As per the latest findings of Future Market Insights, global luxury yacht market revenue is expected to be US$ 8,812.4 Million by the end of 2023. In the long-term, the luxury yacht market is estimated to reach at around US$ 19,924.7 Million in 2033.
| Attribute | Details |
|---|---|
| Estimated Luxury Yacht Market Size (2023) | US$ 8,812.4 Million |
| Projected Luxury Yacht Market Size (2033) | US$ 19,924.7 Million |
| Value-based CAGR (2023 to 2033) | 9% |
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The word yacht is derived from the Dutch word ‘jacht’ meaning hunt. Luxury yachts are also known as “Floating Palaces or Floating Real Estates". They are the epitome of luxury spending. Luxury yachts are privately owned, professionally crewed and highly expensive motor yachts.
The various stakeholders of the luxury yacht market are yacht manufacturers, brokerage firms and brokers, designers, harbor management services, equipment and accessory sectors, journalists and potential buyers.
The luxury yacht market is both a B2B and B2C market as HNWI (high net worth individuals) and UHNWI (ultra-high net worth individuals) are the direct customers, also there are companies that buy luxury yachts for commercial purposes.
Luxury yacht manufacturing companies are obsessively focused on quality because it is the prime differentiating factor between luxury yachts and non-luxury yachts. These companies manufacture luxury yachts using fast patrol vessels, frigates, and interceptors, which are used by world navies for high security. Growing awareness of environmental protection has led to the manufacture of solar luxury yachts.
By Size:
Mega Yacht
Yachts belonging to this category have a length of over 50 meters and are considered to be the largest of their kind. Luxury Megayachts have all the facilities ranging from swimming pools, movie halls, cafeterias, banquet halls to even gyms and suite rooms. They are generally used for leisure and recreation for a large group of people and mostly owned by organizations.
Super Yachts
The average length of a superyacht ranges from 30-50 meters. Due to their smaller size in comparison to a mega yacht, a super yacht has lesser provisions but they are equally luxurious.
By Propulsion:
Luxury Motor Yachts
Motor yachts constitute the widest category of luxury yachts having a motor attached to them. With multi, decks, large interiors and spacious rooms for comfort, these yachts are the perfect choice for a large group of people.
Luxury Sailing Yachts
These kinds of yachts are driven by sail instead of motor. Pleasure boats, also known as yachts, come in various forms and sizes of sails. These vessels can be single sail-single mast), double sail-single mast or multiple sails-multiple masts.
Principal Consultant
Yachting along coastal locations is slowly becoming popular across various countries. Formulation of favorable policies has been effective in promoting coastal and marine tourism which has consequently led to a boost in yachting tourism as well. Adoption of private boats for leisure, client meetings and large scale parties has become quite prevalent. In order to explore new locations with a smaller crowd, regions such as Asia Pacific, Antarctica and Middle East are being preferred for yachting.
Another reason for growth of luxury yachting tourism has been the availability of renting of charter boats. Rentals for yachts are available on weekly basis which further increases the accessibility of luxury yachting.
In the coming years, the number of ultra-wealthy households having assets worth $100 million or more is projected to increase by 70% in the next five years. Shipyards have therefore started to invest in new facilities and technologies to meet the expected demand which will eventually lead to growth in the market for Luxury Yachts
The new generation millennials, belonging to 35-45 year age bracket, have become highly environmentally conscious. This is extremely important to factor in since up to 40% of the yacht buyers are now millennials. Therefore, the sector is slowly switching to green yachting by adopting a more eco friendly approach. By 2050, the International Maritime Organization has instructed the maritime industry to reduce greenhouse gas emissions by 50 percent from 2008 levels by the year 2050 and to reduce carbon footprints of their boats. Electric yachts are also becoming quite popular
Talking about the emerging markets for luxury yachting like India, there is a lack of infrastructure even though there is a proven interest in boating. Owning a yacht in a nascent country can be a long and expensive process due to the heavy import tax. Another factor is the absence of cruising locations which is why people are not able to make the most out of owning a yacht in such markets.
However, with increased government participation to create yacht facilities and to invest in the yachting, the future looks bright and full of potential.
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Europe dominates the market for Luxury Yachts followed by the North America region. With vast coastlines and a significant percentage of boating charter taking place in Mediterranean Sea, Europe has become a favorable nautical tourism hotspot. European countries such has Greece and Croatia have been witnessing a surge in tourists wanting to explore water adventures thus driving the growth of Global Luxury Yachts market
Analysis shows that the Asia Pacific region will become the fastest growing market for luxury yachts owing to an increase in number of ultra-wealthy households and fast pace growth of the developing economies.
