Luxury Yacht Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Luxury Yacht Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Luxury Yacht market is anticipated to register a CAGR of about 8%, during the forecast period (2020 - 2025).

Key Highlights

• With an increase in income level of people living around the world, there is an increase in spending on recreational activities which is driving the market. In addition, the natural landscape of countries which have a sea/ocean as a border attract significant number of international tourists every year, especially from the affluent segment of the population. These countries are also preferred destinations for some promotional events and meetings, during which luxury yachts are leased. Therefore, the increase in recreational tourism is expected to positively influence the growth of the global luxury yacht market.
• Many corporate events and parties are also being held in yachts, which is again seeing yachts being rented.
• The luxury yacht market has entered the era of eco- consciousness. International Maritime Organization has directed the maritime industry to reduce greenhouse gas emissions by 50% by 2050 from 2008’s levels. As a result, builders and suppliers are working together to find sustainable solutions to reduce consumption at reasonable costs. Many High net worth and ultra-high net worth yacht owners are putting environmental impact first, spurring significant change in yacht building and innovation. This scenario has led to newer, lighter and more fuel-efficient Yachts being developed and further being deployed in the market.

Key Market TrendsIncrease in Number of Billionaires Driving the Demand

By the end of 2018, there were 2,101 billionaires around the world, which is 589 more than 2013’s number. This is an increase of around 40%, in the number of billionaires around the world during these 5 years. As the target audience for the luxury yacht market is these ultra-rich individuals, the increasing number of high net worth individuals is expected to drive the market growth. In July 2019, Rafael Nadal, the famous Spanish Tennis Player has bought a custom 80-foot luxury yacht.

Europe is Expected to be the Market Leader

Europe which has the highest share of billionaires globally, and having scenic beauty countries like Greece, Italy etc. is expected to be the market leader during the forecast period. A large number of tourists come in the region and many parties are also organized on private yachts, government initiatives to boost tourism in the region being the major factors for growth in the market.

Government initiatives such as lower marine resort taxes, and easy leasing is helping in expansion of the market in the region. Also, continuous focus on trade and internationalization through commercial strategies and strategic alliances by leading domestic manufacturers such as Azimut Benetti, Sanlorenzo and Ferretti have ensured Italy to remain hub for luxury yacht manufacturing in the region.

Competitive Landscape

The Luxury Yacht market is fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the Luxury Yacht market are Sinot Yacht, Feadship, Fr. Lürssen Werft GmbH & Co.KG , Fincantieri Yachts and others. In October 2019, Sinot Yacht and architectural design unveiled world’s first hydrogen powered superyacht Aqua, at Monaco yacht show.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Feadship
Fr. Lürssen Werft GmbH & Co.KG
ISA Yachts
Sinot Yacht Architecture and Design
Fincantieri Yachts
Oceanco Yacht
Nobiskurg
Sunseeker
Christensen
Amels

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