USD 8.4 billion
Luxury Yacht Market Size, Share, Growth Analysis, By Type(Sailing Luxury Yacht, Motorized Luxury Yacht, Others), By Size(75-120 feet, 121–250, above 250 feet), By Material(FRP/ Composites, Metal/ Alloys, others), By Application(Private, Commercial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25P2017 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
116
|Figures:
77
Luxury Yacht Market Insights
Luxury Yacht Market size was valued at USD 8.4 billion in 2019 and is poised to grow from USD 8.91 billion in 2023 to USD 13.3 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).
Luxury yachts are equipped with state-of-the-art amenities such as dance decks, swimming pools, jacuzzis, and spacious living areas. The luxury yacht market is growing at a rapid pace, with emergence of a large buyer pool to invest in a vessel that offers unparalleled luxury and convenience. Since, owing a yacht is often associated with wealth and prestige, it is one of the most popular choices between celebrities, and business magnates.
Some of the most popular luxury yacht brands in the market include Viking Yachts, Sunseeker International, and Costa Cruises. These companies have been able to capitalize on the growing demand for luxurious yachts by creating stunning vessels that are both technologically advanced and luxurious.
US Luxury Yacht Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Fastest Growth
Fuel Powered
Growth Rate
5.8% CAGR
Global Luxury Yacht Market ($ Bn)
Country Share for Europe Region (%)
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Luxury Yacht Market Segmental Analysis
Luxury Yacht Market is segmented by type, size, material and application. By type, the Luxury Yacht Market is segmented into sailing luxury yacht, motorized luxury yacht, and others. By size, the Luxury Yacht Market is classified into 75-120 feet, 121–250, and above 250 feet. By material, the Luxury Yacht Market is segmented into FRP/ composites, metal/ alloys, and others. By application, luxury yacht market is segmented into commercial and private.
Luxury Yacht Market Analysis by Type
By type, the global luxury yacht market is dominated by sailing luxury yacht. sailing luxury yacht are in high demand than its counterparts for a number of reasons. The sailing luxury yacht market is booming and there is a high demand for these types of vessels. There are a number of reasons why this is the case, including the fact that they offer a unique and luxurious experience that cannot be found with other types of boats. In addition, sailing yachts are becoming increasingly popular choice as vacation homes due to their many benefits, such as the ability to explore different water areas without having to worry about mooring or anchoring.
One of the biggest reasons for the high demand for sailing luxury yachts is that they offer an unparalleled level of luxury. These vessels come with all amenities and features relevant to that of a five-star hotel, including opulent staterooms, gourmet kitchens, and spacious decks.
Another reason for the growing popularity of sailing yachts is that they offer owners the chance to explore new horizons. Unlike motorized vessels which need to stay close to shore in order to refuel or recharge batteries, sailships can travel vast distances without stopping.
Luxury Yacht Market Analysis by Application
The private luxury yacht market has seen unprecedented growth in recent years, with a corresponding increase in demand for high-end vessels. This surge in popularity is largely due to the fact that yachting offers a unique and luxurious lifestyle that is unrivaled by any other leisure activity.
Private yachts offer access to high-end luxury and comfort. From five-star cuisine and world-class wines served by professional staff, to sumptuous staterooms with en-suite bathrooms and plasma TVs – everything on board a luxury yacht is designed to provide the ultimate in style and sophistication.
Global Luxury Yacht Market BY Type
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Luxury Yacht Market Regional Insights
According to general report published by World Bank, Italy, the UK, and the Netherlands are the major producers of luxury yachts in Europe luxury yacht market. In terms of value, Italy leads the way with around €2 billion worth of production, followed by the UK at €1.6 billion and the Netherlands at 1.4 billion. The majority of yacht builders in these countries are concentrated in well-established maritime regions such as Tuscany, Sardinia and Puglia in Italy; Southampton and Plymouth in the UK; and Amsterdam and Zaandam in the Netherlands.
These companies in the global luxury yacht market have benefited from high-end orders in recent years, with a huge demand for luxury yachts remaining robust despite challenging economic conditions globally. A number of factors have contributed to this demand, including an increase in wealth among high-net-worth individuals, continued growth in the charter market and a rise in interest from emerging markets such as China and Russia.
