factors for the Luxury Yacht Market:
Drivers:
Growing Inclination Towards Recreational Boat Activities
The growing inclination towards recreational boat activities especially for water sports, traveling, fishing, and leisure purposes are the main factors driving the growth of the luxury yacht market during the forecast period. The luxury yacht market is expanding at a high rate, with growing preferences for luxurious pleasure vehicles offering chartered as well as private services. Moreover, the growing trend of spending leisure time on specific destinations, indulging in racing, cruising, and other recreational activities, as well as appealing tourism packages offered by travel agencies to consolidate their market position, are essential factors driving the global luxury yacht market.
Opportunities:
Adoption Number of UHNWIs to Surge Product Demand
The proportion of Ultra-high Net Worth Individuals (UHNWIs) continues to rise. The superyacht industry has benefited from the proliferation of billionaires and super-rich people. Most, if not all, yacht brokerage firms are reporting record sales at the world's leading shipyards and their backlogs continue to grow. This positive trend has also spread to the yacht market, with record numbers of first-time charters registered in 2021. New charter customers accounted for around 40% of the luxury charter market in 2021, according to the latest yacht marketing insights from Fraser, one of the world's leading yacht brokerage firms. More ultra-rich people want to make extravagant investments to suit their lifestyles. The rising interest in luxury yachts around the world will drive the market. In addition to this, the number of wealthy individuals around the world continues to grow.
Segmentation Analysis of the Luxury Yacht Market:
By Type, the 90-250 feet segment is anticipated to lead the luxury yacht market in the projected period. With larger spaces comes bigger rooms, more space for gyms, spas, and swimming pools.
By Propulsion, the motor yacht segment is expected to have the highest share of the luxury yacht market during the analysis period. Motor yachts are more powerful and faster than their counterparts and are capable of covering greater distances in less time.
Regional Analysis of the Luxury Yacht Market:
The European region is anticipated to have the highest share of the luxury yacht market in the forecast period attributed to the large presence of luxury yacht manufacturing companies in this region. The supportive government strategies to increase the growth and jobs in the coastal and marine tourism sector and the rise in the number of High-Net-Worth Individuals (HNWI) and Ultra High Net Worth Individuals (UHNWI) in this region is stimulating the expansion of the luxury yacht market in this region.
Key Industry Development:
In August 2021, Amels and Damen Yachting launched their Amels 78-metre Full Custom superyacht in Vlissingen, the Netherlands. This is the largest superyacht by volume, launched by Amels. The interior volume of this superyacht is 2,885 GT. Amels 78 can accommodate 14 guests on board and is operated by 26 crew members.
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
