Luxury Yacht Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The luxury yacht market size is projected to reach US$ 13,689.81 million by 2031 from US$ 6,721.03 million in 2023, with a CAGR of 9.3% by 2031. The rise of luxury yacht rental service providers across the globe, owing to the demand for luxury tourism, is also boosting the demand for luxury yachts. Vendors offering luxury yachts on a rental basis include Fun2 Rent, Sailogy S.A., The Mooringsand Incrediblue Limited, and Boatbound Inc. Additionally, the rise in sports activities and the adoption of the same across coastal areas for attracting tourists are expected to increase the demand for luxury sport yachts, thereby contributing to the growth of the global luxury yacht market over the forecast period.

Luxury Yacht Market Analysis

The emerging regions such as APAC, MEA, and SAM are anticipated to offer ample future growth opportunities to the market over the forecast period of 2022 to 2028. These regions are characterized by the presence of some of the major countries that contribute a substantial fleet value to the global yacht market. China, Japan, Singapore, and South Korea are among the leading countries inclined towards the water tourism. In addition to these markets, there are several other potential developing markets for the adoption of luxury yacht such as India, Brazil, Argentina, Indonesia, Vietnam, Malaysia, Philippines, Thailand, and Saudi Arabia, among others. All these countries are anticipated to offer ample growth opportunities for luxury yacht shipyards.

Luxury Yacht Market Overview

Yachts of at least 75 feet or above are considered luxury yachts. Based on size, they are called mega yachts or superyachts. Based on mode of operation, luxury yachts are bifurcated into sailing and motorized. The increase in disposable income of individuals across both developed and developing countries and the rise in leisure and 121-250 feet activities are fueling the demand for luxury yachts. Additionally, the growing demand for luxury tourism, along with exclusive travel plans and personalized service, from high-net-worth individuals, is further propelling the demand for luxury yachts.

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Luxury Yacht Market: Strategic Insights

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Luxury Yacht Market Drivers and Opportunities

Growing Yacht Tourism

Asia Pacific offers one of the best coastlines of 135,000 km. The region houses thousands of islands in the Pacific Ocean, where tourism is the major economy. The rise in tourism on these islands is likely to boost the demand for luxury yachts in the region. Moreover, the improving living standards and increasing income levels of the population in Asia Pacific countries are further adding to the demand for luxurious consumer goods. Particularly, in China, the demand for luxury yachts has increased to host business meetings, parties, and other business-related events in the contemporary setting. To attract more billionaires to luxury yachts, the sixth edition of the Thailand Yacht Show (TYS) was conducted in June 2022. The show attracted professionals and consumers from various industries.

Governments of various countries are taking different initiatives to boost the yacht industry. For instance, in August 2022, the Ministry of Industry and Information Technology (MIIT)—along with the National Development and Reform Commission (NDRC), the Ministry of Transport (MOT), the Ministry of Finance (MOF), the Ministry of Finance (MOF), and the Ministry of Culture and Tourism (MCT)—released the guidelines to accelerate the development of cruise and yacht industry in China. Through these guidelines, China is creating a roadmap for establishing a well-developed yacht industry by 2025.  

Rising Demand in Asia Pacific

Asia Pacific offers one of the best coastlines of 135,000 km. The region houses thousands of islands in the Pacific Ocean, where tourism is the major economy. The rise in tourism on these islands is likely to boost the demand for luxury yachts in the region. Moreover, the improving living standards and increasing income levels of the population in Asia Pacific countries are further adding to the demand for luxurious consumer goods. Particularly, in China, the demand for luxury yachts has increased to host business meetings, parties, and other business-related events in the contemporary setting. To attract more billionaires to luxury yachts, the sixth edition of the Thailand Yacht Show (TYS) was conducted in June 2022. The show attracted professionals and consumers from various industries.

