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The Yacht Market Size was valued at USD 9.5 billion in 2023 and is expected to reach USD 14.58 billion by 2031 and grow at a CAGR of 5.5% over the forecast period 2024-2031.
Ultra-high net worth individuals (UHNWI), a category including those with over $30 million in investable assets, are the primary drivers, with 60% expressing a desire for experiences over material possessions. This aligns perfectly with the yachting industry's ability to provide bespoke adventures on the high seas. Moreover, 72% of UHNWI millennials (aged 22-40) prioritize sustainability, which is promoting a rise in demand for electric and hybrid yachts. Governments in coastal regions are also playing a role. 38% of European countries offer tax breaks and streamlined registration processes to attract yacht owners and charter companies, driving the industry's growth in these areas.
Unlike mass-produced cars, yachts are often highly customized vessels, requiring specialized labor with specific skillsets. Estimates suggest only around 10,000 skilled shipyard workers exist globally, making them a vital but limited resource. This tight labor market can lead to project delays, especially when compounded by unforeseen disruptions.
To mitigate these issues, some governments are exploring initiatives to support domestic yacht manufacturing. China, for instance, has set ambitious targets to become a major yacht-building hub, investing in infrastructure and training programs to cultivate a skilled workforce. However, the success of such initiatives remains to be seen, and the yacht market supply chain is likely to continue struggling with skilled labor shortages and the delicate dance of global material sourcing for the predictable future.
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
The Yacht sector is expected to benefit from high-tech interiors and lavish amenities.
High-tech features like voice-controlled lighting and automated sail systems are expected to attract 40% more tech obsessed buyers, according to SNS Insider. Lavish amenities are also on the rise, with 60% of new yachts forcing features like infinity pools and onboard cinemas. Governments in yachting hubs are taking notice, with streamlined registration processes and relaxed chartering regulations anticipated to further entice high-end clientele.
RESTRAINTS:
One of the key reasons anticipated to impede market expansion is the high cost of operations
Yachts require a reliable biomass power generation system to run all of the luxuries.
According to SNS Insider secondary analysis 42% of potential yacht owners cite concerns about ongoing maintenance costs as a barrier to entry, highlighting the need for manufacturers to offer more transparent cost breakdowns and flexible ownership models. By addressing these diverse elements, the yacht market can ensure growth into the future.
OPPORTUNITIES:
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.
Original Equipment Manufacturers (OEMs) are investing heavily in R&D. This focus on innovation aims to craft unparalleled travel experiences for yacht owners. A recent industry survey found that 72% of high-net-worth individuals prioritize innovative amenities when considering a yacht purchase. Recognizing this trend, governments are offering tax breaks and subsidies to incentivize R&D in the yacht sector, further driving this race for revolutionary on-water living.
CHALLENGES:
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
Russians, accounting for 9% of global ownership, faced sanctions that hampered financing and maintenance. This triggered a drop in demand, with some charter companies refusing service to Russian-owned vessels. The uncertainty also caused a shift in location, with a rise of superyachts moving from Europe traditional peak season to the Maldives, though restrictions there limit long-term stays. Shipyards face a dilemma as new builds for sanctioned individuals remain in limbo. While the overall impact on the industry is difficult to quantify, it's clear the war has disrupted both the cost through sanctions and shifting logistics and demand due to ethical considerations and financial restrictions within the yacht market.
Discretionary spending takes a hit, leading to a decrease in demand for new yachts by as much as 30% during past recessions. Existing yacht owners, facing tighter budgets, may opt to hold onto their vessels or prioritize maintenance over upgrades. This can cause a ripple effect, impacting service sectors like yacht repairs and marinas. However, some see opportunity in these slowdowns. Used yacht sales can see a rise of 10-15% as potential buyers seek better deals. Governments may also introduce measures to stimulate the industry, like tax breaks for yacht maintenance or registration fees. These incentives can help soften the blow of an economic downturn for the yacht industry.
By Type:
Super Yacht
Flybridge Yacht
Long Range Yacht
Sport Yacht
Others
The global market is divided into Luxury Yacht, Flybridge Yacht, Long Range Yacht, Sport Yacht, and Others based on the type segment. In 2023, 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.
By Yacht Length:
Up to 20 Meters
20-50 Meters
Above 50 Meters
A segment analysis of the yacht market by length reveals a clear preference for mid-sized vessels. Yachts ranging from 20 to 50 meters capture the largest market share, accounting for roughly 40%. This segment offers a balance between spacious living areas and manageable operation costs. Following closely behind are smaller yachts, up to 20 meters in length, which hold around 35% of the market share. These entry-level options make yacht ownership more accessible to a wider range of buyers. Superyachts, exceeding 50 meters, represent the smallest segment at approximately 25% of the market share. These luxurious vessels cater to ultra-high-net-worth individuals seeking unmatched opulence and amenities.
