Global Luxury Yacht Market

Luxury Yacht Market Size, Share, Growth Analysis, By Type(Sailing Luxury Yacht, Motorized Luxury Yacht, Others), By Size(75-120 feet, 121–250, above 250 feet), By Material(FRP/ Composites, Metal/ Alloys, others), By Application(Private, Commercial), By Region - Industry Forecast 2024-2031


Report ID: SQMIG25P2017 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 116 | Figures: 77

Luxury Yacht Market Regional Insights

According to general report published by World Bank, Italy, the UK, and the Netherlands are the major producers of luxury yachts in Europe luxury yacht market. In terms of value, Italy leads the way with around €2 billion worth of production, followed by the UK at €1.6 billion and the Netherlands at 1.4 billion. The majority of yacht builders in these countries are concentrated in well-established maritime regions such as Tuscany, Sardinia and Puglia in Italy; Southampton and Plymouth in the UK; and Amsterdam and Zaandam in the Netherlands.

These companies in the global luxury yacht market have benefited from high-end orders in recent years, with a huge demand for luxury yachts remaining robust despite challenging economic conditions globally. A number of factors have contributed to this demand, including an increase in wealth among high-net-worth individuals, continued growth in the charter market and a rise in interest from emerging markets such as China and Russia.

Looking ahead, SkyQuest expects that Brexit will create some uncertainties for luxury yacht builders based in the UK but believes that overall demand for these vessels will remain strong. Indeed, many wealthy individuals are likely to continue to see yacht ownership as a status symbol and an efficient way to enjoy time on the water.

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FAQs

Luxury Yacht Market size was valued at USD 8.4 billion in 2019 and is poised to grow from USD 8.91 billion in 2023 to USD 13.3 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

Even in the face of a global pandemic, the luxury yacht market has remained strong. Here are some of the ways that companies are sustaining in this market to stay competitive: 'Azimut-Benetti', 'Ferretti Group', 'Sunseeker International', 'Princess Yachts', 'Feadship', 'Lürssen', 'Sanlorenzo', 'Heesen Yachts', 'Oceanco', 'Westport Yachts', 'Christensen Shipyards', 'Gulf Craft', 'Baglietto', 'Palmer Johnson Yachts', 'Beneteau Group', 'Amels', 'Codecasa', 'CRN Yachts', 'Hatteras Yachts', 'Horizon Yachts'

There are many factors to drive the growing demand for luxury yacht market. First and foremost, among these is the increasing wealth of individuals around the world. As the number of millionaires and billionaires are rising they are looking for ways to spend their money, and luxury yachts are one of the most popular choices.

Rise in disposable income has led in spending on luxury items: In recent years, there has been a growing trend of wealthy individuals purchasing luxury yachts. This is due to a number of factors, including an increase in disposable income and a desire to own a status symbol.

According to general report published by World Bank, Italy, the UK, and the Netherlands are the major producers of luxury yachts in Europe luxury yacht market. In terms of value, Italy leads the way with around €2 billion worth of production, followed by the UK at €1.6 billion and the Netherlands at 1.4 billion. The majority of yacht builders in these countries are concentrated in well-established maritime regions such as Tuscany, Sardinia and Puglia in Italy; Southampton and Plymouth in the UK; and Amsterdam and Zaandam in the Netherlands.

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Global Luxury Yacht Market

Report ID: SQMIG25P2017

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