PRESS RELEASE
Published September 20, 2023
The latest report by IMARC Group, titled “United States Luxury Yacht Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, offers a comprehensive analysis of the industry, which comprises insights on the United States luxury yacht market share. The United States luxury yacht market size reached US$ 2.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.7% during 2023-2028.
A luxury yacht is a prestigious and exclusive watercraft that epitomizes elegance, sophistication, and unparalleled luxury. It is accommodated with sumptuous cabins and gourmet kitchens, state-of-the-art entertainment systems, and lavish outdoor spaces. It also includes various sophisticated, luxurious, and personalized amenities, which include a jacuzzi, spa, gymnasium, sauna, and sun pads. It provides an extraordinary and opulent experience for its owners and guests. It offers a lavish and indulgent lifestyle on the open seas, boasting a plethora of extravagant amenities and world-class features. Besides this, as it is used for organizing business meetings, recreational activities, and social events, the demand for luxury yachts is increasing across the United States.
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United States Luxury Yacht Market Trends and Drivers:
The presence of the coastline and numerous desirable cruising destinations in the United States make it an ideal market for luxury yacht ownership and chartering. Along with this, the increasing number of travelers exploring the pristine waters of the Caribbean, the Mediterranean-like coastlines of Florida, or the picturesque landscapes of New England, is contributing to market growth. Furthermore, technological advancements in design and construction and the development of innovative yachts with enhanced features and cutting-edge amenities are catering to the evolving tastes and preferences of luxury yacht enthusiasts. Additionally, the integration of advanced navigation systems and eco-friendly propulsion options, and wellness facilities into luxury yachts are favoring the market growth. Besides this, the rising demand for sustainable yachting practices in the United States, coupled with an increasing focus on eco-friendly initiatives and reduced carbon footprints, is offering lucrative opportunities to manufacturers. Moreover, the rising demand for yachts with energy-efficient solutions, alternative fuels, and environmentally friendly features is driving the market.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Sailing Luxury Yacht
- Motorized Luxury Yacht
- Others
Breakup by Size:
- 75-120 Feet
- 121-250 Feet
- Above 250 Feet
Breakup by Material:
- FRP/ Composites
- Metal/ Alloys
- Others
Breakup by Application:
Breakup by Region:
- Northeast
- Midwest
- South
- West
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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