By Propulsion:
Motor Yacht
Sailing Yacht
The yacht market thrives on two distinct propulsion styles motor yachts and sailing yachts. Motor yachts, dominates with an estimated market share of around 84%, cater to thrill-seekers and luxury enthusiasts. Their powerful engines enable high speeds, effortless operating, and extended cruising ranges, perfect for island hopping or swift getaways. On the other hand, sailing yachts, capturing the remaining 16% share, offer a more serene experience. Reliant on wind power, they provide a connection to nature and boast lower fuel costs. While slower than their motorized counterparts, they hold a special allure for eco-conscious yachters seeking a peaceful journey on the waves.
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According to SNS Insider in 2023 Europe dominates in the yacht market, capturing 35.5% share. This strong presence is driven by a several of key factors. The region forces an expanding population of high-net-worth individuals (HNWIs) with a taste for luxurious experiences. These individuals are increasingly seeking out personalized yachting adventures, promoting demand for new yachts equipped with cutting-edge technology and premium amenities. Secondly, Europe's established yachting infrastructure, featuring renowned marinas and stunning coastlines, supports a thriving tourism industry.
The APAC region presents an excess of massive opportunities. While its current market share is lower, it's projected to grow at a CAGR of significantly higher than Europe's growth rate over the forecast period. This rise is driven by APAC's expanding economies, with a rising middle class and improving living standards. As disposable incomes increase, a growing segment of the population aspires to yachting experiences. Additionally, government initiatives play a role. For instance, China recently introduced guidelines specifically aimed at accelerating the development of the domestic yacht industry, recognizing its potential to boost tourism and economic activity.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
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; , Sanlorenzo Spa, and Viking Yacht Company are some of the affluent competitors with significant market share in the Yacht Market.
Benetti, the Italian shipyard, unveiled their latest offering, the White Rose, a luxurious 34.4-meter motor yacht forcing ample interior space.
Mazu Yachts introduced their Mazu 92 DS series, a sleek 28.5-meter design representing the first unit in a potentially popular line. Beyond new models, there's a focus on sustainability.
Gulf Craft is exploring hydrogen fuel cell technology for its superyacht fleet, aiming to reduce environmental impact.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 9.5 Billion |
| Market Size by 2031 | US$ 14.58 Billion |
| CAGR | CAGR of 5.5% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| 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 (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Azimut Benetti S.p.A.; Heesen Group; The San Lorenzo S.p.a; Damen Shipyards Group; Alexander Marine International Co., Ltd. (AMI); Ferretti S.p.A.; Princess Yachts Limited; , 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 9.5 billion in 2023.
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. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Yacht Market Segmentation, By Yacht Length
9.1 Introduction
9.2 Trend Analysis
9.3 Up to 20 Meters
9.4 20-50 Meters
9.5 Above 50 Meters
10. Yacht Market Segmentation, By Type
10.1 Introduction
10.2 Trend Analysis
10.3 Super Yacht
10.4 Flybridge Yacht
10.5 Long Range Yacht
10.6 Sport Yacht
10.7 Others
11. Yacht Market Segmentation, By Propulsion
11.1 Introduction
11.2 Trend Analysis
11.3 Motor Yacht
11.4 Sailing Yacht
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 Trend Analysis
12.2.2 North America Yacht Market by Country
12.2.3 North America Yacht Market By Yacht Length
12.2.4 North America Yacht Market By Type
12.2.5 North America Yacht Market By Propulsion
