Yacht Market Size Worth USD 21.15 Billion in 2032 | Emergen Research

Vancouver, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The global yacht market size was USD 11.19 billion in 2022 and is expected to register a rapid revenue CAGR of 6.6% during the forecast period. Increasing interest in sustainable yachts, emerging tourism and chartering hubs, and rising focus of manufacturers on building technologically integrated yachts are key factors driving market revenue growth.

Yachts were manufactured using wood and fiber-reinforced polymers and manufacturers are focusing on including luxury features for offering improved performance characteristics and customer experience.  The preferred method for increasing yacht sustainability is to use hybrid-electric systems. Operating on electricity not only results in a large reduction in underwater pollutants, but it also silences generator noise, making for a quieter ride.

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Solar panels and kite sails are two other low-carbon technologies that are already installed on yachts, which can go carbon-free by harnessing power of wind through the use of kite sails. This technology can be combined with a low resistance hull and green propulsion on days when sailing is not planned to increase energy efficiency. When combined with electric propulsion, solar panels offer comparable benefits, making yachting quieter, cleaner, and less maintenance intensive.

The development of electric propulsion systems is one of the biggest developments in yacht technology. Yachts have historically been driven by diesel engines, though electric propulsion technologies provide a more sustainable and environmentally friendly option. These technologies run the yacht with electric motors and batteries, which reduces pollution and makes for a more serene cruise. Moreover, the yachting industry is undergoing an evolution due to the development of autonomous navigation technology

A current trend in the yacht market is rising demand for flybridge yachts, which have an upper helm station above the main deck that is typically protected by a hardtop is. Flybridge yachts are sometimes known as convertibles or dual-purpose vessels as these are excellent for both cruising and fishing. A convertible yacht is essentially a flybridge yacht with a fully enclosed main helm on the lower deck, more equivalent to a real salon.

Segment Insights

Propulsion Insights:

On the basis of propulsion, the global yacht market is segmented into motor and sailing.

The sailing segment accounted for largest revenue share in the global yacht market in 2022 due to environmental friendliness and fuel efficiency of sailing yachts. A sailing yacht can be a sail or power vessel intended for cruising, racing, or just for pleasure. Traditionally, a wooden keel and ribs covered with planks were used to build all sailing yachts, which are used metal in place of these materials. The lack of fuel concerns is one benefit of owning a sail yacht as opposed to a motor yacht. Fuel is not only expensive but also environmentally harmful and challenging, as there is always a chance of running out of fuel while traveling long distances, therefore one must continually keep an eye on the availability of fuel.

Application Insights:

On the basis of application, the global yacht market is segmented into commercial and private.

The commercial segment is expected to account for significantly large revenue share in the global yacht market during the forecast period due to increasing operational scope and longer distances of commercial yachts. Any yacht carrying 12 passengers that is used for trade, business, or charter is considered a commercial yacht. Only commercial yachts of twenty-four meters or longer may be registered. In addition, compared to private yachts, commercial yachts are frequently operated for longer periods of time and cover larger distances.

This may entail spending more time in port loading, fueling, and restocking supplies as well as more time on the sea. Larger crews and more seasoned workers are frequently needed to operate commercial yachts, in addition to extra supplies and equipment to keep them operating at peak efficiency. In addition, commercial yachts must also adhere to the International Maritime Conventions and Regulations, Commercial Yacht Code Regulations in line with the selected registry, and minimum safe manning requirements if these are longer than 24 meters. In the case of an accident, incident, or liability problem, yacht, crew, and every passenger need to be adequately insured.

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Regional Insights:

The Europe market accounted for largest revenue share in the global yacht market in 2022 due to increasing collaborations among key players in this region. For instance, on 20 June 2023, Heesen announced the launch of Sparta, the largest steel motor yacht. Venetian red and anthracite grey accents dominated Sparta's stunning appearance, which combined classic and modern elements. A reverse bow added to the form's slenderness and length, adding to the athletic look.

