Global Luxury Yacht Market Size 2024, Forecast To 2033
11 Mar, 2024
The luxury yacht market has witnessed robust growth in recent years, expanding from $6.9 billion in 2023 to $7.56 billion in 2024, representing a noteworthy compound annual growth rate (CAGR) of 9.4%. This surge in the historic period can be attributed to the robust economic expansion in emerging markets, heightened expenditures on recreational pursuits, the widespread use of social media, and an uptick in leisure trips. Moving forward into 2028, the market is poised for continued strength, with an anticipated size of $10.76 billion at a CAGR of 9.2%. The forecasted growth is fueled by increasing urbanization, a burgeoning tourism sector, a growing global population, and the rising number of high-net-worth individuals. Notable trends in the forecast period include the adoption of fuel cell technology, the emergence of luxury hydrogen-powered superyachts, the integration of online communities and streaming services tailored for luxury yachts, and the incorporation of artificial intelligence (AI), technological advancements, innovative product offerings, and strategic collaborations.
Global Luxury Yacht Market Key Driver
The luxury yacht market is set to experience substantial growth driven by a surge in tourism and recreational activities. Tourism, involving spending time away from home for recreation and relaxation, is increasingly facilitated by luxury yachts that cater to activities such as cruising, fishing, remote exploration, and other nautical pursuits. These yachts offer well-equipped cabins, dining facilities, and staterooms, enhancing the overall experience for tourists. In May 2022, the World Tourism Organization reported a significant uptick in global international tourist arrivals, with a remarkable 130% increase in January 2022 compared to the previous year. This surge, accounting for an additional 18 million visitors worldwide in January 2022, highlights the growing demand for luxury yachts in tandem with increased tourism and recreational activities. The market size values for 2023, 2024, and 2028 align with this upward trend in the luxury yacht market.
Get A Free Sample Of The Global Luxury Yacht Market ReportGlobal Luxury Yacht Market Segments
The luxury yacht market covered in this report is segmented –
1) By Type: Motor Yacht, Sailing Yacht
2) By Size: Up To 100 Meters, 100-150 Meters, Above 150 Meters
3) By Hull Material: Fiber Reinforced Polymers And Composites, Metals And Alloys, Other Hull Materials
4) By Application: Commercial, Private
By Geography:The regions covered in the luxury yacht market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Europe was the largest region in the luxury yacht market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury yacht market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Luxury Yacht Industry Players
Ferretti S.p.A, Azimut Benetti SpA, Sanlorenzo S.p.a, Feadship, Princess Yachts Limited,Fr. Lürssen Werft GmbH & Co.KG, Italian Sea Group, Fincantieri S.p.A., Sunseeker International, Brunswick Corporation, Maritimo Factory, A H Wadia Boat Builders, XS Marines, New Japan Yacht Co, GHI Yachts, Hyundai Yachts Co., Ltd, Riviera Australia Pty. Ltd, Australian Superyachts Pty Ltd, HeySea Yachts, Horizon Yacht, Cheoy Lee Shipyards Ltd, Changzhou Baote Yacht Co., Ltd, Fujian Yihong Yacht Corp, Hunan Blue Point Supply Chain Co., Ltd, Burgess Yachts, Damen Yachting, Arksen, U-Boat Worx, AB Yachts, Groupe Beneteau, Alva Yachts, Timeless Yachts, Hatteras Yachts, Westport Yachts, YMCA Yachting, Christensen Shipyards, Ocean Alexander, Alexander Marine USA, Viking Yacht Company, Quantum Sails, Michael Rybovich & Sons Boatworks, Burger Boat Company, MCP Yachts, Sterling Yachts, Fibrafort Shipyard, Delta Yachts, Flexboat Construções Náuticas Ltda., Schaefer Yachts, AS Marine, Oryx Yachts, Majesty Yachts, Nomad Yachts, Moonday Yachts, Yerliyurt Marin, Numarine, Robertson & Caine, Falcon Inflatables, Dean Catamarans, Almaroon, De Birs Yachts, Tiger Marine
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Luxury Yacht Market Overview
Luxury yachts are high-end finished crewed sailing vehicles having advanced technological features used for recreational activities.
Luxury Yacht Global Market Report 2023 provides data on the global luxury yacht market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The luxury yacht market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.