12.2.6 USA
12.2.6.1 USA Yacht Market By Yacht Length
12.2.6.2 USA Yacht Market By Type
12.2.6.3 USA Yacht Market By Propulsion
12.2.7 Canada
12.2.7.1 Canada Yacht Market By Yacht Length
12.2.7.2 Canada Yacht Market By Type
12.2.7.3 Canada Yacht Market By Propulsion
12.2.8 Mexico
12.2.8.1 Mexico Yacht Market By Yacht Length
12.2.8.2 Mexico Yacht Market By Type
12.2.8.3 Mexico Yacht Market By Propulsion
12.3 Europe
12.3.1 Trend Analysis
12.3.2 Eastern Europe
12.3.2.1 Eastern Europe Yacht Market by Country
12.3.2.2 Eastern Europe Yacht Market By Yacht Length
12.3.2.3 Eastern Europe Yacht Market By Type
12.3.2.4 Eastern Europe Yacht Market By Propulsion
12.3.2.5 Poland
12.3.2.5.1 Poland Yacht Market By Yacht Length
12.3.2.5.2 Poland Yacht Market By Type
12.3.2.5.3 Poland Yacht Market By Propulsion
12.3.2.6 Romania
12.3.2.6.1 Romania Yacht Market By Yacht Length
12.3.2.6.2 Romania Yacht Market By Type
12.3.2.6.4 Romania Yacht Market By Propulsion
12.3.2.7 Hungary
12.3.2.7.1 Hungary Yacht Market By Yacht Length
12.3.2.7.2 Hungary Yacht Market By Type
12.3.2.7.3 Hungary Yacht Market By Propulsion
12.3.2.8 Turkey
12.3.2.8.1 Turkey Yacht Market By Yacht Length
12.3.2.8.2 Turkey Yacht Market By Type
12.3.2.8.3 Turkey Yacht Market By Propulsion
12.3.2.9 Rest of Eastern Europe
12.3.2.9.1 Rest of Eastern Europe Yacht Market By Yacht Length
12.3.2.9.2 Rest of Eastern Europe Yacht Market By Type
12.3.2.9.3 Rest of Eastern Europe Yacht Market By Propulsion
12.3.3 Western Europe
12.3.3.1 Western Europe Yacht Market by Country
12.3.3.2 Western Europe Yacht Market By Yacht Length
12.3.3.3 Western Europe Yacht Market By Type
12.3.3.4 Western Europe Yacht Market By Propulsion
12.3.3.5 Germany
12.3.3.5.1 Germany Yacht Market By Yacht Length
12.3.3.5.2 Germany Yacht Market By Type
12.3.3.5.3 Germany Yacht Market By Propulsion
12.3.3.6 France
12.3.3.6.1 France Yacht Market By Yacht Length
12.3.3.6.2 France Yacht Market By Type
12.3.3.6.3 France Yacht Market By Propulsion
12.3.3.7 UK
12.3.3.7.1 UK Yacht Market By Yacht Length
12.3.3.7.2 UK Yacht Market By Type
12.3.3.7.3 UK Yacht Market By Propulsion
12.3.3.8 Italy
12.3.3.8.1 Italy Yacht Market By Yacht Length
12.3.3.8.2 Italy Yacht Market By Type
12.3.3.8.3 Italy Yacht Market By Propulsion
12.3.3.9 Spain
12.3.3.9.1 Spain Yacht Market By Yacht Length
12.3.3.9.2 Spain Yacht Market By Type
12.3.3.9.3 Spain Yacht Market By Propulsion
12.3.3.10 Netherlands
12.3.3.10.1 Netherlands Yacht Market By Yacht Length
12.3.3.10.2 Netherlands Yacht Market By Type
12.3.3.10.3 Netherlands Yacht Market By Propulsion
12.3.3.11 Switzerland
12.3.3.11.1 Switzerland Yacht Market By Yacht Length
12.3.3.11.2 Switzerland Yacht Market By Type
12.3.3.11.3 Switzerland Yacht Market By Propulsion
12.3.3.1.12 Austria
12.3.3.12.1 Austria Yacht Market By Yacht Length
12.3.3.12.2 Austria Yacht Market By Type
12.3.3.12.3 Austria Yacht Market By Propulsion
12.3.3.13 Rest of Western Europe
12.3.3.13.1 Rest of Western Europe Yacht Market By Yacht Length
12.3.3.13.2 Rest of Western Europe Yacht Market By Type
12.3.3.13.3 Rest of Western Europe Yacht Market By Propulsion
12.4 Asia-Pacific
12.4.1 Trend Analysis
12.4.2 Asia-Pacific Yacht Market by Country
12.4.3 Asia-Pacific Yacht Market By Yacht Length
12.4.4 Asia-Pacific Yacht Market By Type
12.4.5 Asia-Pacific Yacht Market By Propulsion
12.4.6 China
12.4.6.1 China Yacht Market By Yacht Length
12.4.6.2 China Yacht Market By Type
12.4.6.3 China Yacht Market By Propulsion
12.4.7 India
12.4.7.1 India Yacht Market By Yacht Length
12.4.7.2 India Yacht Market By Type
12.4.7.3 India Yacht Market By Propulsion
12.4.8 Japan
12.4.8.1 Japan Yacht Market By Yacht Length
12.4.8.2 Japan Yacht Market By Type
12.4.8.3 Japan Yacht Market By Propulsion
12.4.9 South Korea
12.4.9.1 South Korea Yacht Market By Yacht Length
12.4.9.2 South Korea Yacht Market By Type
12.4.9.3 South Korea Yacht Market By Propulsion
12.4.10 Vietnam
12.4.10.1 Vietnam Yacht Market By Yacht Length
12.4.10.2 Vietnam Yacht Market By Type
