Luxury Yacht Market Size & Share, Growth Trends Report 2032

Luxury Yacht Market Size

Luxury Yacht Market size was valued at USD 9.9 billion in 2022 and is estimated to register a CAGR of 6.7% between 2023 and 2032, due to the growing popularity of yacht charters. Yacht charters offer individuals and groups with the opportunity to experience the luxury & exclusivity of yachting without the long-term commitment of ownership. This factor has attracted a broader range of clientele. As more people explore yachting through charters, some will be interested in purchasing luxury yachts, which will further drive market growth. The demand for charters will boost the overall yachting industry, leading to increased innovation and options in luxury yacht design & amenities.

 

The luxury yacht market is thriving due to a combination of factors such as the flourishing tourism industry and increasing yacht ownership. The tourism sector has grown significantly with travelers seeking unique & exclusive experiences including luxury yacht charters. High-net-worth individuals are also investing in private yacht ownership for personal use and as a status symbol. This dual demand has stimulated yacht production & innovation, offering a wide range of luxury options, ranging from extravagant mega yachts to more accessible models, thereby fueling the industry growth.

 

The high purchase & maintenance costs are major challenges faced by the luxury yacht market. Acquiring a luxury yacht requires a substantial financial investment, often reaching exorbitant amounts for larger vessels. Additionally, the ongoing maintenance costs including crew salaries, fuel costs, insurance costs, docking fees, and repair expenses can also be quite high. These financial commitments pose a challenge, limiting the market to a select group of ultra-wealthy individuals and potentially hindering buyers

who are deterred by the substantial expenses associated with yacht ownership.

 

COVID-19 Impact

The luxury yacht market experienced negative impacts due to the COVID-19 pandemic as travel restrictions and economic uncertainties discouraged potential buyers. Shipyard operations faced disruptions, delaying production schedules. Charter bookings dwindled due to health concerns, leading to financial losses. Additionally, the luxury yacht rental sector faced a sharp decline as tourism plummeted. Overall, the pandemic disrupted both supply and demand in the market, affecting sales, production & charters.

 

Luxury Yacht Market Trends

Connectivity and smart technology are emerging trends in the luxury yacht industry as yacht owners are seeking modern conveniences and enhanced onboard experiences. Advanced satellite & communication systems provide reliable internet connectivity, enabling remote work and leisure activities at sea. Smart automation systems control lighting, indoor temperature, security & entertainment, thereby enhancing comfort and energy efficiency. Navigation systems with real-time data and digital charts ensure safe & efficient voyages. These technologies not only improve the quality of life onboard but also cater to the evolving digital lifestyles of luxury yacht owners, making them highly desirable in the market.

 

The growing demand for superyachts and mega yachts is a prominent trend in the luxury yacht market. Wealthy buyers are increasingly seeking larger vessels that not only offer opulence but also expanded amenities & capabilities. These larger yachts can accommodate more luxurious features such as helipads, larger swimming pools, multiple decks, and onboard cinemas. The trend reflects a desire for unparalleled comfort, entertainment, and extended cruising capabilities as yacht enthusiasts seek the utmost in luxury & exclusivity through their maritime experiences. This trend has led to a surge in the construction of larger & more extravagant yachts by manufacturers and shipyards catering to this high-end market.

 

Luxury Yacht Market Analysis

The cruiser luxury yacht market accounted for 60% of revenue share in 2022. These yachts, typically ranging from 60 to 120 feet in length, offer a perfect balance between size and luxury. They are designed for extended cruising, providing spacious interiors with multiple cabins and advanced amenities. Growth in this segment can be attributed to yacht enthusiasts who desire both comfort and the ability to explore longer distances, making these cruiser yachts ideal for extended journeys and charter vacations. This factor is also driving their popularity and production. For instance, in February 2022, Qatar, in association with Emerald Cruises, launched a luxury yacht cruise for travelers.

 

The motor segment held over 80% of the luxury yacht market share in 2022. Motor yachts are known for their power and speed, offering an exhilarating experience on water. They come in various sizes, ranging from sleek and sporty vessels to larger superyachts. This growth is also being driven by the demand for versatility as motor yachts provide the ability to reach multiple destinations quickly.

Moreover, advancements in technology and design have also made these yachts more fuel-efficient and environmental-friendly, thereby appealing to a wider range of yacht enthusiasts and contributing to their increased popularity. For instance, in August 2023, Echo Yachts launched Charley 2, its latest 56-meter adventure & support catamaran. Charley 2 is the largest catamaran motor yacht to have been built in Australia, boasting an impressive volume of 1,041 GT.

 

North America luxury yacht market recorded more than 30% of revenue share in 2022. The region’s strong economy and high disposable income levels have fueled the demand for luxury goods including yachts. Additionally, the appeal of coastal destinations, such as the Caribbean and the Mediterranean, is drawing the attention of yacht enthusiasts. The North American market also benefits from a robust yacht-building industry with shipyards producing high-quality vessels in countries including the U.S. and Canada.

 

Furthermore, the increasing interest in yacht charter services and the trend of yacht ownership among celebrities are also contributing to market revenue in North America. For instance, in March 2023, Pinmar, a renowned leader in superyacht paintings & coatings worldwide, revealed its strategy to optimize its operations in the country. This strategy aims to enhance efficiency and cater to the expanding market of yachts based in the U.S.

 

Luxury Yacht Market Share

Major companies operating in the luxury yacht market are:

• Azimut Benetti
• Damen Yachting
• Ferretti S.p.A.
• Groupe Beneteau
• Hanse Group
• Heesen Luxury Yachts
• Princess Luxury Yachts
• Royal Huisman Shipyard B.V.
• Sanlorenzo S.p.A
• Sunseeker International Ltd.
• Viking Luxury Yachts

Azimut Benetti and Sanlorenzo Spa is major companies, holding over 15% of the market share. Azimut Benetti offers a diverse range of luxury yachts, including motor yachts and superyachts, catering to various sizes and preferences. Their extensive portfolio allows them to appeal to a broad spectrum of clients, from those seeking smaller, more agile yachts to those desiring mega yachts.

 

Luxury Yacht Industry News

• In March 2023, Cloud Yachts introduced the world’s first tokenized superyacht, representing a groundbreaking approach to yacht ownership. 
  
   

This luxury yacht market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) and shipment (Units) from 2018 to 2032, for the following segments:

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Market, By Type

• Flybridge Luxury Yacht
• Sports Luxury Yacht
• Cruiser Luxury Yacht

Market, By Length

• 24 – 45 Meters
• Above 45 Meters

Market, By Propulsion

The above information has been provided for the following regions and countries:

• North America
  
• Europe

  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands

• Asia Pacific

  • China
  • India
  • Japan
  • Australia 

• Latin America
  
• MEA