Luxury Yacht Market

Market Definition

The Global Luxury Yacht Market size was valued at USD 6.58 billion in 2019 and is predicted to reach USD 14.58 billion by 2030, with a CAGR of 7.5% from 2020-2030.

Luxury yacht are sailing or motorized yachts with professionally crewed motor, available for charter as well as private purpose; designed to impart immense luxurious experience and high standard comfort to the consumers. These pleasure vehicles are loaded with luxurious amenities, lavish swimming pools, as well as a variety of gaming, dining, entertainment, and various leisure options.

The usage of composite materials in enhancing the interior aesthetics is gaining momentum in the luxury yacht market due to benefits offered such as low operational cost, enhanced strength to weight characteristics, corrosion resistibility, and higher durability. Moreover, autonomous fuel injection system escalates the efficiency of motor engine and allows engine to operate at variable velocities, reducing vibrations, noise, and emissions.

Market Dynamics and Trends

The global luxury yacht market is proliferating, with growing preferences for luxurious pleasure vehicles offering chartered as well as private services. Furthermore, the increasing trend of spending leisure time on explicit destinations, indulging in racing, cruising and other recreational activities, as well as attractive tourism packages offered by travelling agencies to sustain their market position, are the major factors driving the global luxury yacht market.

In addition to this, appealing interior aesthetics, exclusive services offered by professional crew, lavish accommodations, and enhanced maritime security are the factors anticipated to propel the growth of global luxury yacht market. However, high maintenance cost, dependency on climatic conditions, and stringent environmental regulations are expected to hamper the growth of luxury yacht market.

Moreover, higher standards of living with increasing per capita income, increasing inclination towards the use of composite materials in crafting the interiors rather than using traditional construction materials, advancements in yacht architectures, as well as enhanced tracking and navigation systems, are anticipated to create lucrative opportunities in the global luxury yacht market in coming future.

Market Segmentations and Scope of the Study:

The global luxury yacht market share has been analyzed based on size, type, material, and geography.
Based on size, the market is segmented into 75-120 feet, 121-250 feet, and above 250 feet. Based on type, the market is fragmented into sailing luxury yacht, motorized luxury yacht, and others. Based on material, the market is divided into FRP/composites, metal/alloys, and others. Geographic breakdown and analysis of each of the previously mentioned segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Europe has been dominating the global luxury yacht market in the recent past and is expected to maintain its dominance throughout the forecast period, owing to increased investments in costal as well as recreational activities, growing trend of water sports and fishing activities in this region. Moreover, well-established tourism industry, presence of attractive destinations, and increasing number of trade shows hosted by key manufacturers present in this region, are further expected to propel the growth of luxury yacht market.

Asia-Pacific region is expected to demonstrate a substantial growth in the global luxury yacht market throughout the forecast period, witnessing the highest CAGR values. This is due to favourable government policies promoting tourism, increasing standards of livings due to growing per capita incomes, and augmentation in marine recreational activities.

Competitive Landscape

The luxury yacht market, which is highly competitive, consists of various market players. Some of the major market players include Lurssen, Feadship, Benetti, Oceanco, Heesen Yacht, Royal Huisman, Ocean Alexander, Damen Shipyards Group, Greenline Yachts, Silent Yachts among others. With the development and deployment of advanced products, and launch of new product technologies equipped with up-to-date features, market players are undergoing various business strategies to sustain their position in the global luxury yacht market.

For instance, Horizon Yacht USA, one of the leading companies in the luxury yacht market, launched its six new yachts at the Biennial Horizon Open House Event held in January 2020, at the company’s facilities in Kaohsiung, Taiwan. Horizon’s new FD75 & FD102 models made their international debuts at this remarkable showcase.

In February 2020, Sunseeker USA Sales Co. Inc., one of the key players in the luxury yacht market, introduced its sunseeker line-up, an exclusive range of luxury motor yachts for the Miami Yacht Show 2020. Along with the US debut of Manhattan 68, five more exquisite Sunseeker models glided their way into stealing the show.

In March 2020, DAMEN, the very well-known company in luxury yacht market, launched its 55-meter yacht support vessel named ‘Blue Ocean.’ This multipurpose yacht support vessel with 4-cabin layout is the first-ever yacht support built with a huge multipurpose main deck hangar, that is configured for a blend of adventure activities and superyacht support functions.

In May 2020, Ferretti Group, one of the key players in the luxury yacht market, announced a $15 million investment for purchasing a service shipyard in Fort Lauderdale, Florida, with an aim to consolidates its presence in the USA. The 4,000 square meters facility comprises of five docks and a combination of indoor and open-air spaces facilitating marine services and deliveries.

Key Benefits

• The luxury yacht market report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of the luxury yacht market trend including the current and future trends for depicting the prevalent investment pockets in the market.

• The report provides detailed information related to key drivers, restraints and opportunities and their impact on the luxury yacht market.

• The report incorporates competitive analysis of the market players along with their market share in the global luxury yacht market.

• The SWOT analysis and Porters Five Forces model is elaborated in the study of the luxury yacht market.

• Value chain analysis in the luxury yacht market study provides a clear picture of the stakeholders’ roles.

Key Market Segments

By Type

• Motor Yacht

• Sailing Yacht

• Expedition Yachts

• Other Yachts

By Size

• Up to 40 Meters

• 40-80 Meters

• Over 80 Meters

By Propulsion Type

• Diesel Powered

• Hybrid/Electric

• Solar Powered

Key Players

• Lurssen

• Feadship

• Benetti

• Oceanco

• Heesen Yacht

• Royal Huisman

• Ocean Alexander

• Damen Shipyards Group

• Greenline Yachts

• Silent Yachts

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Analysis Period	2019–2030
Base Year Considered	2020
Forecast Period	2020–2030
Market Size Estimation	Billion (USD)
Market Segmentation	By Size (75-120 feet, 121-250 feet, and above 250 feet), by Type (Sailing Luxury Yacht, Motorized Luxury Yacht, and Others), by Material (FRP/Composites, Metal/Alloys, and Others)
Geographical Segmentation	North America (U.S., Canada, Mexico) Europe (UK, Italy, Germany, Spain, Netherlands, Rest of Europe) Asia-Pacific (China, Japan, India, Australia, South Korea, Taiwan, Vietnam, Rest of Asia Pacific) RoW (Latin America, Middle East, Africa)
Companies Profiled	Damen Shipyards Group, Alexander Marine Co Ltd, Azimut Benetti S.p.A., FERRETTI S.P.A., Feadship, Princess Yachts International plc, Horizon Yacht USA, Sunseeker International Limited, Viking Yacht Company and Sanlorenzo Spa