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Luxury Yacht Market Analysis: $11.43 Billion by 2029 With a CAGR of 9.1%
Luxury Yacht
Luxury Yacht Market Value Projection: How Much Will the Market Size by 2025?
In recent times, the market size for luxury yachts has seen a substantial increase. The value will rise from $7.45 billion in 2024 to $8.06 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.1%. The growth experienced during the historic period is influenced by robust economic growth in emerging markets, coupled with growing expenditure on recreational activities, escalating usage of social media, and an increase in leisure travel.
What Will Be the Market Growth Forecat for Luxury Yacht in 2029?
The market size for luxury yachts is predicted to experience significant expansion in the foroming years, reaching a value of $11.43 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 9.1%. The increasing urbanization, expanding tourism sector, population growth, and rise in high-net-worth individuals are factors contributing to this growth for the projected period. Key trends for this period encompasses fuel cell technology, luxury hydrogen-powered superyachts, digital community and streaming services specifically for luxury yachts, AI application, technological advancements, innovative products, and strategic alliances and collaborations.
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What Are the Core Competitive Drivers in the Luxury Yacht Industry?
The growth of the luxury yacht market is anticipated to be fuelled by an increase in tourism and recreational activities. The concept of tourism involves the act of taking time off from one's usual environment to engage in leisure, relaxation, and pleasure, utilizing commercial services. Luxury yachts contribute to these activities through cruising, fishing, remote exploration, and indulging in natural and other maritime pursuits. These deluxe yachts offer well-appointed and technologically advanced cabins, dining areas, and staterooms to bolster tourism and leisure activities, raising their popularity among travelers. The World Tourism Organization, a US-based agency, indicated in May 2022 that global international tourist arrivals had amplified by 130% in January 2022 compared to 2021, adding 18 million more visitors globally in just January 2022. Consequently, this uptick in tourism and recreational activities is bolstering the expansion of the luxury yacht market.
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Which Luxury Yacht Market Segment Is Projected to See the Fastest Growth?
The luxury yacht market covered in this report is segmented -
1) By Type: Motor Yacht, Sailing Yacht
2) By Size: Up To 100 Meters, 100-150 Meters, Above 150 Meters
3) By Hull Material: Fiber Reinforced Polymers And Composites, Metals And Alloys, Other Hull Materials
4) By Application: Commercial, Private
Subsegments:
1) By Motor Yacht: Open Or Sports Yachts, Flybridge Yachts, Explorer Or Expedition Yachts
2) By Sailing Yacht: Cruiser Yachts, Racing Yachts, Classic Sailing Yachts
Which Trends Are Opening New Opportunities in the Luxury Yacht Market?
There is an increasing trend of product innovation in the luxury yacht market. Major players in this sector are continually working on developing unique and advanced yachts to maintain their market standing. For example, Numarine Denizcilik, a company based in Turkey known for creating superior motor yachts, launched a new 22XP yacht in April 2022. This innovative and novice level boat is the most recent addition to their XP Series. The yacht is designed with spacious social rooms, a large flybridge, and vast angular windows that resemble those on the 26XP. The 22XP offers one of the most substantial interior spaces available for a 70-foot yacht. It also features three to four expansive staterooms, all of which are situated on the well-lit lower deck and includes a master suite with full beam. The 22XP also boasts a large main deck saloon, an open cockpit, and a remarkable flybridge.
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Who Are the Leaders in the Luxury Yacht Market?
Major companies operating in the luxury yacht market include Ferretti S.p.A, Azimut Benetti SpA, Sanlorenzo S.p.a, Feadship, Princess Yachts Limited, Fr. Lürssen Werft GmbH & Co.KG, Italian Sea Group, Fincantieri S.p.A., Sunseeker International, Brunswick Corporation, Maritimo Factory, A H Wadia Boat Builders, XS Marines, New Japan Yacht Co, GHI Yachts, Hyundai Yachts Co., Ltd, Riviera Australia Pty. Ltd, Australian Superyachts Pty Ltd, HeySea Yachts, Horizon Yacht, Cheoy Lee Shipyards Ltd, Changzhou Baote Yacht Co., Ltd, Fujian Yihong Yacht Corp, Hunan Blue Point Supply Chain Co., Ltd, Burgess Yachts, Damen Yachting, Arksen, U-Boat Worx, AB Yachts, Groupe Beneteau, Alva Yachts, Timeless Yachts, Hatteras Yachts, Westport Yachts, YMCA Yachting, Christensen Shipyards, Ocean Alexander, Alexander Marine USA, Viking Yacht Company, Quantum Sails, Michael Rybovich & Sons Boatworks, Burger Boat Company, MCP Yachts, Sterling Yachts, Fibrafort Shipyard, Delta Yachts, Flexboat Construções Náuticas Ltda., Schaefer Yachts, AS Marine, Oryx Yachts, Majesty Yachts, Nomad Yachts, Moonday Yachts, Yerliyurt Marin, Numarine, Robertson & Caine, Falcon Inflatables, Dean Catamarans, Almaroon, De Birs Yachts, Tiger Marine
Which Regional Luxury Yacht Markets Offer the Greatest Growth Potential?
Europe was the largest region in the luxury yacht market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury yacht market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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