Millennials are the major drivers of Luxury Yacht demand
Generational trends are a powerful driver. Millennials prefer enjoying the yachting experience a lot differently from the generation X by emphasising more on everything that their self-owned vessels can do instead of being crazy about merely possessing it. They want to create unique experiences for themselves and their family. In the process, millennials have emerged as the major drivers of the Luxury Yacht demand and have slowly redefined the entire yachting industry.
There will be a surge in the number of independent travellers
Rapid technological advancements in the last few years have made a large number of people quite comfortable with emerging technologies and they are now well equipped to adapt to change. Consequently, this has led to an increase in the number of independent travelers and is forecasted to only increase further.
Online Booking Channels Lead the Booking Channel Segmentation
It usually takes a lot of time and effort to research and make a decision before purchasing something as luxurious as a yacht. However, the existence of online booking channels has unquestionably both sped up the procedure as well as offered clients access to more choices. People who make their bookings online prefer to compare prices, features, types and various other parameters among all available options to make the best possible choice.
Key Players in the global luxury yacht market are Ferretti Group, Lurssen, Feadship, Princess Yachts, Sunseeker and all these companies dominate the market with a combined market share of about 60%. Additionally, the semi-custom luxury yacht market has seen a surge in demand in recent years which might be due to these categories of yachts offering a good balance of customization and off-the-shelf predictability and simplicity.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Asia Pacific; MEA; Europe |
| Key Countries Covered | United Kingdom, United States of America, India, Greece, Italy, Germany |
| Key Segments Covered | By Direct Suppliers, By Indirect Suppliers, By Number of Bookings, Type, Visit Purpose, Tour Type, Age group, Demographic |
| Report Coverage | Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives, Spending, |
| Customization & Pricing | Available upon Request |
The luxury yacht market size is valued at US$ 8,812.4 million in 2023.
The luxury yacht market is projected to thrive at a 9% CAGR through 2033.
The luxury yacht market is predicted to surpass US$ 19,924.7 million by 2033.
The online booking channel segment is likely to lead the luxury yacht market.
Europe dominates the global luxury yacht market.
1. Executive Summary | Luxury Yacht Market
1.1. Market Outlook
1.1.1. Who Is Travelling?
1.1.2. Travel Gross Bookings
1.1.3. Travel Gross Revenue
1.1.4. How Much Do They Spend?
1.2. Evolution Analysis
1.3. FMI Analysis and Recommendations
2. Growth Parameters in Market
2.1. Offered Personalized Services Driving Growth of the Target Market
2.2. Increasing Commercial Applications of Yachts
2.3. Rising Capital Expenditure by Exploration Companies
2.4. Online Booking Channel rise the
3. Direct Suppliers in Market
3.1. Total Supplier Market, Share by Segment (%), 2022
3.1.1. Hotel Companies
3.1.2. Tour Operators
3.1.3. Government Bodies
4. Indirect Suppliers in Market
4.1. OTA (Online Travel Agency)
4.2. Traditional Travel Agencies
4.3. TMC's ( Travel Management Companies)
5. Number of Bookings, 2022
5.1. By Type
5.1.1. Motor Yacht
5.1.2. Sailing Yacht
5.1.3. Others
5.2. By Age
5.2.1. Under 15
5.2.2. 16-25
5.2.3. 26-35
5.2.4. 36-45
5.2.5. 46-55
5.2.6. Over 55
5.3. By Visit Purpose
5.3.1. Business
5.3.2. Personal
5.4. By Demographic
5.4.1. Male
5.4.2. Female
5.4.3. Kids
5.5. By Booking Channel
5.5.1. Phone Booking
5.5.2. Online Booking
5.5.3. In Person Booking
5.6. By Tour Type
5.6.1. Individual travel
5.6.2. Professional Groups
5.6.3. Group travels
6. Gross Revenue
6.1. Gross Revenue (US$ Million) and Forecast (2023 to 2033)
6.2. Number of Bookings (Million) and Forecast (2023 to 2033)
6.3. Total Spending Y-o-Y Growth Projections (2023 to 2033)
6.4. Number of Tourists Y-o-Y Growth Projections
7. Challenges & Looking Forward
7.1. Success Stories: Case Studies
7.2. FMI Recommendations
8. Market Stakeholders Landscape - Key Direct Suppliers
8.1. Hotel Companies
8.1.1. Top Players
8.1.2. Market Concentration
8.1.3. Market Share
8.2. Tour Operators
8.2.1. Top Players
8.2.2. Market Concentration
8.2.3. Market Share
9. Social Media Sentimental Analysis
9.1. Travel Influencers: A new Phenomenon in the world of Tourism
9.2. Social Media Platforms Preferred
9.3. Trending #Hashtags
9.4. Social Media Platform Mentions (% of Total Mentions)
9.5. Trending Subject Titles
10. Assumptions and Acronyms Used
11. Research Methodology
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Luxury Yacht Market
