Market Overview:

The Luxury Yacht market estimated at USD 8.41 Billion in the year 2022, is projected to reach a revised size of USD 15.68 Billion by 2030, growing at a CAGR of 8.1% over the analysis period 2023-2030.

The Luxury Yacht Market encompasses the design, manufacturing, and sale of high-end, private yachts typically used for leisure and recreational purposes. These yachts are characterized by their opulent features, luxurious amenities, and advanced technological systems. The market caters to high-net-worth individuals, celebrities, and luxury charter companies, providing them with a premium boating experience.

Luxury yachts vary in size, style, and features, ranging from smaller vessels suitable for day trips to larger superyachts equipped with multiple decks, onboard spas, and entertainment areas. The market is influenced by factors like economic prosperity, consumer spending on luxury goods and experiences, and trends in luxury travel and lifestyle.

Key players covered in this report:

Damen Yachting BV (Netherlands),Azimut|Benetti Group (Italy),Baglietto S.p.A. (Italy),BENETEAU (France),Cheoy Lee Shipyards Limited (China),Dyna Craft Ltd. (US),Feadship (Netherlands),Ferretti S.p.a (Italy),FIPA Group (Germany),Fr. Lürssen Werft GmbH & Co. KG (Germany),HanseYachts AG (Germany) Heesen Yachts (Netherlands),Horizon (US),ICON Yachts (Netherlands),Kingship Marine Limited (China),O Yachts (US),Oceanco (Netherlands),Overmarine Group (Italy),Perini Navi S.p.a (Italy),Bavaria Yachtbau GmbH (Germany),Princess Yachts International Plc (UK),Sanlorenzo Spa (Italy),Sunseeker (UK),Brunswick Corporation (US).

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Market Driver:

Rising Global Wealth and Affluence: The primary driver behind the growth of the Luxury Yacht Market is the increasing affluence and wealth accumulation among high-net-worth individuals around the world. As global economic prosperity continues to rise, more individuals have the financial means to invest in luxury assets, including yachts. The desire for exclusive, personalized experiences and the status associated with owning a luxury yacht drives demand in this market. Additionally, emerging markets with a growing number of high-net-worth individuals are contributing to the expansion of the luxury yacht market.

Market Opportunity:

Incorporation of Sustainable and Eco-Friendly Technologies: An important market opportunity lies in the incorporation of sustainable and eco-friendly technologies in luxury yacht design and manufacturing. With growing awareness of environmental conservation and sustainability, there is a demand for yachts that minimize their ecological footprint. This includes features like hybrid or electric propulsion systems, advanced waste treatment and recycling systems, and eco-friendly materials. Companies that lead in developing and promoting environmentally conscious yachts are likely to attract environmentally-conscious clients and differentiate themselves in the market.

Segmentation Analysis of Luxury Yacht Market:

By Type

·         Super Yacht

·         Fly Bridge Yacht

·         Sport Yacht

·         Long Range Yacht

·         Others

By Application

·         Private use

·         Commercial use

·         Special use

By Size

·         40-90 Feet

·         90-250 Feet

·         Above 250 Feet

By Propulsion

·         Motor Yacht

·         Gulet Yacht

·         Sailing Yacht

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Regional Analysis of Luxury Yacht Market:

The European region is anticipated to have the highest share of the luxury yacht market in the forecast period attributed to the large presence of luxury yacht manufacturing companies in this region. The supportive government strategies to increase the growth and jobs in the coastal and marine tourism sector and the rise in the number of High-Net-Worth Individuals (HNWI) and Ultra High Net Worth Individuals (UHNWI) in this region is stimulating the expansion of the luxury yacht market in this region.

By Region:

·         North America (U.S., Canada, Mexico)

·         Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

·         Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

·         Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)

·         Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)

·         South America (Brazil, Argentina, Rest of SA)

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COVID-19 Impact on Luxury Yacht Market

The Covid-19 pandemic places unprecedented restrictions on how people and businesses can work, the luxury yacht industry has had to adapt rapidly. Second and even third waves of the virus worldwide are likely to trim a strong rebound seen in mid-2020, and segments including charter have been hit hard. Covid has overshadowed everything. Moreover, clients in yachting don't take new-build purchase decisions particularly quickly, and that has been exacerbated by the uncertainty.

Recent Industry Developments In Luxury Yacht Market

·         In August 2021, Amels and Damen Yachting launched their Amels 78-metre Full Custom superyacht in Vlissingen, the Netherlands. This is the largest superyacht by volume, launched by Amels. The interior volume of this superyacht is 2,885 GT. Amels 78 can accommodate 14 guests on board and is operated by 26 crew members.

·         In December 2020, Azimut Benetti Group launched two yachts, Motopanfilo 37m in the class category and 67m superyacht FB284. Both these yachts are of high standards and are capable of giving a lavish experience to their users.

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