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)
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