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    Luxury Yacht Market

    ID: MRFR/AM/9400-CR
    128 Pages
    Sejal Akre
    March 2024

    Luxury Yacht Market Research Report By Size (75-120 feet, 121-250 feet, and Above 250 feet), by Type (Sailing luxury Yacht, Motorized Luxury Yacht and Others), by Material (FRP/Composites, Metal/Alloys, Others), and By Region (North America, Europe, Asia-Pacific, Middle East and Africa, South America) –Market Forecast Till 2034

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    Luxury Yacht Market Research Report—Global Forecast till 2034 Infographic
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    Luxury Yacht Market Summary

    As per Market Research Future Analysis, the Luxury Yacht Market is projected to grow significantly, with an estimated market size of 7,959.88 USD Million in 2024, increasing to 16,408.65 USD Million by 2034, at a CAGR of approximately 7.50% from 2025 to 2034. The market is driven by rising consumer wealth, urbanization, and a booming tourism sector, leading to increased demand for high-end yachts. The luxury yacht segment includes various sizes, with the 121-250 feet category holding a 47.8% market share in 2022. Motorized yachts dominate the market due to their speed and convenience, while Fiber-Reinforced Plastics (FRP) and composites are the preferred materials for yacht construction, offering durability and design flexibility.

    Key Market Trends & Highlights

    Key trends driving the luxury yacht market include rising consumer expenditure and technological advancements.

    • Luxury Yacht Market Size in 2024: USD 7,959.88 Million
    • Projected Market Size by 2034: USD 16,408.65 Million
    • CAGR from 2025 to 2034: 7.50%
    • 121-250 feet yachts contributed 47.8% to market revenue in 2022

    Market Size & Forecast

    2024 Market Size USD 7,959.88 Million
    2025 Market Size USD 8,557.03 Million
    2034 Market Size USD 16,408.65 Million

    Major Players

    Alexander Marine Co Ltd, Damen Shipyards Group, Azimut-Benetti S.p.A, Feadship, FERRETTI S.P.A., Horizon Yacht USA, Princess Yachts International plc, Sanlorenzo Spa, Sunseeker International Limited, Viking Yacht Company

    Luxury Yacht Market Drivers

    Rising Disposable Income

    The Global Luxury Yacht Market Industry is experiencing growth driven by an increase in disposable income among high-net-worth individuals. As wealth accumulates, more affluent consumers are inclined to invest in luxury assets, including yachts. This trend is particularly pronounced in emerging markets, where economic growth has led to a burgeoning class of wealthy individuals. For instance, the global luxury yacht market is projected to reach 7.96 USD Billion in 2024, reflecting the purchasing power of this demographic. The desire for personalized and exclusive experiences further fuels demand, indicating a robust market trajectory.

    Market Growth Projections

    The Global Luxury Yacht Market Industry is poised for substantial growth, with projections indicating a market size of 7.96 USD Billion in 2024 and an anticipated increase to 17.6 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 7.5% from 2025 to 2035. Such figures reflect the increasing interest in luxury yachting experiences and the willingness of consumers to invest in high-end vessels. The market's expansion is likely to be influenced by various factors, including economic conditions, consumer preferences, and advancements in technology.

    Expansion of Luxury Yacht Manufacturing

    The Global Luxury Yacht Market Industry is supported by the expansion of luxury yacht manufacturing capabilities. As demand increases, manufacturers are investing in advanced production techniques and facilities to meet consumer expectations. This expansion is evident in regions known for yacht production, such as Europe and North America, where established brands are enhancing their offerings. The growth in manufacturing not only caters to existing demand but also positions the industry for future growth, as new entrants and innovations emerge to capture market share.

    Growing Interest in Recreational Boating

    The Global Luxury Yacht Market Industry benefits from a heightened interest in recreational boating activities. As leisure pursuits gain popularity, individuals seek luxurious vessels that provide comfort and style on the water. This trend is evident in various regions, where yacht ownership is increasingly viewed as a status symbol. The market is projected to grow significantly, with estimates suggesting it could reach 17.6 USD Billion by 2035. This growth is likely supported by the increasing availability of marinas and infrastructure, enhancing the overall boating experience for luxury yacht owners.

