Yacht Market
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Yacht Market Size, Share & Analysis By Type (Super Yacht, Flybridge Yacht, Sport Yacht, Long Range Yacht, Cruiser Yacht, Others), By Length (Up to 20 Meters, 20-50 Meters, Above 50 Meters), By Propulsion (Motor, Sailing), By Application (Direct Sales, Indirect Sales, Online Retail), By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), and Growth Forecast To 2032
Report ID: RV93132 | Published: Mar 2024 | Historical Period: 2018-2022 | Pages: 189 | Price: $3260| Industry: Consumer Goods
Yacht Market Overview 2024:
The global yacht market size was USD 9.76 billion in 2023 and is expected to register a rapid CAGR of 5.5% during the forecast period. This growth can be significantly driven by factors such as rapidly expanding tourism and recreation sector, rising disposable income of individuals, and rising investments in R&D activities.
A yacht is a recreational vessel that is primarily used for cruising, boating, or luxury travel on the water. Yachts come in several sizes, ranging from small sailing yachts and motor yachts to large superyachts, and are used for a variety of purposes such as cruising, island hopping, fishing, watersports, entertaining guests, hosting events, and corporate retreats.
Superyachts, flybridge yachts, sport yachts, long-range yachts, and cruiser yachts are different types of yachts that are rapidly gaining popularity in exploring coastal waters, remote islands, and exotic destinations.
Yachts offer a broad range of luxurious amenities and facilities for onboard living and entertainment. Some of these include multiple cabins and staterooms, gourmet kitchens, dining areas, entertainment systems, jacuzzis, gyms, and outdoor recreational spaces.
However, periodic economic downturns can significantly affect the demand for luxury goods, including yachts. Other factors such as political instability, trade tensions, and geopolitical conflicts can disrupt supply chains, increase operational costs, and diminish consumer confidence, hampering overall market growth going ahead.
Graphical Overview:
Key Takeaways:
Rising Availability of Several Luxurious Amenities and Facilities on Yachts:
One of the primary reasons for growing demand for yachts is its privacy, exclusivity, and extravagant amenities. Yachts offer a wide range of luxurious amenities and facilities such as opulent interiors, spacious cabins, gourmet dining options, and state-of-the-art entertainment systems. Moreover, many developed countries have a rich boating culture along with a tradition of recreational boating and water-based activities. This is another factor that can drive global market revenue during the forecast period.
High Operating Costs and Maintenance:
The yacht is considered a luxury due to high operating and maintenance costs which typically consist of crew costs, fuel and maintenance, dockage, mooring fees, and repairs. Thus, high fees for boarding can be a drawback that can limit its adoption among low-income economies. Moreover, changing consumer preferences, lifestyle trends, and travel patterns can influence demand for yachts.
Market Opportunities:
Yachts have rapidly gained traction over the recent past but it has also resulted in rising environmental concerns about marine pollution and carbon emissions. This can open new avenues for market players to implement eco-friendly technologies and practices. In addition, manufacturers can provide extensive customization options and personalized experiences to enhance consumer experience and invest in R&D activities to integrate advanced technologies and attract more consumers.
Type Outlook:
Based on type, the global is segmented into super yacht, flybridge yacht, sport yacht, long range yacht, cruiser yacht, and others. Among these, the super yacht segment is expected to account for a significantly larger revenue share during the forecast period. This growth can be attributed to growing demand for luxurious yacht experiences, high disposable income, and rising availability of various amenities such as helipads, swimming pools, onboard entertainment facilities, personalized customizations, and high preference for super yachts for luxury and prestige, better privacy and security, unparalleled amenities along with global mobility and flexibility.
Application Outlook:
The global market is segmented into commercial and private based on its applications. The commercial segment is expected to register a rapid revenue CAGR over the forecast period owing to rapidly expanding tourism sector, high preference for different yachts by individuals or groups for short-term vacations, events, or corporate outings, and rising availability of comfortable accommodations, entertainment facilities and professional crew services on commercial yachts.
Regional Outlook:
North America is expected to account for the largest revenue share in the global market during the forecast period. This growth can be significantly driven by factors such as a strong economic presence, growing demand for competitive and recreational boating activities, and presence of several scenic destinations for luxury yachts. Other factors such as presence of a rich boating culture, rapidly expanding tourism and charter sector, and rising investments in development activities are expected to drive North America market growth between 2024 and 2032.
Report Coverage:
| Report Details | Outcome |
| Base Year for Estimation | 2023 |
| Historical Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Segments Covered: | Type, Length, Propulsion, Application, and Region |
| By Type | Super Yacht, Flybridge Yacht, Sport Yacht, Long Range Yacht, Cruiser Yacht, Others |
| By Length | Up to 20 Meters, 20-50 Meters, Above 50 Meters |
| By Propulsion | Motor, Sailing |
| By Application | Commercial, Private |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Country Scope | United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey |
| Qualitative Info | •Value Chain Analysis •Pricing Analysis •Regional Outlook •Market Trends •Market Share Analysis •Competition Analysis •Technological Advancements |
| Key Players | Azimut Benetti S.p.A., Damen Shipyards Group, Heesen Group, The San Lorenzo S.p.A, Sunseeker International, Ferretti S.p.A., Alexander Marine International Co., Ltd. (AMI), Princess Yachts Limited, Viking Yacht Company |
| Customization Scope | 10 Hours of Free Customization and Expert Consultation |
Competitive Landscape:
The global yacht market is extremely competitive, comprising several regional and global level key players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, and are adapting to evolving technology trends and consumer needs.
Some Leading Market Companies Listed in the Report:
- Azimut Benetti S.p.A.
- Damen Shipyards Group
- Heesen Group
- The San Lorenzo S.p.A
- Sunseeker International
- Ferretti S.p.A.
- Alexander Marine International Co., Ltd. (AMI)
- Princess Yachts Limited
- Viking Yacht Company
Yacht Industry Recent Developments:
- In March 2024, Lexus announced the launch of the next evolution of the Lexus Luxury Yacht, LY 680.
- In October 2022, Four Seasons announced the launch of a novel luxury yacht experience by 2025 to travel the world’s most breathtaking destinations.
The global yacht market has been segmented based on type, length, propulsion, application, and region:
By Type:
- Super Yacht
- Flybridge Yacht
- Sport Yacht
- Long Range Yacht
- Cruiser Yacht
- Others
By Length:
- Up to 20 Meters
- 20-50 Meters
- Above 50 Meters
By Propulsion:
- Motor
- Sailing
By Application:
- Commercial
- Private
By Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Nordic Countries
- Asia Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
Frequently Asked Questions!
- Azimut Benetti S.p.A.
- Damen Shipyards Group
- Heesen Group
- The San Lorenzo S.p.A
- Sunseeker International
- Ferretti S.p.A.
- Alexander Marine International Co., Ltd. (AMI)
- Princess Yachts Limited
- Viking Yacht Company
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