IMARC Group’s latest report, titled “Luxury Yacht Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global luxury yacht market reached a value of US$
7.2 Billion in 2022. Luxury yachts are professionally crewed marine vessels that can be either sailed or driven. They are opulent in their appearance and are generally privately owned. They are available for charter and private needs and offer a seamless luxury experience with high standards of comfort. Yachts are manufactured from wood, reinforced polymers, and composites that offer a wide range of properties, such as resistance to corrosion, low maintenance costs, and high strength to weight ratio. They can also be operated at different speed levels using electronically controlled fuel injection systems, which reduce the noise, vibrations, and emissions produced by the yachts.
Global Luxury Yacht Market Trends:
The global luxury yacht market is primarily driven by the growing income levels, which have increased the spending ability of individuals on recreational and leisure activities. In line with this, countries with natural landscapes, such as seas and oceans, are attracting a sizeable number of affluent international tourists from across the globe for recreational tourism activities. Luxury yachts are also preferred for promotional events, meetings, and weddings and are generally provided on lease for these occasions. The growing eco-consciousness has also resulted in the use of sustainable and environment-friendly materials for building yachts. Furthermore, governments worldwide are taking initiatives to lower marine resort taxes and facilitate effortless leasing procedures to promote tourism and related activities, which, in turn, is favorably impacting the market growth. On account of these factors, the market is expected to grow at a CAGR of
9.8% during the forecast period (2023-2028).
- Based on the type, the market has been bifurcated into sailing and motorized luxury yachts.
- On the basis of the size, the market has been divided into 75-120 feet, 121-250 feet, and above 250 feet.
- The market has been categorized by material into FRP/composites, metal/alloys, and others.
- Based on the application, the market has been segregated into commercial and private segments.
- Region-wise, the market has been segmented into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being 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), and Viking Yacht Company.
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