    Increasing Popularity of Charter Services

    The Global Luxury Yacht Market Industry is witnessing a surge in the popularity of yacht charter services. This trend allows individuals to experience luxury yachting without the commitment of ownership. Chartering provides access to high-end vessels for vacations and events, appealing to a broader audience. As more consumers opt for charter experiences, the market is likely to expand, driven by the convenience and flexibility offered. This shift may also encourage potential buyers to consider ownership after experiencing the luxury yacht lifestyle through charters.

    Technological Advancements in Yacht Design

    Technological innovations play a crucial role in shaping the Global Luxury Yacht Market Industry. Advances in materials, propulsion systems, and onboard technology enhance the performance and sustainability of luxury yachts. For example, the integration of eco-friendly technologies and smart systems appeals to environmentally conscious consumers. This shift not only improves the overall experience but also aligns with global sustainability trends. As the industry evolves, these technological advancements are expected to attract new buyers, contributing to a compound annual growth rate of 7.5% from 2025 to 2035.

    Market Segment Insights

    Luxury Yacht Size Insights

    Based on size, the Luxury Yacht Market has been segmented into 75-120 feet, 121-250 feet and Above 250 feet. 121-250 feet would be the majority shareholder in 2022, contributing 47.8 % to the market revenue. Yachts in the 121-250 feet range are luxurious and sophisticated, catering to an elite client. They provide expansive interiors, cutting-edge technology, and the capacity to host larger groups of guests. 

    The major factors driving the growth of the sector include the increasing demand for extended and opulent voyages, corporate yacht charters, and the desire to make a memorable touring event. The customer for these luxury Yatches mainly is from Ultra-high-net-worth individuals and businesses, who are drawn to the allure of these larger yachts, which can offer a range of amenities from gourmet dining options to wellness centers.

    Luxury Yacht Type Insights

    Based on type, the Luxury Yacht Market has segmented into sailing luxury yacht, motorized luxury yacht and others. The motorized luxury yacht held the largest market share in 2022, as theses luxury yachts are well-known for their speed, power, and modern design. These yachts are equipped with strong engines that allow them to cruise quickly and efficiently, making them perfect for covering long distances and exploring various destinations.

    The main reasons behind the popularity of motorized luxury yachts include the desire for convenience and speed, particularly for those who want to make the most of their time on the water and visit multiple places in one journey.

    Luxury Yacht Material Insights

    Based on material, the Luxury Yacht Market is segmented into FRP/composites, metal/alloys, others. Fiber-Reinforced Plastics (FRP) and composites held the majority share in 2022. Fiber-Reinforced Plastics (FRP) and composites are materials that are used in yachts. Fiber-Reinforced Plastics (FRP) and composites offer several advantages in yacht construction. The growth of the sub-segment is mainly driven by the advantage it offers. These materials are preferred for their lightweight nature, making yachts more fuel-efficient and easier to handle. 

    Additionally, they provide exceptional strength and durability, offering resistance against impacts and harsh weather conditions that are common in marine environments. One of their key benefits is corrosion resistance, which is crucial in preventing damage caused by saltwater. Moreover, FRP/Composites allow for creative and personalized yacht designs, as they can be molded into intricate shapes. This high strength-to-weight ratio means they are both robust and lightweight.

    Figure 2: Luxury Yacht Market, By Material, 2023 Vs 2032 (USD Million)

    Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

    Get more detailed insights about Luxury Yacht Market Research Report—Global Forecast till 2034

    Regional Insights

    By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa and South America. Europe accounted for ~ 46.4 % of Luxury Yacht Market in 2022. Luxury Yachts are becoming more popular in Europe. The luxury yacht market in the Europe region encompasses regions such as UK, Germany, Spain, France, Italy, and Rest of the Europe. According to European Union, the household disposable income per capita in the EU grew in total by 14 % between 2000 and 2009 and by 14 % between 2013 and 2021.

