Yacht Market Size By Type (Flybridge Yacht, Sports Yacht, Cruiser Yacht), By Length (Below 24 meter, 24 - 45 meter, Above 45 meter), By Propulsion (Motor, Sail), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 - 2027

Industry Trends

Yacht Market size surpassed USD 12 billion in 2020 and is anticipated to grow at over 4.5% CAGR from 2021 to 2027. Rising demand for luxury leisure and watersports activities is likely to drive the industry demand.
 

The emergence of gadgets and advancements in connectivity are encouraging market players to adopt new technologies for enhanced features. Companies are working with technology firms to ensure fast & reliable broadband in the middle of the ocean and develop products to enhance onboard security & entertainment. Artificial Intelligence (AI), electrification, wearable technologies, and other big technological developments are positively influencing the industry statistics. AI is transforming the market and is expected to play a crucial part in the future of the maritime industry.
 

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The growing demand for yacht charters on account of rising marine tourism will influence the market revenue. Several luxury yacht manufacturers are also providing yachts on rent to explore various coastlines & islands and to provide a seamless travel experience with high standards & comfort. For instance, in 2021, Ritz Carlton launched itineraries to encourage guests to stay aboard for more than one voyage. The ease of booking yachts online on a weekly or monthly basis will create market growth opportunities.
 

The increasing number of accidents and fatalities related to boating is one of the major factors challenging the yacht market. Manufacturers are increasingly adopting safety measures and installing safety equipment onboard to reduce the number of accidents.
 

The COVID-19 pandemic has adversely affected the yacht industry statistics in the first half of 2020. The worldwide lockdown and travel restrictions have caused several challenges including supply chain disruptions, the shortage of raw materials, components & skilled labor, and investment delays. Several builders have made it through the pandemic by taking loans to safeguard their important suppliers and to support manufacturing operations. Moreover, a rise in water sports and boating activities in Europe & North America in the second half of 2020 resulted in higher demand for smaller yachts.
 

Cruiser yachts are witnessing a surge impelled by enhanced comfort, speed, and expedition capabilities

The cruiser yacht market held around 50% of the volume share in 2020. The shipments of cruiser yachts are predicted to reach 1,800 units by 2027. These yachts are equipped with smart technologies to offer a luxurious onboard experience to the guests. Prominent industry participants are focusing on building new cruiser models to capture a substantial market share.
 

Growing popularity of 24 - 45 meter yachts

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24 – 45 meter yachts are forecast to register growth rate of nearly 5% through 2027. They are suitable for small groups & families and are spacious, stable & designed to provide enhanced comfort. The 30-meter length motor yachts have cabins for 10 - 12 guests and provide all kinds of amenities, ranging from theaters to water sports equipment.
 

Several boating enthusiasts opt for yachts in this size range due to their convenience in terms of sailing. A yacht of this size may also appeal to customers looking to downsize from a larger yacht, allowing them to continue to enjoy the benefits of yachting. Boatbuilders are developing new customized models to meet the ever-increasing customer demands.
 

Proliferation of electric motor yachts led by lower carbon footprints and strict environmental regulations

The motor propulsion segment dominated the yacht market with above 80% share in 2020. Motor yachts can achieve enhanced speeds and cover long distances in less time. The rising popularity of motor yachts can be credited to their higher versatility, spacious deck, and robust design. Motor yachts provide numerous onboard facilities, accommodate more guests, and provide numerous recreational activities as opposed to sailing yachts. Manufacturers are focusing on developing electric motor yachts owing to rising environmental concerns and stringent government regulations.
 

Rising preference for outdoor recreational activities will augment the North America market revenue

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The North America yacht market size valued at about USD 4 billion in 2020 and is poised to observe significant rate through 2027. The presence of high-net-worth individuals along with heightened interest in recreational boating activities is propelling the regional market expansion. As per an industry report published by the National Marine Manufacturers Association (NMMA) 2019, the recreational boating industry contributed an estimated USD 170.3 billion to the U.S. economy.
 

A major shift in preference for boating to spend quality time with friends & family and host corporate events have fueled the market demand. Marine manufacturers are investing heftily in R&D activities to launch new products with advanced features and robust designs to consumers with different interests & budgets.
 

High focus of market players on new model launches and acquisitions

Prominent players in the market include Damen Shipyards Group, Hanse Group, Azimut Benetti S.P.A., Riveria Australia Pty Ltd., Viking Yacht Company, Royal Huisman Shipyard B.V., Bavaria Yachts, BAGLIETTO SPA, Overmarine Group SPA, The Italian Sea Group, King Marine Yachts, Sunseeker International Ltd., Princess Yachts, San Lorenzo S.P.A., and FERRETTI S.P.A.
 

Industry participants are launching new yacht models of varying sizes and are adopting several market strategies, such as partnerships and acquisitions, to increase their revenue. For instance, in June 2021, Sanlorenzo launched a new 144-Foot Superyacht, X-Space, that has an interior made entirely of glass. The yacht is designed for long-haul travel without sacrificing luxury. The model is expected to launch by 2023.
 

This market research report on yacht includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2021 to 2027 for the following segments:

Market, By Type

• Flybridge yacht
• Sports yacht
• Cruiser yacht

Market, By Length

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

Market, By Propulsion

• Motor
• Sail

The above information has been 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