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Luxury Yacht Market Size
- Report ID: GMI6868
- Published Date: Oct 2023
- Report Format: PDF
Luxury Yacht Market Size
Luxury Yacht Market size was valued at USD 9.9 billion in 2022 and is estimated to register a CAGR of 6.7% between 2023 and 2032, due to the growing popularity of yacht charters. Yacht charters offer individuals and groups with the opportunity to experience the luxury & exclusivity of yachting without the long-term commitment of ownership. This factor has attracted a broader range of clientele. As more people explore yachting through charters, some will be interested in purchasing luxury yachts, which will further drive market growth. The demand for charters will boost the overall yachting industry, leading to increased innovation and options in luxury yacht design & amenities.
The luxury yacht market is thriving due to a combination of factors such as the flourishing tourism industry and increasing yacht ownership. The tourism sector has grown significantly with travelers seeking unique & exclusive experiences including luxury yacht charters. High-net-worth individuals are also investing in private yacht ownership for personal use and as a status symbol. This dual demand has stimulated yacht production & innovation, offering a wide range of luxury options, ranging from extravagant mega yachts to more accessible models, thereby fueling the industry growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Luxury Yacht Market Size in 2022: | USD 9.9 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 6.7% |
| 2032 Value Projection: | USD 18.5 Billion |
| Historical Data for: | 2018 - 2022 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 442 |
| Segments covered: | Type, Length, Propulsion |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The high purchase & maintenance costs are major challenges faced by the luxury yacht market. Acquiring a luxury yacht requires a substantial financial investment, often reaching exorbitant amounts for larger vessels. Additionally, the ongoing maintenance costs including crew salaries, fuel costs, insurance costs, docking fees, and repair expenses can also be quite high. These financial commitments pose a challenge, limiting the market to a select group of ultra-wealthy individuals and potentially hindering buyers
who are deterred by the substantial expenses associated with yacht ownership.
Frequently Asked Questions (FAQ) :
Luxury Yacht Market Scope
