Dublin, April 07, 2023 (GLOBE NEWSWIRE) -- The "Luxury Yacht Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Material, and Size" report has been added to ResearchAndMarkets.com's offering.
The luxury yacht market size is expected to grow from US$ 6,076.59 million in 2022 to US$ 10,338.10 by 2028; it is estimated to register a CAGR of 9.3% from 2022 to 2028.
The growing awareness regarding environmental protection and the need to lower the carbon footprint left behind by the diesel yacht is driving a shift toward luxury yachts operating on green energy. With the increasing demand for luxury yachts running on renewable energy, yacht manufacturers are working on harnessing solar energy to provide electricity to yachts. As most yachts cruise in sunny places, harnessing power from the sun becomes easier.
For example, in April 2021, the Sunreef Yachts Eco R&D team produced an in-house solar power system. The system is enabled with the industry's first composite-integrated photovoltaic technology that uses ultra-thin, shock-resistant, and highly efficient solar cells.
Many luxury yacht market players are implementing solar panels on yachts, making their operations eco-friendly. For instance, in February 2022, ALVA Yachts introduced ECO 60 Explorer electric yachts with solar panels. This new yacht has an expansive roof integrated with solar panels.
In February 2023, Silent-Yachts launched Silent 60, its first solar electric catamaran, at its shipyard in Fano, Italy. This luxury yacht has four guest cabins on the lower deck, with a spacious master suite. It also consists of numerous social areas, including an airy main saloon, a cozy bow area, an aft cockpit, and a flybridge.
Further, in March 2022, Zaha Hadid Architects partnered with Rossinavi and designed Oneiric, a luxury yacht that works 100% on solar power. It consists of a solar-paneled roof, making it entirely run on renewable energy. Thus, the rising implementation of green energy in luxury yachts is emerging as a notable trend in the luxury yacht market.
Based on size, the luxury yacht market is segmented into 75-120 feet, 121-250 feet, and above 250 feet. 121-250 feet length luxury yachts are preferred across the globe. However, the increasing trend of personal yachts from billionaires is creating significant demand for 75-120 feet length luxury yachts.
A yacht of size 75-120 feet is also known as a superyacht. Superyachts are generally used for sports activities as they are lightweight. Luxury yachts of this size cannot accommodate several rooms; thus, they are not preferred for long travels or vacation and tourism applications. However, the increase in water sports activities by both private and commercial end users is contributing to the rise in the demand for luxury yachts of size 75-120 feet.
Market Dynamics
Market Drivers
- Growing Yacht Tourism
- Increasing Superyacht Demand
Key Market Restraints
- High Initial Cost and Carbon Footprint
Key Market Opportunities
- Rising Demand in Asia Pacific
Future Trends
- Implementation of Solar Energy
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 161 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $6076.59 million |
| Forecasted Market Value (USD) by 2028 | $10338.1 million |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Luxury yacht Market Landscape
5. Luxury Yacht Market- Key Market Dynamics
6. Luxury Yacht Market- Global Market Analysis
7. Luxury Yacht Market Revenue and Forecast to 2028 - by Type
8. Luxury Yacht Market Analysis and Forecast to 2028 - by Material
9. Luxury Yacht Market Analysis and Forecast to 2028 - by Size
10. Luxury yacht Market- Geographic Analysis
11. Impact of COVID-19 Pandemic on Luxury Yacht Market
12. Industry Landscape
13. Company Profiles
14. Appendix
A selection of companies mentioned in this report includes
- 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
- Oceanco
For more information about this report visit https://www.researchandmarkets.com/r/56kd1t
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