Pune, India, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global luxury yacht market size was valued at USD 6.40 billion in 2022 and is expected to be worth USD 7.67 billion in 2023. The market is projected to reach USD 13.67 billion by 2030, recording a CAGR of 8.6% during the forecast period. Rosetti Superyachts’ Shipyard Unveiled Its Yacht Series Makasea. Fortune Business Insights presents this information in their report titled "Global Luxury Yacht Market Forecast, 2023-2030."
The global Luxury Yacht market research reports offer a comprehensive and insightful analysis of Luxury Yacht industry. This report helps to understand the market landscape, trends, opportunities, challenges, and key players. The research employs a combination of qualitative and quantitative methodologies to present a well-rounded view, including data-driven statistics, expert opinions, and market dynamics. By examining factors such as Luxury Yacht market size, growth potential, competitive analysis, consumer behavior, and emerging technologies, this reports aims to help the businesses and stakeholders with valuable insights for strategic decision-making and successful market engagement.
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The demand for recreational activities, such as fishing and marine tourism is growing at a notable pace, which has increased the demand for luxury yachts. These yachts are high-end recreational vehicles that are equipped with the most innovative features to offer pleasant experience to passengers. Factors, such as rising trend of recreational & leisure activities and increasing wealth of customers are expected to fuel the luxury yacht market growth.
Key Industry Development:
June 2023 - Rosetti Superyachts’ shipyard in Ravenna, Italy introduced the Rosetti 38M EXP yacht series, Makasea. Makasea has twin 800 horsepower MAN diesel engines, offering her a range of 4,500 nautical miles at 10 knots and a top speed of 13 knots. Makasea also has zero-speed stabilizers for a comfortable performance.
Key Takeaways:
- Luxury Yacht Market size in Europe was USD 3.53 billion in 2022
- Private Yachting to Increase Post-Pandemic with Growing Demand for Seclusion Amongst Customers
- Motor Yachts to Gain Traction Due to Demand for Long-Distance Journeys
- Rising Disposable Incomes to Augment Demand for Luxury Yachts for Personal Activities
Discover the Leading Players Featured in the Report:
Azimut Benetti S.p.A. (Italy), Sanlorenzo S.p.A (Italy), Ferretti Group (Italy), Feadship (Netherlands), Princess Yachts (U.K.), Sunseeker Yachts(U.K.), Fr. Lurssen Werft GmbH & Co. KG (Germany), ISA Yachts (Italy), Ocean Alexander (Taiwan), Kingship Marine Limited (China)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 8.6% |
| 2030 Value Projection | 13.67 Billion |
| Base Year | 2022 |
| Luxury Yacht Market Size in 2022 | 6.40 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 200 |
| Segments covered | By Type, By Size, By Application, By Region |
Drivers and Restraints:
Growing Population of UHNWIs to Accelerate Market Expansion
The population of Ultra-High Net Worth Individuals (UHNWIs) is growing at a steady rate every year. The superyacht sector has witnessed notable rise in its business due to the growth in the number of billionaires across the world. This trend has continued to grow as new charter customers accounted for about 40% of the luxury yacht market in 2021, as per insights on the yacht market by Fraser, one of the top yacht brokerage firms in the world. More ultra-rich people are investing in state-of-the-art yacht to lead a comfortable lifestyle. These factors are expected to accelerate the market progress. However, negative impact of yachting on the environment may hinder the market development.
Regional Insights:
Europe to Lead Global Market Due to Rise in Maritime Tourism
Europe is estimated to dominate the global luxury yacht market as the region is witnessing a considerable rise in the demand for maritime tourism. Europe also has many countries that are considered hotspots for tourism. Moreover, the growing popularity of fishing activities and water sports will further spur the regional market progress.
North America has captured the second-largest market share due to factors, such as growing disposable incomes, large-scale urbanization, and rising participation in leisure activities.
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Competitive Landscape:
Azimut Benetti to Focus On Offering Innovative Products to Strengthen Its Market Position
Azimut Benetti has led the market growth for several years as it is the first among all the prominent companies to lead as a global private group in the yachting industry. The company, headquartered in Viareggio, Italy and founded in 1969, has over 50 years of experience in yachting and is now increasing its focus on providing yachts that come with innovative features. These efforts will strengthen its competitive edge against its rivals.
Segmentation:
By Type
Motor Yachts
Sailing Yachts
By Size
Upto 50 Meters
50 to 100 Meters
More than 100 Meters
By Application
Personal Use
Commercial Use
By Region
North America
Europe
Asia Pacific
Middle East & Africa
South America
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
3.4. Market Trends
4. Key Insights
4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2 Porter’s Five Forces Analysis
4.3 Technological Developments
4.4 Impact of COVID-19
5. Global Luxury Yacht Market Analysis, Insights and Forecast, 2019-2030
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Type
5.2.1 Motor Yachts
5.2.2 Sailing Yachts
5.3. Market Analysis, Insights and Forecast – By Size
5.3.1 Upto 50 Meters
5.3.2 50 to 100 Meters
5.3.3 More than 100 Meters
5.4. Market Analysis, Insights and Forecast – By Application
5.4.1 Personal Use
5.4.2 Commercial Use
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1 North America
5.5.2 Europe
5.5.3 Asia Pacific
5.5.4 Rest of the World
Continue…
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