Luxury Yacht Market Research Report, Industry Trends and Business Opportunities 2023-2028
IMARC Group has recently released a new research study titled “Luxury Yacht Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the global luxury yacht market growth, drivers, segmentation, opportunities, trends and competitive landscape to understand the current and future market scenarios.
The market size reached US$ 7.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.8% during 2023-2028.
Industry Definition and Application:
A luxury yacht refers to a crewed sailing vehicle mainly used for recreational activities and sports. It can be handled via wind sailing or by a propulsion system, including an internal combustion engine (ICE) and gas turbine. Luxury yachts are usually made using numerous materials, such as steel, wood, aluminum, fiberglass, carbon fiber, and treated wood with epoxy resins. They are generally charted or rented by private entities and accommodated with luxurious, sophisticated, and personalized facilities, including a jacuzzi spa, gymnasium, sauna, and sun pads. These sailing vehicles are also equipped with modern design, comfort, style, and technologically advanced components to improve the overall performance of the yacht and user experiences.
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What are the growth prospects and trends in the industry?
The growing urbanization and the expanding recreational tourism sector are among the key elements driving the luxury yacht market. Moreover, the emerging trend of remote explorations is also stimulating the market growth. Besides this, the shifting preferences of consumers for leisure, sports activities, and luxurious experiences across the globe are acting as significant growth-inducing factors. Furthermore, the widespread adoption of luxury yachts, as they are given on lease by yacht fleet operators for organizing events, business meetings, and recreational activities, is further propelling the global market.
The rising usage of advanced structural materials, such as fiberglass, and the launch of customized solutions according to specific demands and designs are positively influencing the market growth. Additionally, the increasing expenditure capacity of the masses and the widespread utilization of alternative fuels in the marine industry are anticipated to drive the luxury yacht market over the forecasted period.
Luxury Yacht Market 2023-2028 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:
- Alexander Marine International
- Azimut – Benetti S.P.A.
- Brunswick Corporation
- Christensen Shipyards LLC
- Damen Shipyards Group N.V.
- Feadship Holland B.V.
- Fincantieri S.p.A. (CDP Industria S.p.A.)
- Heesen Yachts Sales B.V
- Horizon Yacht USA
- Palumbo Group S.P.A
- Princess Yachts Limited
- Sanlorenzo S.p.A.
- Sunseeker International (Wanda Group)
- Viking Yacht Company
Key Market Segmentation:
The report has segmented the global luxury yacht market based on 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 (2017-2022)
- Market Outlook (2023-2028)
- 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.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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