Global Luxury Yacht Market is expected to foresee significant growth. North America to lead the growth!
- Himanshu Patni
- July 13, 2023
- AUTOMOTIVE, NEWS
- Luxury Yacht Market, Luxury Yacht Market Growth, Luxury Yacht Market Share, Luxury Yacht Market Size
- 0 Comments
Luxury yachts are motorized or sailing boats which are large varying from 70 feet and can even go beyond 250 feet. The luxury yacht is professionally managed by crew members and comes along with luxury and personalized amenities like a jacuzzi spa, gymnasiums, and saunas. Luxury yachts are usually known for their comfort and can be used for recreational activities. To enrich the experience of customers they are equipped with modern design, comfort and technologically advanced equipment to enhance the overall perspective of the yacht experience. Nowadays, increasing income and people’s lifestyles have changed a lot, individuals love to enjoy themselves and like to have parties more often and renting a yacht is a good option. Although there has been some decrease in demand due to Covid 19, it’s going to be normalized again.
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The luxury yacht market is expected to grow at a steady rate of around 7.5% majorly due to the rapid urbanization and demand for recreational and pleasurable tourism. Advancements in technology have impacted this market a lot, designers and builders of superyachts are now turning their attention to remarkable materials. Boats have transitioned from being made of wood to composite materials throughout the previous century, and naval architects and shipyards have added steel, aluminium, different polymers, and even Ferro-cement to the list of materials. Additionally, each material is now offered in a range of formats.
Based on material type, the market is segmented into wood, steel, aluminium, fibreglass, composite material, and others. Composite material offers tremendous potential in marine applications. Composite is the most preferred material owing to various factors such as lightweight due to which the speed of the yacht increases which further improves the fuel efficiency of yachts. Additionally, Composite material has low stiffness and high corrosion resistance thus providing flexibility in yacht manufacturing.
Based on the size, the market is segmented 75-120 feet,120-250 feet, and above 250 feet. 75-120 feet dominated the market in 2020. The growth of this segment is due to advantages such as low maintenance costs, the ability to run on light winds, save fuel and ensure favourable wind direction. Additionally, benefits such as lower anchor costs and shallow draft for in-water anchors also make this length size a preferred choice among users.
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For a better understanding of the market adoption of the luxury yacht industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America holds a significant share of the market due to the presence of high-net individuals along with heightened interest in recreational activities that are propelling the market expansion. Moreover, in U.S. shift in consumer lifestyle and rising interest in marine recreational activities coupled with rising investments in yachts by key players are the primary driver of the luxury yacht market in the United States. In addition, market players are equipping luxury yachts with cutting-edge designs and technologically advanced components to enhance the boat’s overall performance and user experience, as well as its durability and safety. Moreover, consumers’ high spending and income levels have increased the demand for luxury yachts.
Global Luxury Yacht Market Segmentation
Market Insight, by Type
· Sailing Luxury Yacht
· Motorize Luxury Yacht
· Others
Market Insight, by Size
· 75-120 Feet
· 120-250 Feet
· Above 250 Feet
Market Insight, by Material Type
· Wood
· Steel
· Aluminum
· Fiberglass
· Composite Material
· Others
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· Azimut Benetti S.p.A.
· Damen Shipyards Group
· Heesen Yachts Sales B.V
· Sanlorenza Spa
· Sunseeker
· Ferretti S.p.A.
· Alexander Marine International
· Princess Yachts Limited
· Viking Yacht Company
· Brunswick Corporation
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