Looking ahead, SkyQuest expects that Brexit will create some uncertainties for luxury yacht builders based in the UK but believes that overall demand for these vessels will remain strong. Indeed, many wealthy individuals are likely to continue to see yacht ownership as a status symbol and an efficient way to enjoy time on the water.
Global Luxury Yacht Market By Region
- Largest
- Fastest
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Luxury Yacht Market Dynamics
Luxury Yacht Market Drivers:
Growing wealth and luxury interests in individuals is driving the market growth
- There are many factors to drive the growing demand for luxury yacht market. First and foremost, among these is the increasing wealth of individuals around the world. As the number of millionaires and billionaires are rising they are looking for ways to spend their money, and luxury yachts are one of the most popular choices.
- Another factor driving the demand is the increased publicity surrounding yacht ownership. In the recent years, celebrities and wealthy businesspeople have been flaunting their yacht ownership more than ever before. This has led to more people wanting to own a yacht, even if they can't necessarily afford one. Finally, there is simply an increased interest in sea travel overall. The cruise business is growing and witness a huge rise as a high number of people are cruising, which is translating into more sales for luxury yacht market.
Luxury Yacht Market Restraint
Geographical limitations and limited versions of premium products can limit the market growth
- High prices, and lack of interest from buyers has slowed down the market expansion. Also, yacht business is geographically limited which limits the reginal market expansion.
- Limited number of superyachts has led to high waiting period in the yacht industry thereby creating a limited demand at a global scale.
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Luxury Yacht Market Competitive Landscape
Even in the face of a global pandemic, the luxury yacht market has remained strong. Here are some of the ways that companies are sustaining in this market to stay competitive:
Offering customization: Many luxury yacht companies are now offering more customization options than ever before. This allows buyers to really make their yacht their own, and helps to create a sense of exclusivity.
Focusing on quality: In order to justify the high price tags, luxury yacht companies are focused on delivering quality boats that will stand the test of time. This attention to detail and craftsmanship is what sets these yachts apart from their mass-produced counterparts.
Providing an experience: It’s not just about the boat itself – it’s about the overall experience that comes with owning a luxury yacht. From concierge services to personalize itineraries, companies are making sure that their clients have a memorable experience from start to finish.
Luxury Yacht Market Top Player's Company Profiles
- Azimut-Benetti
- Ferretti Group
- Sunseeker International
- Princess Yachts
- Feadship
- Lürssen
- Sanlorenzo
- Heesen Yachts
- Oceanco
- Westport Yachts
- Christensen Shipyards
- Gulf Craft
- Baglietto
- Palmer Johnson Yachts
- Beneteau Group
- Amels
- Codecasa
- CRN Yachts
- Hatteras Yachts
- Horizon Yachts
Luxury Yacht Market Recent Developments
- In July 2022, Sunreef Yachts announced a plan to open a ship building yard in Ras Al Khaimah
- In June 2022, Sirena launched a fully customization 78-foot long Yacht
Luxury Yacht Key Market Trends
- Rise in disposable income has led in spending on luxury items: In recent years, there has been a growing trend of wealthy individuals purchasing luxury yachts. This is due to a number of factors, including an increase in disposable income and a desire to own a status symbol.
- Improved maritime economy to create more opportunities: Increase in demand from Asia owing to the economic growth in China and India. Availability of hospitality services in the cruise industry is one of the prominent trends in the Asia Pacific regional market.
- Growing Demand from Corporates: Another trend that is driving the growth of the luxury yacht market is an increase in chartering activity. In recent years, there is a growing trend of renting out yachts for special occasions, such as weddings or corporate events.
Luxury Yacht Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
Luxury yacht market is booming. In the past decade, the industry witnessed a surge in popularity and investment. According to SkyQuest Technology, this is likely due to a number of factors, including increased interest in luxury travel and leisure activities, as well as an overall increase in the global wealth pool. Luxury yacht charters are becoming increasingly popular for weddings, corporate events, and other occasions.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 8.4 billion |
| Market size value in 2031 | USD 13.3 billion |
| Growth Rate | 5.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Luxury Yacht Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Luxury Yacht Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Luxury Yacht Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Luxury Yacht Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Luxury Yacht Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Luxury Yacht Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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