United States Luxury Yacht Market Report and Forecast 2024-2032

United States Luxury Yacht Market Report and Forecast 2024-2032

United States Luxury Yacht Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the United States luxury yacht market size reached a value of USD 3.40 billion in 2023. Aided by the increasing affluence of consumers, the growing interest in luxury maritime experiences, and advancements in yacht technology, the market is projected to further grow at a CAGR of 8.3% between 2024 and 2032 to reach a value of USD 7.09 billion by 2032.

Luxury yachts are synonymous with opulence and high-end maritime leisure, offering an unrivalled blend of comfort, customisation, and adventure. These vessels are not merely modes of water transportation but symbols of status and luxury, equipped with state-of-the-art technology, lavish accommodations, and bespoke amenities. The U.S., in particular, stands as a global leader in the luxury yacht sector, home to a significant number of yacht manufacturers, brokers, and a growing clientele of affluent individuals and charter services.

The United States luxury yacht market growth is greatly influenced by the increasing disposable incomes among the affluent class, allowing for greater spending on luxury goods and experiences, including yachting. The luxury yacht charter market is also witnessing significant growth, fuelled by consumers seeking unique and exclusive vacation experiences. This trend is particularly strong among millennials and Gen Z, who prioritise experiences over ownership.

High-net-worth individuals are seeking yachts that reflect their personal style and preferences, driving demand for custom-built yachts. This desire for bespoke designs and features is spurring innovation and craftsmanship in the luxury yacht market in the United States. The United States boasts an extensive coastline and numerous yacht-friendly destinations, making it an ideal location for maritime tourism. Luxury yachts are also increasingly used for special events, corporate gatherings, and leisure travel, contributing to market growth.

While the demand for new luxury yachts continues, there is also a growing market for pre-owned yachts. This trend is partly driven by buyers looking for value and shorter delivery times. As per the United States luxury yacht market analysis, the pre-owned market allows for the acquisition of luxury yachts at a reduced cost, with the potential for customisation and retrofitting to meet the buyer's specifications and is an attractive option for first-time buyers and seasoned owners alike.

There is also a growing trend towards eco-consciousness in the luxury yacht sector, with manufacturers and buyers alike prioritising sustainability. This includes the development and use of hybrid or electric propulsion systems, solar panels, and eco-friendly materials for construction and interiors. Sustainable practices are not just about reducing environmental impact but also about meeting the demands of eco-aware consumers and ensuring compliance with increasingly stringent maritime environmental regulations.

A shift in consumer preferences towards unique and off-the-beaten-path experiences is influencing the United States luxury yacht market expansion. Buyers are increasingly interested in explorer yachts that can navigate remote destinations without sacrificing comfort or luxury. This demand for adventure and exploration is driving the development of yachts with enhanced range, durability, and amenities that cater to extended voyages in diverse marine environments.

The way luxury yachts are marketed and sold is evolving, with a significant emphasis on digital platforms, virtual tours, and augmented reality (AR) experiences. As per the United States luxury yacht market outlook, prospective buyers can explore and customise yachts virtually before making a purchase decision, enhancing the buying experience, and expanding the market reach.

As technology advances, luxury yachts are becoming smarter and more connected. This trend encompasses the integration of IoT (Internet of Things) devices, advanced navigation systems, and digital controls that enhance operational efficiency, safety, and convenience, further supporting the United States luxury yacht market share.

Market Segmentation

The market can be divided based on size, material, type, application, and region.

Market Breakup by Size

• 75-120 Feet
• 121-250 Feet
• Above 250 Feet

Market Breakup by Type

• Sailing Luxury Yacht
• Motorised Luxury Yacht
• Others

Market Breakup by Material

• FRP/ Composites
• Metal/ Alloys
• Others

Market Breakup by Application

• Commercial
• Private

Market Breakup by Region

• New England
• Mideast
• Great Lakes
• Plains
• Southeast
• Southwest
• Rocky Mountain
• Far West

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the United States luxury yacht market. Some of the major players explored in the report by Expert Market Research are as follows:

• Westport Yachts
• Christensen Shipyards, LLC
• Horizon Yacht USA
• Burger Boat Company
• Derecktor Shipyards Conn., LLC.
• Hargrave Custom Yachts.
• Sunseeker International Limited
• Alexander Marine International Co., Ltd.
• Heesen Yachts Sales B.V.
• Princess Yachts Limited
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.