Luxury Yacht Market Size

The global luxury yacht market size was valued at $ $7,185.93 Million in 2024 and is projected to reach $10,663.76 Million by 2030, growing at a CAGR of 6.8% during the forecast period.

Luxury Yacht Market Overview

A luxury yacht represents a top-tier recreational vessel that provides exclusive and opulent amenities in addition to accommodation. These crafts are equipped with cutting-edge features to enhance the experience of their users. Luxury yachts feature spacious cabins, staterooms, a pantry facility, multiple decks with entertainment options, and water sports equipment like jet skis and water toys. They are also outfitted with advanced navigation and safety systems. Ownership of these vessels can be either private or commercial.

Luxury Yacht Market Dynamics

• The luxury yacht market is expected to witness significant growth in the future due to the increase in recreational tourism worldwide, change in lifestyle of people and high net worth individuals and flourishing tourism industry and increasing yacht ownership.

• Moreover, Governments of different countries are investing significant resources in the growth of yacht tourism. European Commission has published the Guide on EU funding for the tourism sector, which particularly focuses on the projects regarding coastal and maritime tourism. Also, under this guide, the European Commission will fund the development of cruising and yachting facilities.

• Further, the natural landscape of various popular European countries, such as the Netherlands, the UK, and Italy, have maritime border, which significantly attracts a large number of international tourists, especially from the affluent segment of the population, every year. In addition, in these countries, luxury yachts are leased for various promotional events, celebratory functions, and meetings, which is increasing the demand for luxury yachts in recreational tourism. Thus, the growing yacht tourism contributes to the proliferation of the luxury yacht market.

• However, the factor like higher rentals during peak season is restraining the market growth.

• On the contrary, the rising demand from economics such as china and India and innovations in technology to lure custom boat buyers is creating opportunities for the market growth.

Impact of COVID-19 on the Luxury Yacht Market

In 2020, the tourism sector faced significant challenges due to the COVID-19 outbreak. Governments worldwide implemented strict measures to control the spread of SARS-CoV-2, leading to transport restrictions in the first and second quarters of 2020. These measures resulted in the suspension of most operations within the tourism sector, causing a decline in revenue. Nationwide lockdowns and international travel bans forced people to stay at home, severely impacting the tourism industry.

Additionally, the luxury yacht market experienced setbacks during the pandemic due to the shutdown of manufacturing plants and disruptions in global supply chains. However, following the easing of lockdowns in the third quarter of 2020, there was a notable increase in demand for luxury yachts. After an extended period of confinement, individuals sought freedom and an escape, driving up the demand for luxury yachts. The allure of being able to transport a holiday home to different locations also contributed to the growing demand for luxury yachts.

According to Boat International's Global Order Book, there was a notable increase in the planned construction of superyachts in 2021, with more than 1,200 set to be built. This marked a 25% rise from the previous year, indicating a growing demand for these luxurious vessels. The shipyard order books are reportedly full until 2025, showcasing a high level of interest, with clients willing to pay extra to secure an earlier delivery slot for their yachts.

Moreover, in March 2022, Benetti reported a record number of orders for luxury yachts from affluent customers. Interestingly, these customers primarily belong to the millennial and Gen Z demographics. Their preferences revolve around seeking safer and more open yet intimate spaces on yachts, coupled with a desire for enhanced fun and entertainment options.

Collectively, these factors contribute to an increased demand for luxury yachts post-lockdown, driving the continued growth of the market.

By Size, the 20 to 50 Meters Segment Emerge as the Dominant Segment

The 20 to 50 meters segment is expected to have a huge demand in the forecast period. The growth of the segment can be attributed to benefits Low maintenance expenses and the ability to sail efficiently in light winds contribute to fuel savings and enable travel in favorable wind conditions. Furthermore, advantages such as reduced moorage costs and shallow drafts for water anchorages make this length size a favored choice among users.

By Geography, Europe holds the Lion Share in the Global Market

Europe has a rich cultural heritage, historical landmarks, and artistic treasures that draw visitors looking to immerse themselves in its rich tapestry. A large number of tourists come to the region, and many parties are also organized on private yachts.  

The Europe luxury yacht market is divided among different countries, including Germany, France, Italy, the UK, Russia, and the rest of Europe. The increase in the number of high-net-worth individuals in various European countries has led to a rise in the popularity of charter luxury yachting activities. This trend is a significant factor contributing to the expansion of the Europe luxury yacht market.

Poland holds a notable position in the global yacht exports, ranking 8th worldwide and 5th in Europe as of November 2021, according to data from Poland at Sea. The country manufactures approximately 22,000 yachts, encompassing both general and luxury categories.

According to Investopedia ,Germany, has a high-net-worth individual (HNWI) population of 1,633,000 of population with a year-on-year growth of 6.4%. France follows with 775,000 HNWI and a growth rate of 8.5%, while the UK, Switzerland, and Italy have HNWI populations of 609,000, 479,000, and 322,000, respectively, each with their own growth rates.

As per data published by European Business Magazine, in August 2022 highlights the extravagant spending habits of high-net-worth individuals on vacations, unique experiences, and wellness tourism. Luxury yachts cater to these preferences by offering services such as yoga, meditation, and spa treatments. Consequently, the increasing number of high-net-worth individuals is a driving force behind the growth of the Europe luxury yacht market.

Key Target Audience:

• Manufacturers of Luxury Yacht

• Research and Development (R&D) Companies

• Research Organization, Federal Agencies

• Travel and Tourism Companies

List of the Key Players Profiled in the Report Includes:

• Ferretti S.p.A.

• Azimut Benetti SpA

• Sanlorenzo S.p.a.

• Feadship

• Princess Yachts Limited

• L? 1/4 rssen Werft GmbH & Co.KG

• ISA Yachts

• Sinot Yacht Architecture and Design

• Oceanco Yacht

• Nobiskrug Yacht GmBH

• Amels

• Italian Sea Group

• Christensen

• Royal Huisman

• Fincantieri S.p.A

• Sunseeker International

Recent Developments:

• In June 2023, Sanlorenzo introduced a 47-meter explorer yacht named Para Bellum, marking the tenth addition to its popular 460-500 EXP series. Propelled by twin Caterpillar engines, the vessel achieves a cruising speed of 13 knots.

• In May 2023, The Kadey-Krogen Group, based in Florida, has acquired American Tugs located in LaConner, Washington. Established in 1999, American Tugs is a prominent manufacturer of high-quality coastal cruisers built in the U.S., boasting a substantial customer base in North America and Europe. The company has successfully delivered more than 250 cruising yachts and five commercial vessels from its expansive 2,600 sq.m. facility.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Type:

• Sailing Luxury Yacht

• Motorized Luxury Yacht

• Other Types

Market by, Size:

• Up to 20 Meters

• 20 to 50 Meters

• Above 50 Meters

Market by, Application:

• Private

• Commercial

Market by, Geography:

The luxury yacht report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis

• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis

• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis

• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis

• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

What can be explored with this research report:

• Understand the key trends that will drive the market and the challenges it faces in the current market scenario.

• Identify growth opportunities.

• Porter's five force analysis.

• In-depth analysis of market segments, and regions/countries predicted to observe promising growth.

• Historical and forecast size of the market in terms of revenue (USD Million).

• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.