Luxury Yacht Market | How these factors will help to escalate market worth $12.8 Billion by 2031 | 8.0% CAGR

The global luxury yacht market is expected to remain influenced by eternal need for luxury. Growth in trend of remote exploration have created new growth avenues for luxury yachts. Furthermore, introduction of new materials, such as structural glass have allowed yacht architecture to reach new levels of sophistication."

According to the report published by Allied Market Research, the global luxury yacht market generated $5.8 billion in 2020, and is anticipated to generate $12.8 billion by 2031, witnessing a CAGR of 8.0% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.

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Growing Demand:
The luxury yacht market has experienced consistent growth over the years, driven by increasing wealth and disposable income among high-net-worth individuals. There has been a rising interest in luxury experiences, including yacht ownership and chartering.

Customization and Personalization:
Buyers in the luxury yacht market increasingly seek customized and personalized features and designs for their yachts. Shipyards and manufacturers are responding to this demand by offering greater flexibility in terms of layouts, amenities, and interior designs.

Sustainability and Eco-Friendly Features:
There is a growing emphasis on sustainability and eco-friendliness in the yacht industry. Buyers are showing increased interest in hybrid or electric propulsion systems, energy-efficient designs, and eco-friendly materials. Shipbuilders are incorporating these features into their yachts to meet the demand for greener options.

Exploration and Adventure Yachts:
There is a rise in demand for yachts designed for exploration and adventure, targeting customers who seek unique travel experiences. These yachts are equipped with advanced technology, longer range capabilities, and robust construction to navigate remote and challenging destinations.

Wellness and Lifestyle Amenities:
Luxury yachts are being designed to offer an enhanced lifestyle experience. Onboard amenities now often include spa facilities, gyms, swimming pools, private cinemas, and other wellness features to cater to the well-being and relaxation needs of yacht owners and their guests.

Connectivity and Smart Features:
Yachts are incorporating advanced connectivity solutions to meet the demands of the modern digital lifestyle. High-speed internet, integrated entertainment systems, smart home automation, and other tech features are being integrated into luxury yachts to enhance the onboard experience.

Chartering and Fractional Ownership:
Chartering and fractional ownership models have gained popularity in the luxury yacht market. Fractional ownership allows multiple individuals to share the costs and usage of a yacht, making yacht ownership more accessible to a wider range of potential buyers.

Asian Market Growth:
The luxury yacht market in Asia, particularly in China, has seen significant growth in recent years. The rising number of high-net-worth individuals in the region has created new opportunities for yacht manufacturers and charter companies to cater to this emerging market.

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In recent years, the number of millionaires has increased, and large segments of the millennial population have acquired an insatiable appetite for luxury ships. Yachts are the height of luxury, equipped with helipads, swimming pools, saunas, hot tubs, and more. The new generation increasingly focuses on pursuing rare, tailored experiences over accumulating things. With on-board beach toys, such as motorboats & jet skis, top-deck Jacuzzi, lavish swimming pools, and private screening rooms, yachts represent pinnacle of luxurious life.

The luxury yacht industry yachts continued to be one of the few shining lights in a generally bleak global economy. The market is anticipated to have considerable growth throughout the projected period due to strong underlying factors such as the rise in ultra-high net worth individuals, surge in preference for recreational and expedition travel, and rise in trend of yacht tourism. The industry is simultaneously dealing with difficulties brought on by high maintenance costs, strict laws and regulations, and quick technical advancement.

Key Take Away From This Study

The 75-120 feet segment was the highest contributor to the global luxury yacht market in 2020, and is projected to grow at a moderate CAGR during the forecast period.

There is a continuous buzz for yacht tourism across the world. As a result, the global luxury yacht demand in terms of volume is projected to grow at with substantial growth rate during the forecast period.

Personalization, chartering, and remote exploration by yachts are the some of the emerging luxury yacht market trends around the world.

Fiber reinforced polymer/composites segment accounted for about three-fourths of the market share for 2020 and is projected to grow with highest the CAGR during the forecast period.

Motorized luxury yacht segment is projected to exhibit rapid growth in the luxury yacht market, owing to easy maneuverability, high power, and more on board facilities.

In terms of volume, Italy accounted for about 50% share in global luxury yacht market for 2020.
The Europe region dominates the global Luxury Yacht market and is expected to retain its dominance throughout the forecast period.

The report offers detailed segmentation of the global luxury yacht market based on size, type, and region.

Based on size, the 120-250 feet segment held the highest market share in 2020, accounting for nearly half of the global luxury yacht market, and is estimated to maintain its leadership status throughout the forecast period. However, the above 250 feet segment is projected to manifest the highest CAGR of 9.0% from 2022 to 2031.

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Based on type, the motorized luxury yacht segment accounted for the largest share in 2020, contributing to more than two-thirds of the global luxury yacht market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 8.3% from 2022 to 2031. The report also analyses segments including sailing luxury yacht and others.

Based on region, Europe, followed by Asia-Pacific & North America, held the highest market share in terms of revenue 2020, accounting for more than two-thirds the global luxury yacht market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.6% from 2022 to 2031.

Leading players of the global luxury yacht market analyzed in the research include Alexander Marine Co Ltd, Damen Shipyards Group, AzimutBenettiS.p.A., Feadship, FERRETTI S.P.A., Horizon Yacht USA, Princess Yachts International plc, Sanlorenzo Spa, Sunseeker International Limited, and Viking Yacht Company.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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