Luxury Yacht Market Size, Share, Analysis & Forecast [2031]
Luxury Yacht Market Size, Share, Analysis & Forecast [2031]
Segments - Luxury Yacht Market by Type (Motorized Yacht, Sailing Yacht, and Others), Material (Composites/Fiber-Reinforced Plastic (FRP), Metals/Alloys, and Others), Size (75-120 Feet, 121-250 Feet, and Above 250 Feet), Application (Commercial and Private), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :CG-5117
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| 176 Pages
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Report Description
The global luxury yacht market size was USD 7.3 Bn in 2022 and is expected to reach USD 12.7 Bn by 2031, expanding at a CAGR of 7.9 % during 2023–2031. Growing trends of luxury tourism and personalized traveling services are boosting the market.
A luxury yacht is a sailing vehicle equipped for racing and cruising. It is usually called an upscale boat or a sailboat. It is a craft used for sports and leisure, and the name origins from the Dutch word ‘jaght’, translated as ‘hunter’.
The price of the yachts depends upon the size, model, year, and condition. A luxury yacht of fewer than 12 meters is called a cabin cruiser or a cruiser, whereas a superyacht is normally 24 meters or longer. However, a mega yacht is 50 meters or longer, and the world’s biggest yacht is 728 feet long.
One of the world’s first luxury yachts Cleopatra’s Barge was built in 1816 when the Dutch and English discovered a way over the Atlantic to America by racing their new yachts. Cleopatra’s Barge was 23 feet wide and 192 tons in weight. The yacht had features including indoor plumbing fixtures and luxury interiors.
Excessive heat may damage the yacht material if sun rays are not reflected instantly. The white color reflects sunlight instantly in comparison with other colors on surfaces, which helps in keeping the temperature low. Thus, most of the yachts are white in color, as it suits for long-hour exposure to the sun in an open sea environment.
The COVID-19 pandemic hampered the overall shipping and travel services due to the preventive measures imposed by governments such as lockdowns and travel restrictions across countries to curb the virus spread. Closed borders, restricted travel activities, and economic severity limits to the global luxury yacht market.
Luxury Yacht Market Dynamics
Major Drivers
Increasing inclination toward sporting activities and experiencing exclusive traveling is expected to drive the market. The usage of advanced materials and increasing customizing solutions as per specific structural designs are anticipated to fuel the market.
Existing Restraints
High cost of ownership for personal yachts and lack of infrastructure are expected to restrain the market. Heavy import tax upon owning a yacht is restraining the luxury yacht market.
Emerging Opportunities
The use of composites to prevent corrosion, low maintenance costs, and enhanced strength-weight balance are projected to create lucrative opportunities in the market. Increased government initiatives toward yacht facilities for the travel & tourism industry create opportunities in the market. Moreover, manufacturers focus on improving luxury features to offer better performance and customer experience.
Scope of Luxury Yacht Market Report
The report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Luxury Yacht Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (Motorized Yacht, Sailing Yacht, and Others), Material (Composites/Fiber-Reinforced Plastic (FRP), Metals/Alloys, and Others), Size (75-120 Feet, 121-250 Feet, and Above 250 Feet), and Application (Commercial and Private) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Cool Charters Vilamoura; Emerald Cruises; Lexus; Sunreef Yachts; Azimut | Benetti Group; Christensen Shipyards LLC; Brunswick Corporation; Horizon; Princess Yachts Limited; and palumbo group spa |
Market Segment Insights
Based on type, the luxury yacht market is divided into motorized yacht, sailing yacht, and others. The motorized yacht segment is expected to expand at a significant growth rate during the forecast period due to various facilities such as more room space and experiencing activities including gymnasiums, Jacuzzis, fishing corner, and spas. Motorized yachts have various styles such as flybridge, sedan bridge, aft cabin, yachts pilothouse, and large express-style, which further boosts the segment.
On the basis of material, the luxury yacht market is segmented into composites/fiber-reinforced plastic, metals/alloys, and others. The composites/fiber-reinforced plastic (FRP) segment is expected to register a robust pace during the forecast period due to its increased applications in marine environments.
Composites/fiber-reinforced plastic is a preferred material in manufacturing yachts, as it is lightweight, allows speed movements, increased payload, and reduced fuel consumption. Additionally, it provides high corrosion resistance and less stiffness, which in turn, provides flexibility in yacht construction, thus propelling the segment.
On the basis of size, the global market is segregated into 75-120 feet, 121-250 feet, and above 250 feet. The 75-120 feet segment is projected to register a considerable CAGR during the forecast period, due to the improved style, design, livability, and comfort. Technical innovations and performance are projected to propel the segment. Furthermore, optimization in the interior and exterior designs results in a high preference for the 75-120 feet yachts, which in turn, results in segment growth.
Based on application, the market is bifurcated into commercial and private. The commercial segment is anticipated to expand at a significant growth rate during the projection period. The growth of the segment is attributed to the increasing usage of yachts in commercial activities such as rental services and holiday experiences. Commercial luxury yachting is preferred for small parties and water body locations to promote coastal tourism across various countries. These factors further propel the commercial yacht segment.