Governments of various countries are taking different initiatives to boost the yacht industry. For instance, in August 2022, the Ministry of Industry and Information Technology (MIIT)—along with the National Development and Reform Commission (NDRC), the Ministry of Transport (MOT), the Ministry of Finance (MOF), the Ministry of Finance (MOF), and the Ministry of Culture and Tourism (MCT)—released the guidelines to accelerate the development of cruise and yacht industry in China. Through these guidelines, China is creating a roadmap for establishing a well-developed yacht industry by 2025.

Luxury Yacht Market Report Segmentation Analysis

Key segments that contributed to the derivation of the luxury yacht market analysis are type, material, and size.

• Based on type, the market is segmented into sailing luxury yacht, motorized luxury yacht, and others. The motorized luxury yacht segment held a larger market share in 2023.
• Based on material, the luxury yacht market is segmented into FRP/composites, metal/alloys, and others. The metal/alloys are highly adopted material in the luxury yacht market. Furthermore, the increasing inclination towards composite materials is accelerating segment growth at highest CAGR rate.
• Based on size, the luxury yacht market is segmented into 75–120 feet, 121–250 feet, and above 250 feet. 121–250 feet length luxury yachts are more preferred across the globe. The passenger 121–250 segment held a larger market share in 2023.

Luxury Yacht Market Share Analysis by Geography

The global luxury yacht market is segmented into five major regions— North America, Europe, APAC, Middle East and Africa (MEA), and South America (SAM). In North America, rising demand and production of superyacht are projected to provide opportunities for the growth of the luxury yacht market. Further, North America has destinations which can be explored by luxury yacht and contributing to yacht charter activities is further fueling the growth of the luxury yacht market in the region. In addition, there is an increase in the number of charter yacht booking which is boosting the growth of the luxury yacht market.

The Europe luxury yacht market is growing at a decent rate year-on-year. The key reason for the growth of the market is the growing number of high-net-worth individuals (HNWI) and their spending on wellness tourism in the region. Luxury yacht manufacturers are continuously engaged in new product development and launching luxury yachts which further boosts the market growth in the region. Mediterranean Yacht Show (MEDYS) conducted every year to showcase luxury yachts also contributing to the growth of the Europe luxury yacht market.

The growth of the MEA luxury yacht market is attributed to the rising tourism industry in the region. Also, the governments of various countries in the region are taking initiatives to boost the growth of the tourism industry. For instance, the government of Saudi Arabia under the Vision 2030 is contributing to boosting tourism. The growing yacht tourism in Qatar is projected to fuel the MEA luxury yacht market growth. The beautiful tourism destination and coastline across MEA region is further propelling the growth of MEA luxury yacht market growth.

Luxury Yacht Market Regional Insights

The regional trends and factors influencing the Luxury Yacht Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Luxury Yacht Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Luxury Yacht Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Luxury Yacht Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Luxury Yacht Market are:

1. Azimut Benetti S.p.A.
2. Bavaria Yachtbau GmbH
3. DELTA MARINE
4. Brunswick Corporation
5. Cheoy Lee Shipyards Limited
6. Damen Group

Disclaimer: The companies listed above are not ranked in any particular order.

 

Luxury Yacht Market News and Recent Developments

The luxury yacht market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:

• In December 2022, Damen Maaskant and New Zealand-based seafood company Sanford Limited have signed a contract to design and build a new scampi vessel.  (Source: Damen Maaskant, Press Release)
• In January 2023, Azimut|Benetti Group introduced the S7 at Boot Dusseldorf 2023 for its world premiere, revealing the sporty soul and high-tech heart equipped with environmental technology. This new model comes with a refined design and advanced solutions that distinguish the Azimut|Benetti Group, which offers low-emission yachts. (Source: Azimut|Benetti Group, Press Release)

Luxury Yacht Market Report Coverage and Deliverables

The “Luxury Yacht Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:

• Luxury yacht market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities
• Luxury yacht market trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Luxury yacht market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
• Luxury yacht market landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
• Detailed company profiles