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Setting Sail: Luxury Yacht Industry Market Report 2024
Luxury Yacht Market Segments
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According to The Business Research Company's, The luxury yacht market size has grown strongly in recent years. It will grow from $6.9 billion in 2023 to $7.56 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the increase in spending on recreational activities, the increasing social media use and the rise in leisure trips..
The luxury yacht market size is expected to see strong growth in the next few years. It will grow to $10.76 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to the rising urbanization, the growing tourism, the growing population, and the increasing number of high-net-worth individuals. Major trends in the forecast period include fuel cell technology, luxury hydrogen-powered superyachts, online community and streaming services for luxury yachts, use of artificial intelligence (ai), technology advancements, product innovations, and strategic partnerships and collaborations..
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Market Drivers and Trends:
A surge in tourism and recreational activities is expected to propel the growth of the luxury yacht market going forward. Tourism refers to the act and process of spending time away from home in pursuit of recreation, relaxation, and pleasure while making use of the commercial provision of services. Luxury yacht helps in tourism and recreational activities by cruising, fishing, remote exploration, and practicing natural and other nautical. The luxury yacht provides well-equipped and advanced cabins, dining, and staterooms for tourism and recreational activities which increases the demand for a yacht among the tourists. For instance, in May 2022, according to the World Tourism Organization, a US-based tourism agency, global international tourist arrivals doubled (+130%) in January 2022 as compared to 2021, whereas, in January 2022, 18 million additional visitors were recorded worldwide. Therefore, the surge in tourism and recreational activities is driving the growth of the luxury yacht market.
Product innovations are a key trend gaining popularity in the luxury yacht market. Major companies operating in the luxury yacht market are focused on developing new and innovative yachts to sustain their position in the market. For instance, in April 2022, Numarine Denizcilik, a Turkey-based builder of high-performance motor yachts launched a 22XP yacht, an innovative and entry-level boat in the XP Series to date. The new yacht boasts roomy social rooms, a huge flybridge, and enormous angular windows similar to those on the 26XP. The interior of the 22XP is one of the largest available for a 70-footer. The 22XP's floorplan features three or four roomy staterooms, including a master suite with a full beam. They are all located on the lower deck, which is well-lit by natural light. In addition, the 22XP includes a sizable main deck saloon, an open cockpit, and a majestic flybridge.
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Major Key Players of the Market:
Honeywell, AECOM, Ball Corporation, Advisian, LI-COR, Inc., Physical Sciences, Inc., ABB Ltd, Bridger Photonics, Inc., Boreal Laser Inc., Picarro Inc., Thomson & Thomson, Hermann Sewerin Gmbh, Spectrum Technologies, General Oceanics Inc., Ningbo Kingdun Electronic Industry Co.,Ltd, Microdrones, Aliaxis, Psi Software Ag, Hima, Ion Science Ltd, Gasera Ltd, Geotech-Logis Group Of Companies, Rosgeo, Tng-Group Gazprom Georesource, Gf Instruments Sro, Get S.R.O., Dias Airborne, Dod Technologies Inc, Butler Plumbing Heating & Gasfitting Ltd, Canadian Leak Detection Of Toronto, Bertin Instruments, Teledyne Gas And Flame Detection, Control Instruments Corporation, Cere*x Monitoring Solutions, Llc., Msa Safety, Aegea, Takadu, Krohne, Aerzener Maschinenfabrik Gmbh, Ametek Process Instruments, Labconco Corporation, Envea, Qed Environmental Systems, Dilo Armaturen Und Anlagen Gmbh, Perma-Pipe, Inc., Leak Detection Pros East Rand,, Centmark - Gas Detection Specialists, National Leak Detection
Luxury Yacht Market 2024 Key Insights:
• The luxury yacht market size is expected to see strong growth in the next few years. It will grow to $10.76 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Surge In Tourism And Recreational Activities Propels Growth Of The Luxury Yacht Market
• Product Innovations Drive Growth In The Luxury Yacht Market
• Europe was the largest region in the luxury yacht market in 2023
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