In terms of region, the global luxury yacht market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period due to increasing disposable income and standard of living. This untapped region is a potential yacht-selling place among the major manufacturers. Moreover, rising number of investments made by companies in the region is likely to fuel the market in the region.
Segments
The luxury yacht market has been segmented on the basis of
Type
- Motorized Yacht
- Sailing Yacht
- Others
Material
- Composites/Fiber-Reinforced Plastic (FRP)
- Metals/Alloys
- Others
Size
- 75-120 Feet
- 121-250 Feet
- Above 250 Feet
Application
- Commercial
- Private
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Cool Charters Vilamoura
- Emerald Cruises
- Lexus
- Sunreef Yachts
- Azimut | Benetti Group
- Christensen Shipyards LLC
- Brunswick Corporation
- Horizon
- Princess Yachts Limited
- Palumbo Superyachts Ancona s.r.l
Competitive Landscape
Key players operating in the global luxury yacht market include Cool Charters Vilamoura; Emerald Cruises; Lexus; Sunreef Yachts; Azimut | Benetti Group; Christensen Shipyards LLC; Brunswick Corporation; Horizon; Princess Yachts Limited; and palumbo group spa.
These companies adopt strategies such as acquisitions, partnerships, collaboration, mergers, R&D investments, and product launches to boost their market share. For instance,
- In April 2022, Palumbo Superyachts Ancona s.r.l, an Italy-based company announced the introduction of ARIA SF, a 45-meter superyacht in their Gran Turismo portfolio. The yacht has a sporty and sharp exterior, with three decks connected by side arches.
- In December 2020, Benetti Group launched Motopanfilo 37 meters in a class category and custom superyacht FB284. The yacht supports high livability standards, with a style designed to improve connectivity.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Luxury Yacht Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Luxury Yacht Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Luxury Yacht Market - Supply Chain
4.5. Global Luxury Yacht Market Forecast
4.5.1. Luxury Yacht Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Luxury Yacht Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Luxury Yacht Market Absolute $ Opportunity
5. Global Luxury Yacht Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Luxury Yacht Market Size and Volume Forecast by Types
5.3.1. Motorized Yacht
5.3.2. Sailing Yacht
5.3.3. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Luxury Yacht Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Luxury Yacht Market Size and Volume Forecast by Applications
6.3.1. Commercial
6.3.2. Private
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Luxury Yacht Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Luxury Yacht Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Luxury Yacht Demand Share Forecast, 2019-2026
8. North America Luxury Yacht Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Luxury Yacht Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Luxury Yacht Market Size and Volume Forecast by Types
8.4.1. Motorized Yacht
8.4.2. Sailing Yacht
8.4.3. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Luxury Yacht Market Size and Volume Forecast by Applications
8.7.1. Commercial
8.7.2. Private
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Luxury Yacht Demand Share Forecast, 2019-2026
9. Latin America Luxury Yacht Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Luxury Yacht Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Luxury Yacht Market Size and Volume Forecast by Types
9.4.1. Motorized Yacht
9.4.2. Sailing Yacht
9.4.3. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Luxury Yacht Market Size and Volume Forecast by Applications
9.7.1. Commercial
9.7.2. Private
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Luxury Yacht Demand Share Forecast, 2019-2026
10. Europe Luxury Yacht Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Luxury Yacht Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Luxury Yacht Market Size and Volume Forecast by Types
10.4.1. Motorized Yacht
10.4.2. Sailing Yacht
10.4.3. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Luxury Yacht Market Size and Volume Forecast by Applications
10.7.1. Commercial
10.7.2. Private
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Luxury Yacht Demand Share Forecast, 2019-2026
11. Asia Pacific Luxury Yacht Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Luxury Yacht Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Luxury Yacht Market Size and Volume Forecast by Types
11.4.1. Motorized Yacht
11.4.2. Sailing Yacht
11.4.3. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Luxury Yacht Market Size and Volume Forecast by Applications
11.7.1. Commercial
11.7.2. Private
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Luxury Yacht Demand Share Forecast, 2019-2026
12. Middle East & Africa Luxury Yacht Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Luxury Yacht Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Luxury Yacht Market Size and Volume Forecast by Types
12.4.1. Motorized Yacht
12.4.2. Sailing Yacht
12.4.3. Others
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Luxury Yacht Market Size and Volume Forecast by Applications
12.7.1. Commercial
12.7.2. Private
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Luxury Yacht Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Luxury Yacht Market: Market Share Analysis
13.2. Luxury Yacht Distributors and Customers
13.3. Luxury Yacht Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Cool Charters Vilamoura
13.4.2. Emerald Cruises
13.4.3. Lexus
13.4.4. Sunreef Yachts
13.4.5. Azimut | Benetti Group
13.4.6. Christensen Shipyards LLC
13.4.7. Brunswick Corporation
13.4.8. Horizon
13.4.9. Princess Yachts Limited
13.4.10. Palumbo Superyachts Ancona s.r.l
Methodology
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