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.
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.
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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.
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
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
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
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
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.
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.
According to the yacht length segment, the global market is divided into Up to 20 Meters, 20-50 Meters, and Above 50 Meters. In 2023, 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.
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% in 2023, 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.
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
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In 2023, 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.
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.
| 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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