Global Yacht Market By Type (Flybridge Yacht, Super Yacht, Sport Yacht, Long Range Yacht and Other Types) By Length (Up to 20 Meters, 20-50 Meters and Above 50 Meters) By Propulsion (Motor Yacht and Sailing Yacht) By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Market Overview

The Global Yacht Market size is expected to be worth around USD 16.8 Billion by 2033, from USD 10.3 Billion in 2023, growing at a CAGR of 5.8% during the forecast period from 2024 to 2033.

This growth is driven by increasing interest in boating activities, higher purchasing power, and the rise of luxury yacht destinations. The International Monetary Fund’s projection of China’s economy growing by 40% by 2028 and the anticipated USD 552.8 billion recreational expenditure in the United States in 2023 exemplify the increasing disposable income globally. Additionally, tourist hotspots with oceanic borders, like the Netherlands, UK, Italy, and UAE, contribute to this market’s growth.

Technological advancements and environmentally conscious designs are pivotal in this market. The International Maritime Organization’s directive to cut CO2 emissions by 70% by 2050 has led to the development of more efficient, eco-friendly yachts. This shift reflects the growing environmental awareness among high-net-worth individuals.

By Type Analysis

In 2023, the Super Yacht segment held a dominant position in the yacht market, capturing a significant 30.5% share. This dominance can be attributed to the high popularity of these yachts among end-users, with their luxury features and advanced amenities making them a preferred choice for high-net-worth individuals and yacht enthusiasts.

• Super Yacht Segment: Dominating the market with over 30% revenue share in 2023, Super Yachts, typically ranging from 30-50 meters in length, are favored for their luxurious offerings, though smaller than Mega Yachts. Key players like Sanlorenzo Spa and Lürssen, holding over 11% of the market share, focus on innovative designs and high-end customizations to cater to the affluent market. This segment is expected to see substantial growth through 2024-2033, driven by rising demand and advancements in yacht technology.
• Sport Yacht Segment: Forecasted as the fastest-growing segment, Sport Yachts are gaining traction, especially in countries like China and France. Their popularity is linked to the active participation in recreational boating and sporting events. These yachts, used for marine tourism, sports tournaments, and various water activities, are propelling the segment’s growth. The increasing demand for recreational tournaments and outdoor activities offers significant revenue-generation opportunities for various stakeholders in the industry.
• Flybridge Yacht Segment: Flybridge Yachts, known for their elevated control station or ‘flybridge’, offers a unique blend of outdoor experience and control. While not as dominant as Super or sports yachts, this segment caters to a niche market that values outdoor navigation and leisure.
• Long Range Yacht Segment: Long Range Yachts are designed for extended voyages, offering durability and high fuel efficiency. This segment, though smaller, caters to a growing clientele interested in remote explorations and extended sea journeys. The demand in this segment is expected to rise, influenced by the increasing interest in remote tourism and adventure activities.
• Other Types: This category includes various specialized yachts like Mega Yachts, which are over 50 meters in length and equipped with luxury amenities such as swimming pools, movie halls, and gyms. These yachts are generally used for leisure and recreation by large groups and are mostly owned by organizations.

By Length Analysis

In 2023, the 20-50 Meters segment held a dominant position in the yacht market, capturing a significant 56% share. This segment’s lead is largely due to its balance of size and functionality, offering benefits like fuel efficiency, easier maneuverability, and lower maintenance costs compared to larger yachts.

• 20-50 Meters Segment: Dominating the market with over 56% revenue share in 2023, this segment is expected to maintain its lead. Yachts in this range offer advantages such as the ability to sail in light winds, lower moorage costs, and shallower drafts for water anchorages. This size range is versatile, and suitable for both leisure and corporate usage, making it a popular choice among yacht enthusiasts.
• Up to 20 Meters Segment: Yachts within this size are in demand for competitive and recreational purposes. In regions like Europe and North America, there’s a growing trend of integrating renewable energy sources like solar and wind energy in yachts, leading to lower emissions and reduced fuel consumption. These yachts are generally compact and lightweight, favored for their eco-friendliness and efficiency. The segment’s growth is bolstered by this increasing focus on sustainability and the rising popularity of maritime leisure activities.
• Above 50 Meters Segment: While not as dominant as the other two, the Above 50 Meters segment is significant, especially in the luxury yacht market. These large yachts, including superyachts and megayachts, are more prevalent in developed countries, often used for commercial purposes and high-end tourism. The market for these yachts is expected to exhibit notable growth, driven by a surge in luxury tourism and the preferences of high-net-worth individuals for grand and exclusive sea experiences.

By Propulsion Analysis

In 2023, the Motor Yacht segment held a dominant position in the yacht market, capturing a significant 84% share. This dominance is primarily due to the segment’s advantages such as higher speed, power, and the ability to cover longer distances, appealing to a broad range of yacht enthusiasts.