12.4.10.3 Vietnam Yacht Market By Propulsion
12.4.11 Singapore
12.4.11.1 Singapore Yacht Market By Yacht Length
12.4.11.2 Singapore Yacht Market By Type
12.4.11.3 Singapore Yacht Market By Propulsion
12.4.12 Australia
12.4.12.1 Australia Yacht Market By Yacht Length
12.4.12.2 Australia Yacht Market By Type
12.4.12.3 Australia Yacht Market By Propulsion
12.4.13 Rest of Asia-Pacific
12.4.13.1 Rest of Asia-Pacific Yacht Market By Yacht Length
12.4.13.2 Rest of Asia-Pacific Yacht Market By Type
12.4.13.3 Rest of Asia-Pacific Yacht Market By Propulsion
12.5 Middle East & Africa
12.5.1 Trend Analysis
12.5.2 Middle East
12.5.2.1 Middle East Yacht Market by Country
12.5.2.2 Middle East Yacht Market By Yacht Length
12.5.2.3 Middle East Yacht Market By Type
12.5.2.4 Middle East Yacht Market By Propulsion
12.5.2.5 UAE
12.5.2.5.1 UAE Yacht Market By Yacht Length
12.5.2.5.2 UAE Yacht Market By Type
12.5.2.5.3 UAE Yacht Market By Propulsion
12.5.2.6 Egypt
12.5.2.6.1 Egypt Yacht Market By Yacht Length
12.5.2.6.2 Egypt Yacht Market By Type
12.5.2.6.3 Egypt Yacht Market By Propulsion
12.5.2.7 Saudi Arabia
12.5.2.7.1 Saudi Arabia Yacht Market By Yacht Length
12.5.2.7.2 Saudi Arabia Yacht Market By Type
12.5.2.7.3 Saudi Arabia Yacht Market By Propulsion
12.5.2.8 Qatar
12.5.2.8.1 Qatar Yacht Market By Yacht Length
12.5.2.8.2 Qatar Yacht Market By Type
12.5.2.8.3 Qatar Yacht Market By Propulsion
12.5.2.9 Rest of Middle East
12.5.2.9.1 Rest of Middle East Yacht Market By Yacht Length
12.5.2.9.2 Rest of Middle East Yacht Market By Type
12.5.2.9.3 Rest of Middle East Yacht Market By Propulsion
12.5.3 Africa
12.5.3.1 Africa Yacht Market by Country
12.5.3.2 Africa Yacht Market By Yacht Length
12.5.3.3 Africa Yacht Market By Type
12.5.3.4 Africa Yacht Market By Propulsion
12.5.3.5 Nigeria
12.5.3.5.1 Nigeria Yacht Market By Yacht Length
12.5.3.5.2 Nigeria Yacht Market By Type
12.5.3.5.3 Nigeria Yacht Market By Propulsion
12.5.3.6 South Africa
12.5.3.6.1 South Africa Yacht Market By Yacht Length
12.5.3.6.2 South Africa Yacht Market By Type
12.5.3.6.3 South Africa Yacht Market By Propulsion
12.5.3.7 Rest of Africa
12.5.3.7.1 Rest of Africa Yacht Market By Yacht Length
12.5.3.7.2 Rest of Africa Yacht Market By Type
12.5.3.7.3 Rest of Africa Yacht Market By Propulsion
12.6 Latin America
12.6.1 Trend Analysis
12.6.2 Latin America Yacht Market by country
12.6.3 Latin America Yacht Market By Yacht Length
12.6.4 Latin America Yacht Market By Type
12.6.5 Latin America Yacht Market By Propulsion
12.6.6 Brazil
12.6.6.1 Brazil Yacht Market By Yacht Length
12.6.6.2 Brazil Yacht Market By Type
12.6.6.3 Brazil Yacht Market By Propulsion
12.6.7 Argentina
12.6.7.1 Argentina Yacht Market By Yacht Length
12.6.7.2 Argentina Yacht Market By Type
12.6.7.3 Argentina Yacht Market By Propulsion
12.6.8 Colombia
12.6.8.1 Colombia Yacht Market By Yacht Length
12.6.8.2 Colombia Yacht Market By Type
12.6.8.3 Colombia Yacht Market By Propulsion
12.6.9 Rest of Latin America
12.6.9.1 Rest of Latin America Yacht Market By Yacht Length
12.6.9.2 Rest of Latin America Yacht Market By Type
12.6.9.3 Rest of Latin America Yacht Market By Propulsion
13. Company Profiles
13.1 Azimut Benetti S.p.A.
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Heesen Group
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 The San Lorenzo S.p.a
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Damen Shipyards Group
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Sunseeker International
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Alexander Marine International Co., Ltd.
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Ferretti S.p.A
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Princess Yachts Limited
13.8.1 Company Overview
13.8.2 Financial
13.8.3 Products/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Viking Yacht Company
13.9.1 Company Overview
13.9.2 Financial
13.9.3 Products/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. Use Case and Best Practices
16. Conclusion
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