    The rise in disposable income followed by presence of High-Net-Worth Individuals (HNWI) and the rising adoption of technologically advanced yachts are some of the driving factors of the market. The market is also growing because of the growing tourism industry in the region. With the growing preference for coastal and marine tourism, there has been a rise in investments in luxury yachts.

    Asia Pacific is one of the fastest growing markets for Luxury Yacht in the world. The Asia Pacific luxury yacht market is growing rapidly due to several factors. The region has an extensive coastline of over 135,000 kilometres and many picturesque islands, making it an ideal location for maritime enthusiasts. The tourism sector is also driving demand for luxury yachts as travellers seek unique and memorable experiences. The region's rising living standards and growing income levels are further fuelling the demand for luxurious Yachts in the region. 

    China, in particular, has seen a surge in demand for luxury yachts, driven by their utility in hosting business meetings, parties, and various high-profile events. Governments across the region are taking proactive steps to boost the yacht industry, and the demand for luxury yachts continues to rise due to the sizable young population in Asia Pacific showing growing enthusiasm for sailing and maritime activities.

    Figure 3: Luxury Yacht Market Size By Region 2023 Vs 2032

    Luxury Yacht Market Size By Region 2023 Vs 2032

    Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

    Further, the major countries studied in the market report are the U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, China, Japan, and India, UAE, Saudi Arabia, South Africa, Brazil , Argentina and Others.

    Key Players and Competitive Insights

    The Luxury Yacht Market is characterized by the presence of many global, regional, and local vendors. The Luxury Yacht market has witnessed significant growth over the forecast period due to rapid urbanization, along with significant growth in the recreational tourism sector.There are several domestic, regional, and global players operating in the Luxury Yacht market who continuously strive to gain a significant share of the overall market. 

    During the study, MRFR has analyzed some of the major players in the Luxury Yacht market who have contributed to the market growth. During the study, MRFR has analyzed some of the major players in the Luxury Yacht Market who have contributed to the market growth includes 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 among others.

    These players focus on expanding and enhancing their product portfolio and services to remain competitive and increase their customer base. Additionally, these players are focusing on partnerships & collaborations to expand their business and customer base to enhance their market position.

    Key Companies in the Luxury Yacht Market market include

    Industry Developments

    In February 2023, Horizon Yachts has introduced the new tri-deck FD100, a customized model. The yacht, featuring five staterooms, emphasizes spaciousness and elegance. The aft deck boasts a large seating area, a bar, and fishing amenities. The interior showcases modern elements, including a dining area and a well-equipped galley. The master stateroom offers ample space, and the lower deck includes three queen-size VIP staterooms and a convertible twin.

    In January 2023, Princess Yachts unveiled the Princess S72, a 23-meter addition to its S-Class line. The interior features a luxurious saloon, four ensuite cabins, and a spacious outdoor area with a dining space, wet bar, and sunbeds. The yacht's garage accommodates a 3.9m tender and two Seabobs, while a separate transom door leads to a twin-berth crew cabin.

    In April 2024, Alexander Marine International announced the sale and delivery of the new Ocean Alexander 35R. The OA 35R, which won Best in Show, is a piece of design and engineering art that had never been seen before its debut at the 2021 Fort Lauderdale International Boat Show.

    In April 2024, Azimut-Benetti, an Italian shipyard and marina company D-Marin, formed a development collaboration in Livorno. The $16 million project is expected to begin construction in April 2024 and be finished by mid-2026.

    In January 2024, Mayla Hamburg, a German manufacturer, is new to the luxury yacht market. It has announced the launch of a stunning new watercraft. The 'GT' is a luxury yacht that may be powered by diesel, gas, hybrid, and electric. This yacht's hull is completely built of carbon prepreg components and weighs just 3.8 tons. This combination of high-performance engine choices and minimal weight results in a speed of 50 to 100 knots. The yacht's luxurious features include a sundeck, BBQ, high-end music system, couch lounge, and more.

