Authored By: Sarah
11 Jul 2024

 Yacht Market Size to grow by USD 4055 million between 2024-2028

According to a research report “ Yacht Market” by Type (Motor, Sailing) Application (Commercial, Private) Geography (Europe, North America, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 4055 million, at a CAGR of  7.44% during the forecast period. The yachting industry experiences significant growth as disposable income expands and leisure time becomes more prevalent in today's society. Recreational activities, including water sports such as surfing, water skiing, diving, and swimming, have gained popularity worldwide. The tourism sector thrives as individuals seek new experiences and maintain a healthy lifestyle. Social media's influence has further fueled the market, with an increasing emphasis on sharing yachting adventures and experiences, ultimately driving sales in this luxury sector.

Browse market data tables, figures, and in-depth TOC on “Yacht Market” by Type (Motor, Sailing) Application (Commercial, Private) Geography (Europe, North America, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Type, the Motor segment is projected to dominate the market size in 2024

Commercial yachts, defined as vessels engaged in trade, commerce, or charter with a maximum capacity of 12 passengers, experience fluctuating demand influenced by economic conditions, consumer preferences, and industry trends. The luxury yacht sector, in particular, has witnessed robust growth in recent years. High-net-worth individuals increasingly invest in yachts for commercial purposes, such as chartering, due to the sector's consistent expansion. Additionally, fractional yacht ownership has gained traction, enabling multiple parties to share the costs and usage of a single yacht throughout the year.

By Application, Commercial  segment is expected to hold the largest market size for the year 2024

In the 2023 global yacht market, the motor yacht segment is poised to dominate, accounting for a significant market share. Motor yachts, distinguished by their internal combustion engines, provide faster and more powerful performance than sailing yachts. This enables swifter and more efficient travel over extended distances. Additionally, motor yachts offer enhanced amenities, including larger cabins, luxurious interiors, and state-of-the-art entertainment systems. Their ease of maneuverability, suitable for navigating intricate waterways and docking in confined spaces, further bolsters their popularity. The segment's substantial market share can be attributed to these advantages, including superior speed and extended range capabilities, as well as the advanced technology and equipment on board, such as connected devices.

Europe is forecasted to hold the largest market size by region in 2024

As a seasoned business analyst, I'm pleased to provide insights into the current state of the yacht market. Demand for luxury yachts remains robust, driven by high net worth individuals and the burgeoning charter industry. Manufacturers continue to innovate, integrating advanced technology and sustainable design. The market is expected to grow at a steady pace, fueled by these trends and increasing global tourism.

The Yacht Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Alexander Marine International Co Ltd.
  • Azimut Benetti SpA
  • Cantieri Navali Codecasa Tre SpA
  • Dalian Wanda Group
  • Damen Shipyards Group
  • Feadship Holland BV
  • Fincantieri Spa
  • Flensburger Schiffbau Gesellschaft mbH
  • Fr. Lurssen Werft GmbH
  • Heesen Yachts Sales BV
  • Horizon Yacht USA
  • KPS Capital Partners LP
  • Oceanco SAM
  • Overmarine Group Spa
  • Palmer Johnson
  • Palumbo Group Spa
  • Sanlorenzo Spa
  • THE ITALIAN SEA GROUP SpA
  • Viking Yacht Co.
  • Westport Yachts
.

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Research Analysis Overview

The yacht market encompasses a range of luxurious watercraft, including cruiser yachts, sports yachts, and fly bridge yachts. Cruiser yachts offer spacious living areas and long-range capabilities, making them ideal for extended cruises. Sports yachts, on the other hand, prioritize speed and agility, appealing to those who seek an adrenaline rush on the water. Noise, vibration, and pollution are concerns for many yacht buyers. Advancements in electronic controls, fuel injection systems, and hull designs have led to quieter, smoother rides. Layout arrangements, distinctive amenities, and custom interiors are essential for luxury travel and leisure activities. Customization choices, such as hybrid and aluminum hulls, cater to individual preferences. Weather conditions and sailing experience are crucial factors. Navigation systems and efficiency are essential for safe and efficient voyages. Sunreef Yachts, like the 80 Sunreef Power, showcase advancements in material technology and smart connectivity. Diesel engines and artificial intelligence enhance performance and reduce environmental impact. With disposable income on the rise, the yacht market continues to thrive, offering unparalleled experiences for those who seek the ultimate in waterborne luxury.

Market Research Overview

The yacht market encompasses a diverse range of vessels, from Motor Yachts and Sailing Yachts to Superyachts and Sport Yachts. Motor Yachts offer comfort and convenience with their spacious opulent suites, while Sailing Yachts provide an authentic nautical experience. Superyachts epitomize luxury and extravagance, often featuring amenities like waterparks and helipads. New trends include Eco-friendly yachts, such as the R30 electric boat, and the R30's sleek design is not just eco-friendly but also quiet, reducing noise and vibration. High Net Worth Individuals (HNWI) and families seek customization, with distinctive amenities and custom interiors. Advancements in technology include electronic controls, fuel injection, and smart connectivity, making yachts more efficient and eco-friendly. Hybrid and aluminum yachts, like those from Columbus Yachts, offer customization choices, reducing initial costs and registration fees. The world economy's fluctuations impact new sales, with economic conditions affecting fuel usage, destination routes, and weather conditions. Safety, navigation, and efficiency remain top priorities, with advancements in artificial intelligence and safety systems. Luxury travel and leisure activities continue to drive the market, with disposable income a significant factor. Brands like Royal Caribbean, Sunreef Yachts, and their cruiser and sports yachts, offer unique experiences, from diesel engines to the latest advancements in materials and design. The future of the yacht market lies in sustainable, customizable, and technologically advanced vessels.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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