Luxury Yacht Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Type (Motorize Luxury Yacht, Sailing Luxury Yacht, and Others); Size (75-120 Feet, 120-250 Feet, and Above 250 Feet); Material Type (Wood, Steel, Aluminum, Fiberglass, Composite Material, and Others); and Region/Country
The global luxury yacht market is anticipated to witness an uptick with the development of social society leading to changes in income and other lifestyles. The global 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. The growing number of high-net-worth individuals (HNWI) and the introduction of technologically advanced yachts are the main factors driving the growth of new yacht sales in the region. High-tech interiors and luxury amenities offered by European OEMs are also expected to boost demand in the yacht industry. OEM manufacturers are observed to continuously invest in R&D activities to provide unique travel experiences with luxury accommodations.
Despite the high total cost of ownership associated with private yachts, the yachts are readily available on a charter basis, so sea travel and tourism activities are not significantly impacted. Improved coast guard systems, connectivity, tracking, and higher disposable income continue to drive the market. Additionally, advances in telematics and IoT platforms are expected to increase the industry’s potential in the coming years.
Insights Presented in the Report
“Amongst material type, composite material category to witness higher CAGR during the forecast period”
Based on material type, the market is segmented into wood, steel, aluminum, fiberglass, composite material and others. The composite material segment is anticipated to grow at the highest CAGR due to factors such as composite material offering 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, the composite material has low stiffness and high corrosion resistance thus providing flexibility in yacht manufacturing.
“Amongst type, sailing luxury yacht category to witness higher CAGR during the forecast period”
Based on type, the market is segmented into sailing luxury yacht, motorized luxury yacht, and others. The sailing yacht segment is anticipated to grow at the highest CAGR due to factors such as that they offer a unique and luxurious experience not found with other types of yachts. Additionally, sailing yachts are becoming increasingly popular as vacation homes due to their many benefits, such as the ability to explore different areas without worrying about mooring. These yachts are equipped with all the amenities and features to expect in a five-star hotel, including luxurious accommodations, gourmet kitchens and spacious decks. Additionally, many yachts have private pools, hot tubs, and even helipads, meaning buyers can truly enjoy the luxury life on board.
“Asia Pacific grow with a significant CAGR during the forecast period.”
Asia Pacific grows with a significant CAGR during the forecast period. The growth in disposable income and higher standard of life are two major reasons driving the shift in the region’s population’s preference for yacht travel. Additionally, government programs promoting tourist development, such as the Swadesh Darshan Scheme and Incredible India, are expected to boost regional market growth throughout the forecast period. Countries with economic crises, political instability, and strict FDI regulations, on the other hand, are expected to have a negative impact on growth. The improved standard of living owing to a rise in disposable income is a critical factor responsible for the changing consumer preference in the global yacht market.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the Luxury Yacht Market|
|2.2.||Research Methodology of the Luxury Yacht Market|
|5||LUXURY YACHT MARKET REVENUE (USD BN), 2020-2028F|
|6.1.||Sailing Luxury Yacht|
|6.2.||Motorize Luxury Yacht|
|7.3.||Above 250 Feet|
|9.1.3.||Rest of North America|
|9.2.6.||Rest of Europe|
|9.3.4.||Rest of Asia-Pacific|
|9.4.||Rest of World|
|11||LUXURY YACHT MARKET OPPORTUNITIES|
|12||LUXURY YACHT MARKET TRENDS|
|13.1.||Demand Side Analysis|
|13.2.||Supply Side Analysis|
|14||VALUE CHAIN ANALYSIS|
|15.1.1.||Porters Fiver Forces Analysis|
|16.1.||Azimut Benetti S.p.A.|
|16.2.||Damen Shipyards Group|
|16.3.||Heesen Yachts Sales B.V|
|16.7.||Alexander Marine International|
|16.8.||Princess Yachts Limited|
|16.9.||Viking Yacht Company|
Research Methodology for the Luxury Yacht Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global luxury yacht market were the three major steps undertaken to create and analyze the adoption of luxury yachts in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global luxury yacht market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the luxury yacht market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the luxury yacht market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, material type, and size. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the luxury yacht market. Further, we conducted factor analysis using dependent and independent variables such as various size, material types, and types of luxury yachts. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the luxury yacht market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global luxury yacht market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the luxury yacht market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global luxury yacht market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global luxury yacht market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of material type, type, and size in the global luxury yacht market.
The main objective of the global luxury yacht market Study
The current & future market trends of the global luxury yacht market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the luxury yacht market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of size, material type, and type.
- Define and analysis of the regulatory framework for the luxury yacht
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviours of the industry.
- Analyze the current and forecast market size of the luxury yacht market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the luxury yacht market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry