Monday, 06 May 2024
According to our latest market study on "Luxury Yacht Market Size Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Material, and Size," the market is expected to grow from US$ 6,076.59 million in 2022 to US$ 10,338.10 million by 2028; it is estimated to register a CAGR of 9.3% from 2022 to 2028.
The popularity of yacht tourism is increasing with a rise in the number of high-net-worth individuals. People from this category prefer spending their free time on luxury yachts to release the stress of everyday life. Alongside spending a relaxing time on the oceans, they can moor their yachts and visit historical places and scenic natural destinations. Due to the rising demand, yacht tourism has become an essential asset for development in various countries. The yacht tourism industry brings national and international investments, employment opportunities, foreign exchange income, business volumes, and socioeconomic and sociocultural benefits to national economies. Governments of different countries are investing significant resources in the growth of yacht tourism. European Commission has published the Guide on EU funding for the tourism sector, which particularly focuses on the projects regarding coastal and maritime tourism. Also, under this guide, the European Commission will fund the development of cruising and yachting facilities. Further, the natural landscape of various popular European countries, such as the Netherlands, the UK, and Italy, have maritime borders, which significantly attracts a large number of international tourists, especially from the affluent segment of the population, every year. In addition, in these countries, luxury yachts are leased for various promotional events, celebratory functions, and meetings, which is increasing the demand for luxury yachts in recreational tourism. Thus, the growing yacht tourism contributes to the proliferation of the luxury yacht market size.
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The luxury yacht market is segmented based on type, material, size, and geography. Based on type, the luxury yacht market is segmented into sailing luxury yacht, motorized luxury yacht, and others. Based on material, the luxury yacht market is divided into FRP/composites, metal/alloys, and others. Based on size, the luxury yacht market is categorized into 75–120 feet, 121–250 feet, and above 250 feet. By geography, the luxury yacht market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
In 2020, the COVID-19 outbreak restrained the tourism sector. Governments worldwide imposed strict measures to combat the spread of SARS-CoV-2. They put restrictions on transport in Q1 and Q2 of 2020, which suspended most of the operations in the sector and reduced revenue generation. People were forced to stay at home because of nationwide lockdowns and international travel bans, which significantly hampered the tourism industry. Also, due to the shutdown of the manufacturing plants and disruption in supply chains globally, the luxury yacht market was hampered during the pandemic. However, post-lockdown in Q3 of 2020, the demand for luxury yachts increased in the market. After a long stay at home, people were looking for freedom and escape, which raised the demand for luxury yachts. Also, the ability to transport a holiday home to different locations is appealing to customers, which is further boosting the demand for luxury yachts. According to Boat International’s Global Order Book, more than 1,200 superyachts were slated to be built in 2021, which was a rise of 25% from 2020. Also, it is seen that the shipyard order books are full till 2025, which means that the clients are even ready to pay extra to take over someone else’s slot for early delivery of the yacht. In addition, in March 2022, Benetti announced that they had received a record number of orders of luxury yachts from various wealthy customers. These customers are mostly millennials and Gen Zs, who are looking for safer and more open yet intimate spaces on the yacht, plus more fun and entertainment. Thus, all the above factors are raising the demand for luxury yachts post-lockdown, further fueling the market's growth.
Azimut Benetti S.p.A., Bavaria Yachtbau GmbH, DELTA MARINE, Brunswick Corporation, Cheoy Lee Shipyards Limited, Damen Group, FINCANTIERI S.p.A., Heesen Yachts Sales B.V., Palumbo Superyachts Ancona s.r.l, and Oceanco are among the key market players operating in the luxury yacht market. Several other major market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem.
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