Yacht Market Size Worth USD 21.15 Billion in 2032 | Emergen Research

The global yacht market size was USD 11.19 billion in 2022 and is expected to register a rapid revenue CAGR of 6.6% during the forecast period. The global yacht market is experiencing significant growth driven by a convergence of factors including a surge in sustainable yacht interest, emerging tourism destinations, and technological advancements in yacht manufacturing. These insights are revealed in a recent market research report, highlighting key trends, drivers, restraints, and segment insights.

Evolution in Yacht Manufacturing

Manufacturing processes for yachts have evolved dramatically in recent years, with a shift towards incorporating luxury features and improved performance characteristics. Traditional materials like wood and fiber-reinforced polymers have given way to more advanced materials, enhancing both functionality and customer experience.

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Key Market Drivers

Embracing Sustainability in Yachts
The market is witnessing a notable shift towards sustainable yachts, with hybrid-electric systems emerging as a preferred choice. These systems not only reduce underwater pollutants but also offer a quieter and more efficient ride. Solar panels and kite sails are also gaining traction, contributing to carbon-free yachting experiences.

Electric Propulsion and Autonomous Navigation

Electric propulsion systems are revolutionizing the industry, offering a more environmentally friendly alternative to traditional diesel engines. Furthermore, advancements in autonomous navigation technology are enhancing safety and efficiency, providing yacht owners with more options and peace of mind.

Hydrofoil Technology

The adoption of hydrofoil technology is another significant development, enabling yachts to cruise at higher speeds while using less fuel. This technology enhances passenger comfort and reduces journey times, further driving market growth.

Market Restraints

High operating and maintenance expenses remain a key challenge for the market, including mooring fees, fuel costs, and routine maintenance. These expenses could potentially restrain revenue growth despite the positive market trends.

Market Trends

Rise in Demand for Flybridge Yachts

Flybridge yachts are witnessing increased demand, offering superior visibility and versatility for cruising and fishing enthusiasts alike. These vessels provide added comfort and protection from the elements, contributing to their popularity among consumers.

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Segment Insights

Yacht Propulsion Insights

The sailing segment dominates the market due to its environmental friendliness and fuel efficiency, while the motor segment is expected to witness steady growth, offering spacious luxury and diverse amenities.

Yacht Application Insights

Commercial yachts are poised to hold a significant market share, driven by increasing operational scope and longer distances covered. Private yachts are also experiencing growth, fueled by rising demand for exclusive and bespoke getaways.

Yacht Type Insights

Sport yachts lead the market, combining luxury and speed for recreational boaters. Meanwhile, the super yacht segment is expected to register the fastest growth, catering to individuals seeking the ultimate in luxury and professional crewed experiences.

Yacht Top Companies and Competitive Landscape

The global yacht market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective yacht solutions in the market.

Some major players included in the global yacht market report are:

• Alexander Marine Co., Ltd.
• Azimut Benetti SpA
• Cantieri Navali Codecasa Tre S.p.A.
• WANDA Group
• Damen Shipyards Group
• Feadship
• FINCANTIERI S.p.A.
• Flensburger Schiffbau Gesellschaft GmbH
• Lurssen Werft GmbH
• Heesen Yachts Sales B.V.
• Horizon Yacht USA
• KPS Capital Partners LP
• Oceanco SAM
• Overmarine Group Spa
• Palmer Johnson
• Palumbo group spa
• Sanlorenzo Spa
• THE ITALIAN SEA GROUP S.p.A.
• Viking Yacht Company
• Westport Yachts

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Yacht Latest Industry News

• On 24 February 2022, Imperial announced the launch of Project AMELS 242-07, a Limited-Edition superyacht measuring 74 meters. AMELS 242-07 was the seventh vessel to be introduced from the Limited Editions design. Damen Yachting handled the naval architecture, while Winch Design handled the interior design. AMELS 242-07 had a GT of 1,790 and could accommodate 12 guests and 19 crew members. The yacht had the most modern IMO Tier III clean emissions propulsion and power equipment.

• On 22 September 2021, Azimut announced the launch of two new Grande models, 26 Metri and 36 Metri superyachts, which would be added to its flagship Grande Collection in 2022. The Grande 26 Metri was envisioned as a modest superyacht with five cabins, including the owner's suite on the main deck, that could provide distinct flows for guests and crew. The Grande 36 Metri gave users the option to choose from various layouts, each with unique functionality for each space.

Yacht Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global yacht market on the basis of propulsion, application, type, length, and region:

• Propulsion Outlook (Revenue, USD Billion; 2019-2032)
o Motor
o Sailing
• Application Outlook (Revenue, USD Billion; 2019-2032)
o Commercial
o Private
• Type Outlook (Revenue, USD Billion; 2019-2032)
o Super Yacht
o Flybridge Yacht
o Sport Yacht
o Long Range Yacht
o Cruiser Yacht
o Others
• Length Outlook (Revenue, USD Billion; 2019-2032)
o Up to 20 meters
o 20 - 50 meters
o Above 50 meters

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