• Motor Yacht Segment: The popularity of this segment stems from their advanced features, long-distance coverage, and high-speed capabilities. Motor yachts, equipped with modern systems and equipment, cater to a clientele seeking luxury, convenience, and performance. With multi-deck designs and spacious interiors, these yachts are ideal for large groups. The segment is forecasted to grow at a CAGR of ~6% from 2024 to 2033, driven by rising demand for recreational activities and ongoing technological advancements.
• Sailing Yacht Segment: Sailing yachts, which use sails for propulsion, depending on wind speed and direction. Although they can cover long distances, the design and onboard facilities of motor yachts often make them more attractive to buyers. However, sailing yachts, known for their eco-friendliness, modern design, luxurious amenities, and large deck space, continue to have a dedicated market segment. The demand for sailing yachts is expected to grow, fueled by the increasing interest in recreational sailing and the rising focus on environmental sustainability.

Key Market Segments

By Type

• Flybridge Yacht
• Super Yacht
• Sport Yacht
• Long Range Yacht
• Other Types

By Length

• Up to 20 Meters
• 20-50 Meters
• Above 50 Meters

By Propulsion

• Motor Yacht
• Sailing Yacht

Regional Analysis

In 2023, Europe is leading the yacht market with a substantial 33.6% share, amounting to USD 3.2 billion. This dominance is attributed to the region’s high concentration of billionaires and rapidly growing wealth. Scenic destinations like Greece and Italy are at the forefront, driven by extensive tourism and private yacht parties. The European Union Council’s initiative, the European Agenda for Tourism 2030, aimed at enhancing digital and green tourism, further bolsters this growth.

In 2022, the introduction of 606 new yachts marked a record in sales, signifying the region’s robust market dynamics. The high demand for yachting in tourist hotspots like Greece, Croatia, Spain, Italy, and France, coupled with the popularity of fishing and water sports, fuels the market’s expansion. Notably, about 40% of all new 40-meter yachts globally were purchased by European customers over the last five years, indicating the region’s significant market share.

The Asia Pacific region is projected to be the fastest-growing market. Rapid urbanization, rising living standards, and increasing disposable incomes are key drivers. Leisure activities like fishing, water sports, and maritime tourism are gaining traction in countries like Thailand, Malaysia, Singapore, China, Japan, and Australia. Aggressive government initiatives, such as India’s Swadesh Darshan Scheme and the Incredible India campaign, are expected to significantly propel this market forward.

Key Regions and Countries:

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share & Key Players Analysis

In order to expand the market across the globe, the key market companies are taking initiatives and making strategies like mergers & acquisitions, partnerships, making investments, and launching new products and services.

Some of the major companies in the market are Princess Yachts Limited, Viking Yacht Company, Heesen Yachts Sales B.V., Horizon Yacht Company, Cheoy Lee Shipyards Limited, Christensen Shipyards Ltd., Damen Yachting BV, and many other companies.

Key Market Players

• Alexander Marine International Co. Ltd.
• Princess Yachts Limited
• Viking Yacht Company
• Heesen Yachts Sales B.V.
• Horizon Yacht Company
• Cheoy Lee Shipyards Limited
• Christensen Shipyards Ltd.
• Damen Yachting BV
• Dyna Craft Ltd.
• Feadship
• Ferretti S.p.a
• Other Key Players

Recent Developments

• October 2023: Four Seasons entered the yacht market by announcing the launch of Four Seasons Yachts. This ambitious venture is expected to commence sailing by late 2025, marking the luxury hotel brand’s expansion into maritime luxury.
• June 2023: Sanlorenzo unveiled its 47-meter explorer yacht, Para Bellum, the tenth addition to its successful 460-500 EXP series. Featuring twin Caterpillar engines, the yacht reaches a cruising speed of 13 knots. In the same month, Sparta, a superyacht with styling by Winch Design, was introduced. It boasts a sleek “Venetian red” and metallic grey hull, combining elegant aesthetics with high performance.
• May 2023: The Kadey-Krogen Group, based in Florida, acquired American Tugs, a leading builder of U.S.-built coastal cruisers. Founded in 1999, American Tugs has a strong presence in North America and Europe and has delivered over 250 cruising yachts from its 2,600 sq.m. facility in LaConner, Washington.
• April 2023: Ferretti Group launched the Pershing 140, its first aluminum flagship model, from the Ancona facility. Equipped with four MTU 16V 2000 M96L engines, each with 2,600 hp, the yacht offers a cruising speed of 35 knots and a top speed of 38 knots.
• March 2023: Ferretti Group expanded its manufacturing capabilities by acquiring a 70,000-sq.m. production site in Ravenna. The company plans to invest USD 87 million in this facility, aiming for a 20% increase in production through new spaces and R&D centers.
• September 2022: Ferretti Group took significant stakes in Masello Srl and Fratelli Canalicchio SpA, both Italy-based companies specializing in yacht furnishings and kinetic systems, respectively.
• January 2023: Accor announced the launch of the world’s largest luxury sailing ship, set to debut in 2026. This megayacht will feature 54 suites, highlighting Accor’s commitment to luxury and innovation in maritime leisure.

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