Luxury Yacht Market Analysis Report - Industry Size, Trends, Insights, Market Share, Competition, Opportunities, And Growth Forecasts By Segments, 2023 To 2029

Market Overview:

Global Luxury Yacht Market was valued at USD 7.78 Billion in 2021 and is expected to reach USD 13.42 Billion by the year 2028, at a CAGR of 8.1%.

Any sea vessel that is mostly used for pleasure or recreation-such as entertaining, cruising, fishing, water sports, or year-round lodging-is a yacht. There are sleeping quarters, a kitchen, and a bathroom on board yachts, which are large enough for overnight trips. Yachts of a high class are frequently regarded as a symbol of opulence and luxury. Given the growing desire of luxury yacht owners for adventure travel to well-known locations like Antarctica and the Galapagos Islands, the yacht industry is anticipated to see an increase in demand for luxury yachts with longer range capabilities and more extravagant amenities.

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Market Dynamics:

Driver:

The developing tendency towards sporting boat exercises particularly for water sports, voyaging, fishing, and recreation intentions are the primary elements driving the development of the extravagant yacht market during the figure time frame. With growing preferences for luxurious pleasure vehicles that offer both private and chartered services, the luxury yacht market is expanding rapidly. Additionally, the attractive tour packages offered by travel agencies to consolidate their market position and the growing trend of spending leisure time in particular destinations, and engaging in racing, and cruising, are important factors driving the global luxury yacht market.

Opportunities:

High Inclination Towards Marine Tourism, and Water Sports
The rising tendency towards boat sporting exercises and the developing marine travel industry are setting out productive freedom for the market players engaged with the extravagance yacht industry. Besides, steady government drives to support marine the travel industry, lower marine hotel charges, and simple renting arrangements are animating the extension of the extravagant yacht market. A lucrative opportunity for market players is being created by the rise in wealthy individuals and strategic alliances among leading manufacturers.

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The Report Will Include A Major Chapter

•Patent Analysis
•Regulatory Framework
•Technology Roadmap
•BCG Matrix
•Heat Map Analysis
•Price Trend Analysis
•Investment Analysis
•Company Profiling and Competitive Positioning
•Industry Value Chain Analysis
•Market Dynamics and Factors
•Porter's Five Forces Analysis
•Pestle Analysis

Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years.

Market Segmentation

Depending on the type, the flybridge yacht segment is forecasted to dominate the luxury yacht market in the forecast period attributed to the large space at the top which is often utilized for entertaining and dining as well as long-distance cruising. In addition, these are most proffered by business organizations to conduct meetings in the open sea as it offers all the required amenities like air conditioning. Moreover, there are many variants of flybridge available in the market such as sportsbridge, open, and hardtop flybridge. Flybridge yachts provide extra usable space and great visibility for spotting nearby objects. These yachts are the most utilized for leisure purposes in the summer season in both, developed and developing regions thus, promoting the growth of this segment during the analysis period.

Depending on the type, the 90-250 feet segment is anticipated to lead the luxury yacht market in the projected period. With larger spaces comes bigger rooms, more space for gyms, spas, and swimming pools. Most of the Ultra High Net Worth Individuals (UHNWI) prefer buying luxury yachts that have privacy in every room and are spacious enough to accommodate television and sofa sets. Furthermore, outdoor spaces are designed for luxurious relaxation while enjoying the sights, sounds, and smells of the ocean. Underwater Observatory or Nemo Lounge is also offered by some prime companies in this segment. These are completely submerged lounge that lets individuals see through the bottom as well as on both sides while enjoying conversation over drinks thus, supporting the growth of this segment.

