Luxury Yacht Market Growth Report 2021 to 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
Market Size Value in US$ 6,076.59 million in 2022 Market Size Value by US$ 10,338.10 million by 2028 Growth rate CAGR of 9.3% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Luxury Yacht Market: Strategic Insights
| Market Size Value in | US$ 6,076.59 million in 2022 |
| Market Size Value by | US$ 10,338.10 million by 2028 |
| Growth rate | CAGR of 9.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Material, and Size
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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