According to IMARC Group’s latest report, titled “Luxury Yacht Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”,. Looking forward, IMARC Group expects the market to reach US$ 12.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.8% during 2023-2028.
A luxury yacht represents a crewed sailing vehicle that is generally used for sports and recreational activities. It can be operated via wind sailing or by a propulsion system, such as a gas turbine and an internal combustion engine (ICE).
A luxury yacht is commonly manufactured by using several materials, including fiberglass, wood, steel, aluminum, carbon fiber, treated wood with epoxy resins, etc.
It is usually rented or charted by private entities and accommodated with luxurious, sophisticated, and personalized facilities, such as a jacuzzi spa, sauna, gymnasium, sun pads, etc. In line with this, a luxury yacht is also equipped with modern style, design, comfort, and technologically advanced components to improve overall performance and user experience.
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Market Trends and Drivers:
The expanding recreational tourism sector is primarily driving the luxury yacht market. Additionally, the emerging trend of remote explorations and the growing consumer inclination towards leisure, sports activities, and luxurious experiences are further catalyzing the market growth.
Besides this, luxury yachts are provided on lease by yacht fleet operators for organizing business meetings and events, which is acting as another significant growth-inducing factor. Moreover, the widespread adoption of advanced structural materials, such as fiberglass, and the introduction of customized solutions according to specific requirements and designs are positively influencing the global market.
The rising expenditure capacities of individuals and the increasing utilization of alternative fuels in the marine industry are also bolstering the market growth.
The launch of numerous favorable policies by government bodies to facilitate effortless leasing procedures for promoting tourism is anticipated to fuel the luxury yacht market over the forecasted period.
Luxury Yacht Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the luxury yacht market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Alexander Marine International
- Azimut – Benetti S.P.A.
- Brunswick Corporation
- Christensen Shipyards LLC
- Damen Shipyards Group N.V.
- Feadship Holland B.V.
- Fincantieri S.p.A. (CDP Industria S.p.A.)
- Heesen Yachts Sales B.V
- Horizon Yacht USA
- Palumbo Group S.P.A
- Princess Yachts Limited
- Sanlorenzo S.p.A.
- Sunseeker International (Wanda Group)
- Viking Yacht Company
Key Market Segmentation:
The report has segmented the global luxury yacht market based on type, size, material, application and region.
Breakup by Type:
- Sailing Luxury Yacht
- Motorized Luxury Yacht
Market by Size:
- 75-120 Feet
- 121-250 Feet
- Above 250 Feet
Breakup by Material:
- FRP/ Composites
- Metal/ Alloys
Market by Application:
Market by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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