Global Luxury Yachts Market Report and Forecast 2024-2032

Global Luxury Yachts Market Outlook

The global luxury yachts market is expected to grow at a CAGR of 8% in the forecast period of 2024-2032.

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The Prominent European Market Bolstering the Growth of the Global Market for Luxury Yachts

The rising demand from the high net worth individuals (HNWI) combined with a prominent presence of the major key players in the regions makes Europe one of the most significant markets for luxury yachts. The market in the region is expected to witness a continued growth in the coming years due to the rising R&D activities and technological advancements. The growing investments by OEMs in Europe to ensure luxurious, comfortable, and high-tech interiors is further expected to catalyse the market growth in the region. Some of the major regions in the European market for luxury yachts are Italy, the United Kingdom, and the Netherlands. While the United Kingdom houses many of the major HNWI consumers, with BREXIT, many competitors in the market are expected to shift to other EU countries. Italy is one of the most prominent markets for luxury yachts due to a strong presence of domestic yachts manufacturers and favourable government policies. In the coming years, the Italian market is expected to witness a rising trend of de-localisation, with the Italian manufacturers increasingly focusing on international and emergent markets due to the rising demand and lower labour costs.

The Asia Pacific is a major emerging market for luxury yachts due to the rising economies, growing disposable incomes, and growing manufacturing sector in the region. The favourable government initiatives, growing luxury tourism sectors, and increasing participation in marine recreational activities are expected to propel the market growth in the region. Some of the major markets in the region are China, Singapore, Thailand, Indonesia, the Philippines, Japan, Malaysia, and Australia.

Luxury Yachts: Market Segmentation

Luxury yachts are large, opulent, and pleasure-focussed yachts for cruising. They can have a sail or be motorised. They are usually characterised by its high cost and luxurious amenities. They are usually manned by a private crew and is equipped with modern conveniences like power, HVAC systems, and entertainment systems.

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Based on size, the market is categorised into:

• 75-120 Feet
• 121-250 Feet
• Above 250 Feet

By material, the market is divided into:

• FRP and Composites
• Metal and Alloys
• Others

On the basis of type, the industry is segmented into:

• Sailing
• Motorised
• Others

Based on end use, the market is bifurcated into:

• Commercial
• Private

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Population of High Net Worth Individuals (HNWI) to Propel the Market Growth of Luxury Yachts

The rising population of high net worth individuals, particularly billionaires, is primarily driving the demand for luxury yachts as they constitute the major consumer group in the market. The rising maritime tourism industry, bolstered by various government initiatives and increasing disposable incomes, is further propelling the market growth. The addition of heightened performance characteristics, improved customer experience, and expanding recreational space in luxury yachts is also catalysing the market. The product is usually equipped with modern conveniences like HVAC systems, TV, radar, navigation, autopilot, and a dependable power generating system, among other conveniences. In the coming years, technological innovations and optimisations in designs are expected to drive the market growth. The growing preference of lighter hull materials like fibre reinforced plastic (FRP) is projected to further propel the growth of the industry. FRP is lightweight, has low resistance, and has high corrosion resistance, which helps in increasing the speed and reducing the fuel consumption of the luxury yachts. These factors are expected to aid the adoption of FRP in the market.

The market might, however, face hindrances in its growth due to the rising implementation of government regulations regarding emissions and pollution, which might increase the costs of maintenance of the product. The industry is also expected to face a relative downturn, especially in its commercial segment, due to the outbreak of the COVID-19 pandemic and the related restrictions on travel and gathering.

Key Industry Players in the Global Luxury Yachts Market

The report gives a detailed analysis of the following key players in the global luxury yachts market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Azimut Benetti S.p.A
• Ferretti SPA
• Lürssen
• Feadship
• Fincantieri S.p.A.
• Horizon Yacht USA
• Heesen Yachts Sales B.V.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report