Luxury Yacht Market Size is estimated to reach $11.8 billion by 2027. Furthermore, it is poised to grow at a CAGR of 10.9% over the forecast period of 2022-2027. An increase in income level of people, a rise in inclination toward recreational and leisure activities, the surge in recreational yacht tourism, and chartering of yachts are the key drivers of the Luxury Yacht Market’s growth. Technological innovations have pushed luxury sailing yacht designs in unique directions and made them more visually distinctive and versatile. Yacht charter support vessels are used for extending the yachting experience. They are used as a floating helipad, tender garage, and accommodator for crew and specialist staff.
Competitive landscape:
The top 5 players in the Luxury Yacht industry are:
1. Damen Shipyards Group
2. FERRETTI S.P.A.
3. Feadship
4. Northrop & Johnson
5. Alexander Marine Co Ltd
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Segmental Analysis:
1. Luxury motor yachts have enhanced speed and power and can cover less distance in more time. Additional stabilizers and steady cruising capacities and the ability to reach high speeds continue to fuel the market growth of the luxury motor market.
2. Motor Luxury Yachts make up the major portion of charted yachts globally. The trend of chartering motor luxury yachts is predicted to fuel the market growth over the forecast period of 2022-2027.
3. The adaptability, durability, and low fuel consumption properties of FRP are predicted to augment the market growth over the forecast period of 2022-2027.
4. The rise in the income level of people and growth in tourism boosted the market growth in Europe as yachts are preferred by the tourists for cruising, enjoying scenic beauty as well as organizing parties.
Report Coverage
Report Attributes
Details
By Type
Sailing Luxury Yacht, Motorized Luxury Yacht and Others.
By Application
Private and Commercial.
By Material
FRP/ Composites, Metal/ Alloys and Others.
By Geography
North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), and Rest of the World (the Middle East, and Africa).
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Market Drivers and Challenges:
1. Ballast water is held in tanks of yachts to increase their stability and maneuverability during transit
2. Titanium in collaboration with The Italian Sea Group, the parent company of Admiral Yachts, thereby, enhancing the Luxury Yacht Industry growth.
3. Yacht manufacturers are working together towards it. For instance, the introduction of new propulsion systems which burn less fuel, hybrid yacht batteries in motorize yachts that help to sail for hours with fuel less transportation, and so on.
4. Yachts are also required to comply with the IMO International Convention for the Control and management of Ships’ Ballast Water and Sediments (BWM Convention) which requires an approved ballast water management system, hampers the market expansion over the projection period.
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