Global Yacht Market Size 2024, Forecast To 2033
11 Mar, 2024
The yacht market has demonstrated strong growth, increasing from $8.73 billion in 2023 to $9.19 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.3%. The growth in the historical period is attributed to improved earning capacity, increased spending on recreational activities, and the rising construction of super yachts. Looking ahead to 2028, the market is expected to experience steady growth, reaching $10.78 billion at a consistent CAGR of 4.1%. The anticipated growth is fueled by government support, rising urbanization, an increasing number of high-net-worth individuals, and growing tourism. Notable trends in the forecast period include a focus on fuel cell technology, collaborations and acquisitions, the use of artificial intelligence (AI), product innovations, and technological advancements.
Global Yacht Market Key Driver
The yacht market is poised for increased demand, driven by the growing interest in luxury tourism and sailing experiences. Luxury tourism, focused on providing a high level of comfort and quality, is gaining popularity, leading to elevated travel experiences with minimal stress. Yachts play a vital role in luxury tourism, especially for destinations located along the coast. A survey in 2022 revealed that almost 30% of respondents reported higher holiday budgets post-COVID, indicating an increased inclination towards luxury travel options. This growing demand for luxury tourism and sailing experiences is expected to boost the demand for yachts during the forecast period, as indicated by the market size values for 2023, 2024, and 2028.
Get A Free Sample Of The Global Yacht Market ReportGlobal Yacht Market Segments
The yacht market covered in this report is segmented –
1) By Type: Super Yacht, Flybridge Yacht, Sport Yacht, Long Range Yacht, Other Types
2) By Length: Up to 20 Meters, 20-50 Meters, Above 50 Meters
3) By Propulsion: Motor, Sail
By Geography:The regions covered in the yacht market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Europe was the largest region in the yacht market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the yacht market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Yacht Industry Players
Ferretti S.p.A., Sanlorenzo S.p.a., Feadship, Princess Yachts Limited, Fincantieri S.p.A., Fr. Lürssen Werft GmbH & Co.KG, Damen Shipyards Group, Viking Yacht Company, Sunseeker International, Alexander Marine Co. Ltd., Palumbo Group, Shanghai Waigaoqiao Shipbuilding Co. Ltd., Qingdao Captain Marine Co. Ltd., HBM-Huanan Building Materials (Shenzhen) Co. Ltd., COSCO Shipping, Headway Technology Co. Ltd., Star MarinePro Corp Limited, China Shipbuilding Industry Co. Ltd., Azimut Benetti, Christensen Shipyards Ltd, Ferretti, Heesen Yachts, Horizon Yacht, YMCA Yachting, Brunswick Corporation, Ocean Alexander, Quantum Sails, Michael Rybovich & Sons Boatworks, Burger Boat Company, MCP Yachts, Sterling Yachts, Fibrafort, Delta Yachts, Flexboat, Wind, Schaefer Yachts, Alwoplast, Asmar, NEL INGENIERIA, AS Marine, Oryx Yachts, Majesty Yachts, Nomad Yachts, Moonday Yachts, Yerliyurt Marin, Numarine, Robertson & Caine, Falcon Inflatables, Dean Catamarans, Almaroon, De Birs Yachts, Tiger Marine
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Yacht Market Overview
The yacht refers to large recreational boats with lengths ranging from 35 feet to 160 feet and capable of operating in ocean waters and turbulent seas. It requires a full crew to handle maintenance, navigation, electronics and engineering, repairs and stewards.
Yacht Global Market Report 2023 provides data on the global yacht market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The yacht market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.