Report Scope & Overview:
Yacht Market Size was valued at USD 9.43 billion in 2022 and is expected to reach USD 13.94 billion by 2030 and grow at a CAGR of 5% over the forecast period 2023-2030.
Wood and fiber-reinforced plastics were used to make yachts. Composites, on the other hand, have grown in popularity as a result of advantages like corrosion resistance, decreased maintenance costs, and improved strength-to-weight properties. Electronically regulated fuel injection systems give engines the ability to run at different speeds while reducing noise, vibration, and pollution in port and coastal environments. It also aids in the improvement of the boat propulsion system's efficiency.
Outdoor areas are also emphasized in boat designs to provide yacht passengers with a more direct and personal encounter with the water. Yacht owners are increasingly demanding high-tech amenities and devices on their vessels. Aside from traditional components like jet skis, canoes, and water skis, innovative gadgets like hoverboards, jet lev, and skibobs are becoming increasingly popular. Additionally, yachts with high-quality movie and media areas are gaining favor among potential clients.
The adoption of technologically advanced yachts.
The growing number of High-Net-Worth Individuals (HNWI) is the key reason driving the expansion of new yachts.
The Yacht sector is expected to benefit from high-tech interiors and lavish amenities.
One of the key reasons anticipated to impede market expansion is the high cost of operations.
Yachts require a reliable power generation system to run all of the luxuries.
Improved maritime security systems, communication, and tracking are all moving the sector forward.
Telematics and IoT platform advances are likely to boost the industry's potential in the next years.
OEM manufacturers have been noticed investing consistently in R&D operations to provide a unique travel experience.
Yachts have high investment and maintenance expenditures.
One of the key problems threatening the yacht market is the rising frequency of boating accidents and fatalities.
IMPACT OF COVID-19:
The COVID-19 outbreak has wreaked havoc on the yachting industry, particularly yacht chartering. The outbreak of the pandemic, as well as the ensuing government-imposed quarantines and harsh travel restrictions, had an impact on the global boat market. In addition, supply chain disruptions hampered manufacturability significantly. People were more motivated to engage in leisure activities as a result of the lengthy stay-at-home orders, and the market began to recover when the limitations were relaxed. As more people were willing to go along with their families, manufacturing companies saw an increase in the number of orders for new yachts.
Market, By Type:
The global market is divided into Super Yacht, Flybridge Yacht, Long Range Yacht, Sport Yacht, and Others based on the type segment. In 2021, the super yacht segment led the market, accounting for more than 29% of total revenue. The strong popularity of these yachts among end-users explains the significant proportion of this segment. Sport yachts are predicted to become a rapidly rising market sector.
Market, By Yacht Length:
According to the yacht length segment, the global market is divided into Up to 20 Meters, 20-50 Meters, and Above 50 Meters. In 2021, the 20-to-50-meter segment led the global market, accounting for almost 54% of total sales. During the forecast period, it is expected to maintain its dominance in the segment. Low maintenance costs and light wind sailing capabilities, which assist save fuel and ensure passage in a favorable wind direction, are contributing to the segment's growth.
Market, by Propulsion:
Based on the propulsion segment, the global market has been divided into motor yachts and sailing yachts. With a market share of more than 82 percent in 2021, the motor yacht segment dominated the worldwide yacht market. People also appreciate these yachts because of the latest systems and equipment that are placed in them. The significant sales of such boats on the global market are largely due to their contemporary equipment.
Long Range Yacht
By Yacht Length:
Up to 20 Meters
Above 50 Meters
In 2021, Europe had the biggest global market share, with a revenue contribution of over 35%. The large percentage can be ascribed to the region's rising yacht sales. Factors such as an increasing number of HNWI and the growing popularity of water sports and fishing activities are driving demand in European countries. During the projection period, Asia Pacific is expected to be the fastest-growing regional market. The rise in disposable money and improved standard of living are two major elements driving the public's choice for yacht travel in the region. On the other hand, the rising demand for recreational activities, fueled by an increase in individuals participating in marine recreational activities in countries like Singapore, Thailand, China, and Australia, is likely to spur regional market expansion.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
Azimut Benetti S.p.A.; Heesen Group; The San Lorenzo S.p.a; Damen Shipyards Group; Sunseeker International; Alexander Marine International Co., Ltd. (AMI); Ferretti S.p.A.; Princess Yachts Limited; Feadship, Horizon Yacht USA, Sanlorenzo Spa, Sunseeker International Limited, and Viking Yacht Company are some of the affluent competitors with significant market share in the Yacht Market.
Heesen Group-Company Financial Analysis
|Market Size in 2022||US$ 9.43 Billion|
|Market Size by 2030||US$ 13.94 Billion|
|CAGR||CAGR of 5% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Type (Super Yacht, Flybridge Yacht, Long Range Yacht, Sport Yacht, Others)
• by Yacht Length (Up to 20 Meters, 20-50 Meters, above 50 Meters)
• by Propulsion (Motor Yacht, Sailing Yacht)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Azimut Benetti S.p.A.; Heesen Group; The San Lorenzo S.p.a; Damen Shipyards Group; Sunseeker International; Alexander Marine International Co., Ltd. (AMI); Ferretti S.p.A.; Princess Yachts Limited; Feadship, Horizon Yacht USA, Sanlorenzo Spa, Sunseeker International Limited, and Viking Yacht Company|
|Key Drivers||•The adoption of technologically advanced yachts.
•The growing number of High-Net-Worth Individuals (HNWI) is the key reason driving the expansion of new yachts.
|RESTRAINTS||•One of the key reasons anticipated to impede market expansion is the high cost of operations.
•Yachts require a reliable power generation system to run all of the luxuries.
The Yacht Market Size was valued at USD 9.43 billion in 2022.
Major players in the market are Azimut Benetti S.p.A.; Heesen Group; The San Lorenzo S.p.a; Damen Shipyards Group; Sunseeker International; Alexander Marine International Co., Ltd. (AMI); Ferretti S.p.A.; Princess Yachts Limited; Feadship, Horizon Yacht USA, Sanlorenzo Spa, Sunseeker International Limited, and others in the final report.
Europe region is dominating the Yacht Market.
Yacht Market is segmented into three segments, by Type, by Yacht Length, and by Propulsion.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of the Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Yacht Market Segmentation, by Type
8.1 Super Yacht
8.2 Flybridge Yacht
8.3 Long Range Yacht
8.4 Sport Yacht
9. Global Yacht Market Segmentation, by Yacht Length
9.1 Up to 20 Meters
9.2 20-50 Meters
9.3 Above 50 Meters
10. Global Yacht Market Segmentation, by Propulsion
10.1 Motor Yacht
10.2 Sailing Yacht
11. Regional Analysis
11.2 North America
11.2.1 the USA
11.3.2 the UK
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Viking Yacht Company,
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Azimut Benetti S.p.A.
12.3 Heesen Group
12.4 The San Lorenzo S.p.a
12.5 Damen Shipyards Group
12.6 Sunseeker International
12.7 Alexander Marine International Co., Ltd. (AMI)
12.8 Ferretti S.p.A.
12.9 Princess Yachts Limited
12.11 Horizon Yacht USA
12.12 Sanlorenzo Spa
12.13 Sunseeker International Limited
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
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