Market Research Future (MRFR) has published on the “Global Luxury Yacht Market”.
The luxury yacht market is estimated to register a CAGR of 8.30% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global luxury yacht market— Alexander Marine Co Ltd, Damen Shipyards Group, AzimutBenettiS.p.A., Feadship, FERRETTI S.P.A., Horizon Yacht USA, Princess Yachts International plc, Sanlorenzo Spa, Sunseeker International Limited, Viking Yacht Company, and others.
The global luxury yacht market is accounted to register a CAGR of 8.30% during the forecast period and is estimated to reach USD 14.1 Billion by 2032.
The luxury yacht market is a specialised area of the marine sector that specialises in producing and dispensing upscale, opulent recreational boats. These ships provide affluent clients with lavish amenities, cutting-edge technology, and individualised services. The market is driven by high-net-worth individuals looking for premium experiences on the sea and luxury travel trends, with a global clientele.
The global luxury yacht market has been segmented into hull material, type and size.
On the basis of hull material, the market is segmented into fiber reinforced polymers & composites, metals & alloys and others. The fiber reinforced polymers & composites segment dominated the market in 2022. One advantage of FRPs and composites is their great strength-to-weight ratio. These materials are substantially lighter than traditional metals like steel while still providing similar or even higher levels of strength and rigidity.
Based on type, the global luxury yacht market has been segmented into sailing luxury yacht, motorized luxury yacht and other luxury yacht. The motorized luxury yacht segment dominated the market in 2022. Luxury motor yachts provide a unique and extravagant mode of transportation and relaxation. Owners of yachts can travel to distant locations, take advantage of private getaways, and host exclusive events and parties onboard.
Based on size, the global Luxury yacht market has been segmented into 75-120 feet, 121-250 feet and above 250 feet. The 121-250 feet category generated the most income in 2022. The height of luxury, prosperity, and social status are regarded to be superyachts that are between 121 and 250 feet in length.
The global luxury yacht market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Luxury Yacht market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Luxury Yacht market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Luxury Yacht market comprises of Middle East, Africa, and Latin America.
The second-largest market share belongs to the luxury yacht market in North America. North America's emphasis on leisure, entertainment, and recreational activities is a major driver of the market for luxury yachts. Many affluent people charter boats for leisure and enjoyment, taking advantage of the area's breathtaking coasts and canals.
Moreover, Europe luxury yacht market dominated this market in 2022 (45.80%). Europe has a lengthy history of shipbuilding and sailing, which adds to the continent's extensive maritime heritage. Luxury boat demand is still being fueled by the continent's long history of luxury yacht production and design expertise, luring both domestic and international buyers.
Additionally, from 2023 to 2032, the luxury yacht market in Asia-Pacific is anticipated to expand at the quickest CAGR. The Asia-Pacific region has had rapid economic growth, which has led to a growing middle class and an increase in high-net-worth individuals. As the region's affluence rises, so does demand for luxury products like expensive yachts.
Furthermore, a new industry in Latin America serving the region's affluent clients is the luxury yacht market. The desire for lavish and cutting-edge boats has been spurred by rising wealth and interest in luxury travel. The market has considerable growth prospects for luxury boat builders and service providers in the area due to the region's beautiful coastlines and thriving tourism industry.
Key Findings of the Study