According to IMARC Group’s latest report, titled “Luxury Yacht Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global luxury yacht market reached a value of US$ 6.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 11.8 Billion by 2027, exhibiting at a CAGR of 10.9% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Luxury yachts are professionally crewed marine vessels that can be either sailed or driven. They are opulent in their appearance and are generally privately owned. They are available for charter and private needs and offer a seamless luxury experience with high standards of comfort. Yachts are manufactured from wood, reinforced polymers, and composites that offer a wide range of properties, such as resistance to corrosion, low maintenance costs, and high strength to weight ratio. They can also be operated at different speed levels using electronically controlled fuel injection systems, which reduce the noise, vibrations, and emissions produced by the yachts.
Market Trends and Demand:
The global luxury yacht market is primarily driven by the growing income levels, which have increased the spending ability of individuals on recreational and leisure activities. In line with this, countries with natural landscapes, such as seas and oceans, are attracting a sizeable number of affluent international tourists from across the globe for recreational tourism activities. Luxury yachts are also preferred for promotional events, meetings, and weddings and are generally provided on lease for these occasions. The growing eco-consciousness has also resulted in the use of sustainable and environment-friendly materials for building yachts. Furthermore, governments worldwide are taking initiatives to lower marine resort taxes and facilitate effortless leasing procedures to promote tourism and related activities, which, in turn, is favorably impacting the market growth.
Luxury Yacht Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the luxury yacht market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Princess Yachts Limited
- Viking Yacht Company
- Feadship Holland B.V.
- Azimut – Benetti S.P.A.
- Alexander Marine International
- Horizon Yacht USA
- Fincantieri S.p.A. (CDP Industria S.p.A.)
- Heesen Yachts Sales B.V
- Brunswick Corporation
Key Market Segmentation:
The report has segmented the global luxury yacht market on the basis of type, size, material, application and region.
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:
- Commercial
- Private
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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