Yacht Market Size - By Type (Flybridge Yacht, Sports Yacht, Cruiser Yacht), By Length (Below 24 meters, 24 - 45 meters, Above 45 meters), By Propulsion (Motor, Sail), Regional Outlook & Global Forecast 2023 - 2032

Yacht Market Size

Yacht Market size was valued at USD 11.04 billion in 2022 and is estimated to register a CAGR of 6.7% between 2023 and 2032. The high focus of yacht manufacturers on building technologically integrated yachts is driving market growth. Manufacturers are incorporating cutting-edge technologies, such as advanced navigation systems, eco-friendly propulsion systems, and onboard automation, to enhance the yachting experience. As a result, the market is witnessing an increased demand for technologically advanced yachts, driving its expansion and catering to the evolving preferences of yacht enthusiasts & buyers.

Yacht manufacturers are investing in innovation to offer luxurious and technologically advanced vessels. The strong global economy and rising disposable incomes are augmenting the customer base for yachts. Additionally, the growing interest in leisure boating and luxury travel experiences is driving product demand. This optimistic industry outlook attracts both seasoned & new buyers, thereby fostering market expansion.

The yacht market faces challenges in the form of high investments and increasing upkeep costs. Acquiring a yacht entails significant initial capital including the purchase price, customization costs, and equipment expenses. Beyond acquisition, the ongoing maintenance costs, crew salaries, mooring fees, and fuel, insurance & refurbishment costs are contributing to substantial operational expenses. These high costs deter potential buyers, limiting market growth. Additionally, yacht owners must also consider depreciation and resale value, making it essential to choose the right vessel and financial planning to navigate the considerable financial commitments associated with yachts.

COVID-19 Impact

The COVID-19 pandemic had negative impacts on the yacht market. Travel restrictions, economic uncertainties, and health concerns led to a decrease in yacht sales & charter bookings. Manufacturing delays and disruptions in the supply chain affected production schedules. Additionally, yacht shows and events were canceled or postponed, thereby limiting the opportunities for showcasing new vessels. However, the market demonstrated resilience with increased interest in private yachts for safe & isolated travel, and recovery began as restrictions eased & vaccination efforts progressed.

Yacht Market Trends

Hybrid & electric propulsion is an emerging trend in the yacht business owing to the growing focus on environmental sustainability. Yacht buyers are increasingly seeking eco-friendly alternatives to traditional fuel-powered engines. Hybrid systems combine conventional engines with electric propulsion systems, thereby reducing emissions and fuel consumption. On the other hand, electric propulsion offers zero-emission cruising.
 

Customization and personalization are emerging trends in the yacht market as buyers are increasingly prioritizing individuality and unique experiences. Yacht manufacturers now offer extensive customization options, allowing customers to design vessels that align with their specific desires such as the creation of bespoke interiors, the selection of unique amenities, or layout configurations. This trend caters to discerning clientele seeking a sense of exclusivity and personalization, thereby reflecting the shift from mass-produced yachts to tailored & one-of-a-kind vessels that fulfill the unique lifestyles and aesthetic preferences of owners.
 

Yacht Market Analysis

The cruiser yacht segment captured around 60% of the yacht market share in 2022, due to its versatility and broad appeal. Cruiser yachts offer a balance between luxury, performance, and practicality, making them ideal for both leisurely getaways & long-distance explorations. They often feature spacious interiors, multiple cabins, and amenities for extended stays on board. Their ability to accommodate various activities, ranging from relaxation to water sports, makes them a popular choice, thereby contributing significantly to the sustained growth & diversification of the yacht business.

The motor segment held approximately 81% of the yacht market revenue share in 2022. Buyers are increasingly opting for motorized yachts over sailboats owing to their convenience, speed, and ease of handling. Furthermore, advancements in propulsion technology including more efficient engines, hybrid systems, and electric propulsion are also attracting eco-conscious consumers. Motor yachts offer greater control and flexibility, making them ideal for exploring diverse cruising grounds. This growing demand for motorized vessels has led to a surge in innovation & investment in propulsion systems, further fueling the motor segment growth.
 

North America led the global yacht market with a share of over 35% in 2022. The region boasts a strong economy with a significant population of high-net-worth individuals having an affinity for yachting. This affinity is further propelled by the presence of coastal regions, such as Florida and California, which offer ideal yachting conditions. The popularity of chartering yachts for vacations is on the rise. These factors, combined with innovative yacht designs and a focus on eco-friendly yachts, are driving the demand for yacht in North America.

Yacht Market Share

Major players operating in the Yacht industry are:

• Azimut Benetti
• Damen Yachting
• Ferretti S.p.A.
• Groupe Beneteau
• Hanse Group
• Heesen Yachts
• Lürssen Yachts
• Princess Yachts
• Royal Huisman Shipyard B.V.
• Sanlorenzo S.p.A
• Sunseeker International Ltd.
• Viking Yacht Company

Sanlorenzo Spa and Lürssen is major market player in Yacht market, holding over 10% of the market share. Sanlorenzo has a reputation for innovative yacht design and a commitment to creating unique and customized yachts. To continue its growth, the company focuses on developing designs and incorporating advanced technologies into its yachts. Lürssen is known for building the largest and luxury superyachts in the world. To maintain its position, the company continue to focus on constructing high-end, custom-built vessels that cater to ultra-high-net-worth individuals.

Yacht Industry News

• In June 2023, the shipyard introduced Sparta superyacht. Winch Design handled both exterior & interior styling, featuring a sleek exterior profile with a distinctive "Venetian red" and metallic grey hull.

   

   

This market research report on yacht includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipment (Units) from 2018 to 2032, for the following segments:

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By Type

• Flybridge yacht
• Sports yacht
• Cruiser yacht

By Length

• Below 24 meters
• 24 - 45 meters
• Above 45 meters

By Propulsion

• Motor
• Sail

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • Australia 
• Latin America
  • Brazil
  • Mexico
  • Argentina 
• MEA
  • UAE
  • South Africa