    In November 2023, Gulf Craft announced the development of hydrogen technology for its superyacht fleet. Gulf Craft collaborated with H2-Enterprises to research and design a zero-emission Majesty yacht that could be driven by an innovative LOHC (Liquid Organic, Hydrogen Carrier) energy system. H2-Enterprises has been developing this technology for 13 years and is finally ready to power a superyacht.

    In June 2023, Sanlorenzo launched the 47-meter adventure yacht Para Bellum. The company's tenth boat is part of its best-selling 460-500 EXP line. Two Caterpillar engines power it, and it has a cruising speed of 13 knots.

    In May 2023, The Kadey-Krogen Group (Florida) bought American Tugs in LaConner, Washington. American Tugs was created in 1999 and is a major manufacturer of high-quality, US-built coastal cruisers with a large client base in North America and Europe. Over 250 cruising boats and five commercial vessels have been delivered from the company's 2,600-square-meter facility.

    Future Outlook

    Luxury Yacht Market Future Outlook

    The Global Luxury Yacht Market is poised for growth at 7.5% CAGR from 2024 to 2035, driven by rising disposable incomes, technological advancements, and increasing demand for luxury experiences.

    New opportunities lie in:

    • Develop eco-friendly yacht designs to attract environmentally conscious consumers.
    • Leverage digital marketing strategies to enhance customer engagement and brand loyalty.
    • Expand into emerging markets with tailored luxury yacht offerings.

    By 2035, the Luxury Yacht Market is expected to thrive, reflecting robust growth and innovation.

    Market Segmentation

    Luxury Yacht Size Outlook

    • 75-120 feet
    • 121-250 feet
    • Above 250 feet

    Luxury Yacht Type Outlook

    • Sailing luxury Yacht
    • Motorized Luxury Yacht
    • Others

    Luxury Yacht Material Outlook

    • FRP/Composites
    • Metal/Alloys
    • Others

    Luxury Yacht Regional Outlook

    • US
    • Canada
    • Mexico
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA
    • Brazil
    • Argentina
    • Rest of South America

    Report Scope

    Report Attribute/Metric Details
    Market Size 2024 7,959.88 (USD Million)
    Market Size 2025 8,557.03 (USD Million)
    Market Size 2034  16,408.65 (USD Million)
    Compound Annual Growth Rate (CAGR)      7.50% (2025 - 2034)
    Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    Base Year 2024
    Market Forecast Period 2025 - 2034
    Historical Data 2019 - 2023
    Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
    Segments Covered Size, Type, Material, and Region
    Geographies Covered Europe, North America, Asia-Pacific, Middle East & Africa, and South America
    Countries Covered US, Canada, Mexico, Germany, U.K., Italy, France, Japan, China, India, South Korea, Saudi Arabia, UAE, South Africa Brazil, Argentina, and Others.
    Key Companies Profiled ·       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·       Viking Yacht Company
    Key Market Opportunities ·       Rising expenditure capacity of the consumers·       Growing demand for alternative fuels in luxury yacht
    Key Market Dynamics ·       Rapid urbanization, along with significant growth in the recreational tourism sector·       Technology advancements in yachting industry

    Market Highlights

    Author
    Sejal Akre
    Senior Research Analyst

    She has over 5 years of rich experience, in market research and consulting providing valuable market insights to client. Hands on expertise in management consulting, and extensive knowledge in domain including ICT, Automotive & Transportation and Aerospace & Defense. She is skilled in Go-to market strategy, industry analysis, market sizing, in depth company profiling, competitive intelligence & benchmarking and value chain amongst others.

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    FAQs

    How much is the Luxury Yacht Market?

    The Luxury Yacht Market size is expected to be valued at USD 7,959.88  Million in 2024.

    What is the growth rate of the Luxury Yacht Market?

    The global market is projected to grow at a CAGR of 7.50% during the forecast period, 2025-2034.

    Which region held the largest market share in the Luxury Yacht Market?

    Europe had the largest share of the global market.

    Who are the key players in the Luxury Yacht Market?

    The key players in the market are 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 among others.

    Which Type led the Luxury Yacht Market?

    The Motorized Luxury Yacht category dominated the market in 2022.

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