New York, March 08, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Luxury Yacht Market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2028 – by Type (Sailing Luxury Yacht, Motorized Luxury Yacht, and Others), Material (FRP/Composites, Metal/Alloys, and Others), Size (75–120 Feet, 121–250 Feet, and Above 250 Feet), and Geography"; the global luxury yacht market size is expected to grow from USD 6.07 billion in 2022 to USD 10.33 billion by 2028; it is estimated to register a CAGR of 9.3% from 2022 to 2028.
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Global Luxury Yacht Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 6.07 billion in 2022 |
| Market Size Value by | USD 10.33 billion by 2028 |
| Growth rate | CAGR of 9.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 161 |
| No. of Tables | 89 |
| No. of Charts & Figures | 82 |
| Historical data available | Yes |
| Segments covered | Type, Material, and Size |
Global Luxury Yacht Market: Competitive Landscape and Key Developments
Azimut Benetti S.p.A., Bavaria Yachtbau GmbH, DELTA MARINE, Brunswick Corporation, Cheoy Lee Shipyards Limited, Damen Group, FINCANTIERI S.p.A., Heesen Yachts Sales B.V., Palumbo Superyachts Ancona s.r.l, and Oceanco are among the key players profiled in the luxury yacht market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which can help major players strategize their growth.
In January 2023: Azimut|Benetti Group introduced the S7 at Boot Dusseldorf 2023 for its world premiere, revealing the sporty soul and high-tech heart equipped with environmental technology. This new model comes with a refined design and advanced solutions that distinguish the Azimut|Benetti Group, which offers low-emission yachts.
In January 2023: BAVARIA YACHTBAU GMBH announced the launch of its new sailing yacht, the BAVARIA C46, as a part of its C-Line series for 2023. The yacht features an improved hull design with the iconic BAVARIA V-bow and chines, providing impressive sailing performance and increased living space. The BAVARIA C46 sets the new standard in its class.
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Rising Demand in Asia Pacific to Provide Lucrative Opportunities for Luxury Yacht Market Growth During (2022-2028):
Asia Pacific offers one of the best coastlines of 135,000 km. The region houses thousands of islands in the Pacific Ocean, where tourism is the major economy. The rise in tourism on these islands is likely to boost the demand for luxury yachts in the region. Moreover, the improving living standards and increasing income levels of the population in Asia Pacific countries are further adding to the demand for luxurious consumer goods. Particularly in China, the demand for luxury yachts has increased to host business meetings, parties, and other business-related events in the contemporary setting. To attract more billionaires to luxury yachts, the sixth edition of the Thailand Yacht Show (TYS) was conducted in June 2022. The show attracted professionals and consumers from various industries.
Governments of various countries are taking different initiatives to boost the yacht industry. For instance, in August 2022, the Ministry of Industry and Information Technology (MIIT)—along with the National Development and Reform Commission (NDRC), the Ministry of Transport (MOT), the Ministry of Finance (MOF), the Ministry of Finance (MOF), and the Ministry of Culture and Tourism (MCT)—released the guidelines to accelerate the development of cruise and yacht industry in China. Through these guidelines, China is creating a roadmap for establishing a well-developed yacht industry by 2025.
Asia Pacific countries have huge young populations, who are interested in sailing activities. Due to the rising demand for sailing by this population, the demand for luxury yachts in this region. Furthermore, yacht tourism has gained significant popularity post-COVID-19 pandemic due to people's inclination toward freedom and escape. Considering this, Silk Road Yachts announced that they would act as an agent for their Chinese clients to commission luxury yachts and superyachts from top European makers. Thus, the rising demand for luxury yachts in Asia Pacific would create growth opportunities for the luxury yacht market in the coming years.
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Global Luxury Yacht Market Growth: Type Overview
The luxury yacht market is segmented based on type, material, size, and geography. Based on type, the market is segmented into sailing luxury yacht, motorized luxury yacht, and others. Based on material, the market is divided into FRP/composites, metal/alloys, and others. Based on size, the luxury yacht market is categorized into 75–120 feet, 121–250 feet, and above 250 feet. By geography, the luxury yacht market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
In North America, the rise in demand and production of superyachts is projected to provide opportunities for the growth of the luxury yacht market. Further, North America has a number of destinations that can be explored by luxury yachts, which is contributing to yacht charter activities. An increase in the number of charter yacht bookings is boosting the growth of the luxury yacht market.
The Europe luxury yacht market is growing at a decent rate year-on-year. The key reason for the growth of the market is the growing number of high-net-worth individuals (HNWI) and their spending on wellness tourism in the region. Luxury yacht manufacturers are continuously engaged in new product development and launching luxury yachts, which further boosts the market growth in the region. Mediterranean Yacht Show (MEDYS) is conducted every year to showcase luxury yachts. It is also contributing to the growth of the Europe luxury yacht market.
Key Findings of Study:
The luxury yacht market size is segmented into type, material, size, and geography. Based on type, the luxury yacht market is segmented into sailing luxury yacht, motorized luxury yacht, and others. Based on material, the luxury yacht market analysis is divided into FRP/composites, metal/alloys, and others. Based on size, the luxury yacht market analysis is categorized into 75–120 feet, 121–250 feet, and above 250 feet. By geography, the luxury yacht market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Based on type, the luxury yacht market is segmented into sailing luxury yacht, motorized luxury yacht, and others. The motorized luxury yacht segment dominated the market in 2021. However, the sailing luxury yacht segment is expected to grow at a significant CAGR. Sailing luxury yachts is gaining momentum in the global luxury yacht market owing to large load-carrying capacity, easy technical structure, and low maintenance cost. The increasing number of service providers offering vacation packages in luxury yachts further presents lucrative business opportunities to luxury yacht manufacturers. For instance, Burgess and IYC offer a range of luxury sailing yachts for consumers to buy and rent out for vacations.
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Impact of COVID-19 Pandemic on Global Luxury Yacht Market Growth:
Germany, the UK, France, and Italy were severally affected due to the COVID-19 pandemic in 2020. The pandemic affected the operations of yacht manufacturers, as manufacturers had to temporarily stop manufacturing operations or continue their operations with limited workforces, adversely impacting product deliveries in 2020. Also, due to the disruption in the supply chain worldwide, the yacht manufacturers faced a shortage of various electronic components, negatively impacting the Europe luxury yacht market. However, in 2021, with the relaxation of lockdown measures, the manufacturing business started again. The luxury yacht market also gained momentum. The luxury yacht market is expected to grow due to the increasing demand for these yachts from the wealthy population. In October 2021, Marina Port Vell, a Spanish company, announced that they would build 23 new berths for superyachts due to the rising demand for superyachts. Thus, all the above factors will fuel the growth of the luxury yacht market in Europe during the forecast period.
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