What is the global market size of the Luxury Yacht Market?

Global Luxury Yacht Market size was valued at USD 8.4 billion in 2021 and is poised to grow from USD 8.91 billion in 2022 to USD 13.3 billion by 2030, growing at a CAGR of 5.8% in the forecast period (2023-2030).

What is the key driver of the Global Luxury Yacht Market?

There are many factors driving the growing demand for the 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.

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

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

Global Luxury Yacht Market Insights

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).

Luxury yachts are equipped with state-of-the-art amenities such as dance decks, swimming pools, jacuzzis, and spacious living areas. The luxury yacht market is growing at a rapid pace, with emergence of a large buyer pool to invest in a vessel that offers unparalleled luxury and convenience. Since, owing a yacht is often associated with wealth and prestige, it is one of the most popular choices between celebrities, and business magnates.

Some of the most popular luxury yacht brands in the market include Viking Yachts, Sunseeker International, and Costa Cruises. These companies have been able to capitalize on the growing demand for luxurious yachts by creating stunning vessels that are both technologically advanced and luxurious.

US Luxury Yacht Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Luxury Yacht Market Report Snapshots

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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'

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

Global Luxury Yacht Market Insights

Global Luxury Yacht Market Report Snapshots

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