Global Luxury Yacht Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Luxury Yacht Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Luxury Yachts can be either sail or motor driven, and are defined by their opulent appearance and the phenomenal expense of their cost and maintenance.

Market Overview:

The latest research study on the global Luxury Yacht market finds that the global Luxury Yacht market reached a value of USD 7787.2 million in 2022. It’s expected that the market will achieve USD 10404.13 million by 2028, exhibiting a CAGR of 4.95% during the forecast period.

Application area is limited to coastal ports

The yacht's industrial chain is huge and long, gathering labor, technology, knowledge, capital and cultural intensive features. Because there are many affiliated companies in the yacht industry, there are requirements for upstream and downstream industries such as yacht repair, professional yacht maintenance and yacht docks. Therefore, the application area is limited to areas with a certain industrial base along the coast.

High cost of ownership

Luxury yachts are expensive, and maintenance and crew costs average 10% of the original purchase price each year. High prices and maintenance costs have hindered some potential consumers and have some impact on the development of the industry.

Economic upturn and rapid development of tourism

In 2017 and 2018, economic growth in more than half of the world's economies accelerated. Over the past two years, developed economies have grown steadily at a rate of 2.2%. Growth rates in many countries have risen to close to potential growth rates, and unemployment rates in some advanced economies have fallen to historical lows. Among developing economies, East Asia and South Asia continued to maintain relatively strong growth, with growth rates of 5.8% and 5.6% in 2018, respectively. In addition, according to relevant data, the tourism industry has exceeded the global economic growth rate for the seventh consecutive year and has become the fastest-growing industry economy in the world. Macroeconomic developments and consumer trends have brought good development opportunities to the Luxury Yacht industry.

Region Overview:

Geographically, Europe held the largest market share – 67.24% in 2022.

Company Overview:

Azimut/Benetti is one of the major players operating in the Luxury Yacht market, holding a share of 8.12% in 2021.

Azimut/Benetti

Azimut Benetti S.p.A. designs, manufactures, and sells yachts. It offers super, flybridge, sport, and long-range yachts, as well as megayachts and sailing boats. It also charters yachts; and operates marinas and a yacht club. In addition, the company provides financing package options; interior design services for boats; and maintenance services, including refitting, modification, and restructuring.

Lürssen

Lürssen is an independent family-owned shipbuilding company based in Germany that designs and builds yachts, naval vessels and special vessels.

Segmentation Overview:

Among different product types, Motor Luxury Yachts segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Commercial Use segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Luxury Yacht market covered in Chapter 3:

Princess Yachts
Feadship
Sanlorenzo
Horizon Yacht
Damen Group
Lürssen
Sunseeker
Heesen Yachts
Overmarine Group
Ocean Alexander
Ferretti Group
Azimut/Benetti

In Chapter 4 and Chapter 14.2, on the basis of types, the Luxury Yacht market from 2018 to 2029 is primarily split into:

Motor Luxury Yachts
Sailing Luxury Yachts

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Luxury Yacht market from 2018 to 2029 covers:

Private Use
Commercial Use
Special Use

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)