Depending on propulsion, the motor yacht segment is expected to have the highest share of the luxury yacht market during the analysis period. Motor yachts are more powerful and faster than their counterparts and are capable of covering greater distances in less time. With the motor yachts, individuals can navigate almost any coastline or archipelago, regardless of whether the passage is narrow or the water is shallow. Additionally, motor yachts are easier to operate, and the expenditure on the crew is greatly reduced and the crew recruitment process is easier than a sailing yacht. Motor yachts are easier to handle and thus are a popular choice for individuals having less experience with yachting. Motor yachts offer more space compared with their counterparts and can accommodate facilities such as water toys, and many modern explorer yachts even feature helipads and research facilities thereby, strengthening the expansion of this segment.

By Type:

•Super Yacht
•Fly Bridge Yacht
•Sport Yacht
•Long Range Yacht
•Others

By Application:

•Private use
•Commercial use
•Special use

By Size:

•40-90 Feet
•90-250 Feet
•Above 250 Feet

By Propulsion:

•Motor Yacht
•Gulet Yacht
•Sailing Yacht

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Regional Analysis of Luxury Yacht Market:

The European region is anticipated to have the highest share of the luxury yacht market in the forecast period attributed to the large presence of luxury yacht manufacturing companies in this region. The supportive government strategies to increase the growth and jobs in the coastal and marine tourism sector and the rise in the number of High-Net-Worth Individuals (HNWI) and Ultra High Net Worth Individuals (UHNWI) in this region is stimulating the expansion of the luxury yacht market in this region. According to Forbes, the number of billionaires reach 628 in 2021 from 511 in 2020. The coronavirus pandemic added US$ 1 trillion in the net worth of the total individuals combined. Moreover, the growing trend of recreational boat activities among individuals in this region is promoting the expansion of the luxury yacht market during the analysis period.

By Region:

•North America (U.S., Canada, Mexico)
•Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
•Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
•Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
•South America (Brazil, Argentina, Rest of SA)

Key Players For The Global Luxury Yacht Market

•Damen Yachting BV (Netherlands)
•Azimut|Benetti Group (Italy)
•Baglietto S.p.A. (Italy)
•BENETEAU (France)
•Cheoy Lee Shipyards Limited (China)
•Dyna Craft Ltd. (US)
•Feadship (Netherlands)
•Ferretti S.p.a (Italy)
•FIPA Group (Germany)
•Fr. Lürssen Werft GmbH & Co. KG (Germany)
•HanseYachts AG (Germany) Heesen Yachts (Netherlands)

Recent Industry Developments In Luxury Yacht Market

In August 2021, Amels and Damen Yachting launched their Amels 78-metre Full Custom superyacht in Vlissingen, the Netherlands. This is the largest superyacht by volume, launched by Amels. The interior volume of this superyacht is 2,885 GT. Amels 78 can accommodate 14 guests on board and is operated by 26 crew members.
In December 2020, Azimut Benetti Group launched two yachts, Motopanfilo 37m in the class category and 67m superyacht FB284. Both these yachts are of high standards and are capable of giving a lavish experience to their users.

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Table of Content:

Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Type
 3.2 By Application
 3.3 By Size
 3.4 By Propulsion

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: Luxury Yacht Market by Type
 5.1 Luxury Yacht Market Overview Snapshot and Growth Engine
 5.2 Luxury Yacht Market Overview
 5.3 Super Yacht
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2016-2028F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Super Yacht: Grographic Segmentation
 5.4 Fly Bridge Yacht
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2016-2028F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Fly Bridge Yacht: Grographic Segmentation
 5.5 Sport Yacht
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size (2016-2028F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Sport Yacht: Grographic Segmentation
 5.6 Long Range Yacht
  5.6.1 Introduction and Market Overview
  5.6.2 Historic and Forecasted Market Size (2016-2028F)
  5.6.3 Key Market Trends, Growth Factors and Opportunities
  5.6.4 Long Range Yacht: Grographic Segmentation
 5.7 Others
  5.7.1 Introduction and Market Overview
  5.7.2 Historic and Forecasted Market Size (2016-2028F)
  5.7.3 Key Market Trends, Growth Factors and Opportunities
  5.7.4 Others: Grographic Segmentation

Chapter 6: Luxury Yacht Market by Application

Continued…

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