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Luxury Yacht Market Trends

Report ID: GMI6868
Published Date: Oct 2023
Report Format: PDF

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Luxury Yacht Market Trends

Connectivity and smart technology are emerging trends in the luxury yacht industry as yacht owners are seeking modern conveniences and enhanced onboard experiences. Advanced satellite & communication systems provide reliable internet connectivity, enabling remote work and leisure activities at sea. Smart automation systems control lighting, indoor temperature, security & entertainment, thereby enhancing comfort and energy efficiency. Navigation systems with real-time data and digital charts ensure safe & efficient voyages. These technologies not only improve the quality of life onboard but also cater to the evolving digital lifestyles of luxury yacht owners, making them highly desirable in the market.

The growing demand for superyachts and mega yachts is a prominent trend in the luxury yacht market. Wealthy buyers are increasingly seeking larger vessels that not only offer opulence but also expanded amenities & capabilities. These larger yachts can accommodate more luxurious features such as helipads, larger swimming pools, multiple decks, and onboard cinemas. The trend reflects a desire for unparalleled comfort, entertainment, and extended cruising capabilities as yacht enthusiasts seek the utmost in luxury & exclusivity through their maritime experiences. This trend has led to a surge in the construction of larger & more extravagant yachts by manufacturers and shipyards catering to this high-end market.

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.