Global Yacht Market Outlook & Forecast 2024-2029: A $40.4 Billion Market by 2029 – Growth in Demand for Luxury Tourism and High Net Worth Individuals Drives Demand

DUBLIN, March 8, 2024 /PRNewswire/ — The “Global Yacht Market – Outlook & Forecast 2024-2029” report has been added to  ResearchAndMarkets.com’s offering.

The global yacht market was valued at USD 26 billion in 2023 and is forecast to grow to USD 40.4 billion in 2029, registering a CAGR of 7.62% from 2023-2029.

The yacht market is marked by intense competition among global and regional players, each vying for a share in the lucrative luxury boating industry. Prominent yacht manufacturers such as Azimut-Benetti, Ferretti Group, and Sunseeker International are key players known for producing high-quality and innovative vessels.

The competitive landscape is characterized by a continuous pursuit of technological advancements, eco-friendly solutions, and unique design elements to cater to the discerning tastes of high-net-worth individuals. Yacht brokerage firms, including Burgess and Fraser, contribute to the competitive ecosystem by facilitating yacht sales and charter services.

Additionally, emerging players in the yacht industry from the Asia-Pacific region are making notable strides, adding a new dimension to the market’s competitive dynamics. As consumer preferences evolve and sustainability becomes a focal point, the yacht market remains dynamic, with companies strategically positioning themselves to stay ahead in this glamorous yet fiercely competitive industry.

Market Opportunities & Trends

Economic Growth and High Net Worth Individuals (HNWIs)Growth in Demand for Luxury TourismGrowth of Emerging Markets

Market Growth Enablers

Benefits of Yacht OwnershipTechnological AdvancementsGovernment Support

Market Restraints

High Cost of Yacht OwnershipEnvironmental ConcernsEconomic Downturns

SEGMENTATION INSIGHTS

INSIGHTS BY TYPE

The global yacht market is broadly segmented into sailing and motorized yachts, each catering to distinct preferences and purposes. The conventional sailing yachts, propelled primarily by wind energy, offer a timeless and elegant nautical experience, attracting enthusiasts who appreciate the thrill of sailing and the romanticism associated with wind-powered navigation. On the other hand, motorized yachts, equipped with engines for propulsion, provide a more dynamic and versatile on-water experience, appealing to those who seek speed, convenience, and the ability to cover greater distances. The motorized yachts segment holds a higher market share and is expected to grow with a higher CAGR during the forecast period. Several countries and regions worldwide stand out for their strong and sustained demand for motorized yachts. For instance, demand for motorized yachts in the Mediterranean is buoyed by local buyers and international tourists seeking the luxury and adventure of maritime exploration.

INSIGHTS BY MOTORIZED YACHT

The motorized yacht segment represents a dynamic and diverse sector within the yacht market, catering to enthusiasts who value speed, convenience, and advanced technology. This category includes subsegments such as superyachts, flybridge yachts, sport yachts, and long-range yachts. Superyachts, known for their luxury and size, hold the highest share and are often equipped with luxurious amenities. Moreover, a relentless pursuit of innovation and cutting-edge technology marks the super yacht segment. Advancements in materials, engineering, and onboard systems contribute to developing more efficient, eco-friendly, and luxurious super yachts.

INSIGHTS BY SIZE

The global yacht market by size is segmented into 20 to 50 meters, up to 20 meters, and above 50 meters. Yachts ranging from 20 to 50 meters in length currently hold a maximum market share of over 50%, appealing to a broad spectrum of buyers seeking a balance between spaciousness and manageability. In this segment, buyers often find versatility for both private and charter use. However, the up to 20-meter category is expected to exhibit the highest CAGR, driven by increasing accessibility and affordability. These smaller yachts offer entry-level options, making yacht ownership more attainable for a broader market. On the other end, yachts above 50 meters cater to ultra-high-net-worth individuals, providing expansive living spaces, cutting-edge amenities, and the epitome of luxury. The segmentation by size allows the market to address the diverse demands of buyers, from those seeking intimate cruising experiences to those desiring grand, superyacht opulence.

INSIGHTS BY HULL TYPE

The global yacht market encompasses diverse hull types, influencing the vessel’s performance, stability, and functionality. Monohull yachts hold the maximum share of the market when compared to their counterparts. It features a single hull and is known for its stability and efficiency, making it suitable for various applications. Various manufacturers and builders populate the monohull yacht industry, each bringing their touch of craftsmanship and innovation. Renowned names such as Beneteau, Jeanneau, and Dufour have established themselves as leaders in this segment. Moreover, displacement hulls displace water rather than riding on top, offering a comfortable and steady ride, ideal for long-distance cruising. Furthermore, specialized hulls are designed for specific purposes, such as ice-breaking hulls for polar exploration or SWATH (Small Waterplane Area Twin Hull) for improved stability in rough seas. Each hull type caters to different preferences, applications, and navigational conditions, contributing to the diversity and innovation within the market.

GEOGRAPHICAL ANALYSIS

Europe holds the most prominent share of the global yacht market, accounting for over 35% in 2023. With its vast maritime history, Europe boasts a captivating market defined by its coastlines and inclination for extravagant living standards. The European market reflects the continent’s diversity and variety, offering various yacht sizes to cater to different preferences. In this enchanting landscape, smaller yachts up to 20 meters and larger-sized yachts exceeding 50 meters hold prominent positions. The market thrives as a traditional yachting hub, with countries like Italy, France, and Germany leading in manufacturing and innovation.

Key Company Profiles

Azimuti Benetti GroupFerrettiPrincess YachtsSanlorenzoSunseeker

Other Prominent Vendors

Hargrave Custom YachtsAbeking & RasmussenThe Italian Sea GroupAES YachtAlpha YachtsPermareAntonini NaviArcadia YachtsArk YachtMondomarineAstondoaUniesse Marine GroupAvA YachtsBagliettoBaltic YachtsBayliss BoatworksBering YachtsBertram YachtsBILGIN YACHTSKingship MarineGrand Banks YachtsWestport YachtsFeadshipOceancoHeesen Yachts Sales

Segmentation by Type

Motorized YachtSailing Yacht

Segmentation by Motorised Yacht

Super YachtFlybridge YachtSport YachtLong Range YachtOthers

Segmentation by Hull Type

MonohullDisplacement HullPlaning HullMultihullSpecialized Hull

Segmentation by Application

PrivateCommercial

Segmentation by Size

20 to 50 metersUp to 20 metersAbove 50 meters

Segmentation by Geography

Europe (Italy, France, Germany, The U.K., Spain, Greece, Netherlands, Rest of Europe)North America (The U.S., Canada)APAC (China, Thailand, Singapore, Australia, Japan, Indonesia, Malaysia, Vietnam, Rest of APAC)Middle East & Africa (UAE, Saudi Arabia, Qatar, Turkey, Kuwait, Egypt, South Africa, Rest of Middle East and Africa)Latin America (Brazil, Mexico, Argentina, Chile, Rest of Latin America)

For more information about this report visit https://www.researchandmarkets.com/r/nsxgnk

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected] 
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

 

View original content:https://www.prnewswire.com/news-releases/global-yacht-market-outlook–forecast-2024-2029-a-40-4-billion-market-by-2029—growth-in-demand-for-luxury-tourism-and-high-net-worth-individuals-drives-demand-302084006.html

SOURCE Research and Markets