In addition, strategic partnerships integrating luxury lifestyle elements to enhance onboard experiences is another factor driving market growth of this region. For instance, on 12 January 2022, Northrop & Johnson announced a strategic partnership with Master & Dynamic, a well-known audio company. A key component of the partnership between Master & Dynamic and Northrop & Johnson was a wellness kit that was given to Northrop & Johnson customers.

The North America market is expected to register fastest revenue growth rate in the global yacht market during the forecast period due to rising focus of manufacturers on building technologically integrated yachts. For instance, on 7 November 2022, Horizon Yachts launched the seventh hull of Horizon FD75 model. This yacht, which was constructed for business associates and co-owners, has four staterooms, including a raised pilothouse and a forward semi-on-deck master stateroom.

For instance, on 16 November 2023, the government of Puerto Rico and a Texas-based corporation signed a multimillion-dollar contract to construct a marina for super yachts in the U.S. territory's capital. Safe Harbor Marinas LLC was assigned to construct a new marina that would span over 180,000 square feet and be situated near the two docks that are now used by yachts. It has sanitary pumps, high speed Internet, shore power and water connections and can hold about six boats at once.

Scope of Research

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Major Companies and Competitive Landscape

The global yacht market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective yacht solutions in the market.

Some major players included in the global yacht market report are:

• Alexander Marine Co., Ltd.
• Azimut Benetti SpA
• Cantieri Navali Codecasa Tre S.p.A.
• WANDA Group
• Damen Shipyards Group
• Feadship
• FINCANTIERI S.p.A.
• Flensburger Schiffbau Gesellschaft GmbH
• Fr. Lurssen Werft GmbH
• Heesen Yachts Sales B.V.
• Horizon Yacht USA
• KPS Capital Partners LP
• Oceanco SAM
• Overmarine Group Spa
• Palmer Johnson
• Palumbo group spa
• Sanlorenzo Spa
• THE ITALIAN SEA GROUP S.p.A.
• Viking Yacht Company
• Westport Yachts

Strategic Development

• On 24 February 2022, Imperial announced the launch of Project AMELS 242-07, a Limited-Edition superyacht measuring 74 meters. AMELS 242-07 was the seventh vessel to be introduced from the Limited Editions design. Damen Yachting handled the naval architecture, while Winch Design handled the interior design. AMELS 242-07 had a GT of 1,790 and could accommodate 12 guests and 19 crew members. The yacht had the most modern IMO Tier III clean emissions propulsion and power equipment.
• On 22 September 2021, Azimut announced the launch of two new Grande models, 26 Metri and 36 Metri superyachts, which would be added to its flagship Grande Collection in 2022. The Grande 26 Metri was envisioned as a modest superyacht with five cabins, including the owner's suite on the main deck, that could provide distinct flows for guests and crew. The Grande 36 Metri gave users the option to choose from various layouts, each with unique functionality for each space.

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 For the purpose of this report, Emergen Research has segmented the global yacht market on the basis of propulsion, application, type, length, and region:

• Propulsion Outlook (Revenue, USD Billion; 2019-2032)
  • Motor
  • Sailing
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Commercial
  • Private
• Type Outlook (Revenue, USD Billion; 2019-2032)
  • Super Yacht
  • Flybridge Yacht
  • Sport Yacht
  • Long Range Yacht
  • Cruiser Yacht
  • Others
• Length Outlook (Revenue, USD Billion; 2019-2032)
  • Up to 20 meters
  • 20 - 50 meters
  • Above 50 meters
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America

• • • • U.S.
      • Canada
      • Mexico

• • Europe

• • • • Germany
      • France
      • UK
      • Italy
      • Spain
      • Benelux
      • Rest of Europe

• • Asia Pacific

• • • • China
      • India
      • Japan
      • South Korea
      • Rest of APAC

• • Latin America

• • • • Brazil
      • Rest of LATAM

• • Middle East & Africa

• • • • Saudi Arabia
      • UAE
      • South Africa
      • Turkey
      • Rest of Middle East & Africa

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