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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.

 

Luxury Yacht Market

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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.

 

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.

 

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Luxury yacht market size reached USD 9.9 billion in 2022 and is set to expand at 6.7% CAGR from 2023 to 2032, led by growing popularity in the booming tourism sector to render unique & exclusive experiences.

Cruiser luxury yacht segment held around 60% revenue share in 2022, attributed to their increasing preference due to enhanced comfort and the ability to explore longer distances.

North America accounted for more than 30% of the market share in 2022, owing to the strong economy and high disposable income levels in the region.

Some of the leading companies in the market are Azimut Benetti, Damen Yachting, Ferretti S.p.A., Groupe Beneteau, Hanse Group, Heesen Yachts, Lürssen Yachts, Royal Huisman Shipyard B.V., Sanlorenzo S.p.A, Sunseeker International Ltd., and Viking Yacht Company.

Luxury Yacht Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 16
  • Tables & Figures: 442
  • Countries covered: 15
  • Pages: 200
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