The global luxury yacht market is expected to remain influenced by eternal need for luxury. Growth in trend of remote exploration have created new growth avenues for luxury yachts. Furthermore, introduction of new materials, such as structural glass have allowed yacht architecture to reach new levels of sophistication.
According to the report published by Allied Market Research, the global luxury yacht market generated $5.8 billion in 2020, and is anticipated to generate $12.8 billion by 2031, witnessing a CAGR of 8.0% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
The CXOs of the top corporations claimed in several interviews that the luxury boat market is predicted to experience significant expansion in the next years. The constant need for luxury is also anticipated to have an impact on the worldwide luxury yacht market. Additionally, the growing popularity of remote exploration offers luxury yachts additional growth opportunities. Furthermore, yacht architectures have been able to advance to new degrees of sophistication thanks to the arrival of new materials like structural glass.
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In recent years, the number of millionaires has increased, and large segments of the millennial population have acquired an insatiable appetite for luxury ships. Yachts are the height of luxury, equipped with helipads, swimming pools, saunas, hot tubs, and more. The new generation increasingly focuses on pursuing rare, tailored experiences over accumulating things. With on-board beach toys, such as motorboats & jet skis, top-deck Jacuzzi, lavish swimming pools, and private screening rooms, yachts represent pinnacle of luxurious life.
The luxury yacht industry yachts continued to be one of the few shining lights in a generally bleak global economy. The market is anticipated to have considerable growth throughout the projected period due to strong underlying factors such as the rise in ultra-high net worth individuals, surge in preference for recreational and expedition travel, and rise in trend of yacht tourism. The industry is simultaneously dealing with difficulties brought on by high maintenance costs, strict laws and regulations, and quick technical advancement.
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Key Take Away From This Study
- The 75-120 feet segment was the highest contributor to the global luxury yacht market in 2020, and is projected to grow at a moderate CAGR during the forecast period.
- There is a continuous buzz for yacht tourism across the world. As a result, the global luxury yacht demand in terms of volume is projected to grow at with substantial growth rate during the forecast period.
- Personalization, chartering, and remote exploration by yachts are the some of the emerging luxury yacht market trends around the world.
- Fiber reinforced polymer/composites segment accounted for about three-fourths of the market share for 2020 and is projected to grow with highest the CAGR during the forecast period.
- Motorized luxury yacht segment is projected to exhibit rapid growth in the luxury yacht market, owing to easy maneuverability, high power, and more on board facilities.
- In terms of volume, Italy accounted for about 50% share in global luxury yacht market for 2020.
The Europe region dominates the global Luxury Yacht market and is expected to retain its dominance throughout the forecast period.
The report offers detailed segmentation of the global luxury yacht market based on size, type, and region.
Based on size, the 120-250 feet segment held the highest market share in 2020, accounting for nearly half of the global luxury yacht market, and is estimated to maintain its leadership status throughout the forecast period. However, the above 250 feet segment is projected to manifest the highest CAGR of 9.0% from 2022 to 2031.
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Based on type, the motorized luxury yacht segment accounted for the largest share in 2020, contributing to more than two-thirds of the global luxury yacht market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 8.3% from 2022 to 2031. The report also analyses segments including sailing luxury yacht and others.
Based on region, Europe, followed by Asia-Pacific & North America, held the highest market share in terms of revenue 2020, accounting for more than two-thirds the global luxury yacht market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.6% from 2022 to 2031.
Leading players of the global luxury yacht market analyzed in the research include Alexander Marine Co Ltd, Damen Shipyards Group, AzimutBenettiS.p.A., Feadship, FERRETTI S.P.A., Horizon Yacht USA, Princess Yachts International plc, Sanlorenzo Spa, Sunseeker International Limited, and Viking Yacht Company.
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- The report also contains the competitive analysis using Positioning Quadrants, the analyst’s Proprietary competitive positioning tool.
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