Yacht Industry Overview
The global yacht market size was valued at USD 8.91 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030.
The demand for yachts has gradually increased in the last few years, owing to the increase in disposable income of individuals and their inclination toward leisure or recreational activities. The growing preference of travelers for luxury tourism, personalized service, and exclusive traveling are the primary factors propelling the sales of yachts.
Manufacturers are focusing on including luxury features for offering improved performance characteristics and customer experience. The processes involved in manufacturing yachts have also undergone drastic changes over the last few years. Yachts were manufactured using wood and fiber-reinforced polymers. However, the use of composites has gained popularity owing to benefits such as corrosion resistance, lower maintenance costs, and better strength-to-weight characteristics.
Gather more insights about the market drivers, restraints and growth of the Global Yacht Market
Manufacturers are focusing on including luxury features for offering improved performance characteristics and customer experience. The processes involved in manufacturing yachts have also undergone drastic changes over the last few years. Yachts were manufactured using wood and fiber-reinforced polymers. However, the use of composites has gained popularity owing to benefits such as corrosion resistance, lower maintenance costs, and better strength-to-weight characteristics.
The use of electronically controlled fuel injection systems offers the flexibility to let engines operate at variable speeds and significantly reduce noise, vibration, and emissions in port and coastal areas. It also helps increase the efficiency of the yacht propulsion system.
The COVID-19 pandemic has had an adverse impact on the yacht market, including the yacht chartering business. The emergence of the pandemic and the subsequent lockdowns imposed by the governments on various nations, coupled with severe travel restrictions, affected the global market for yachts. Also, the supply chain disruptions became a major hindrance to manufacturability.
However, the prolonged stay-at-home orders made people more inclined toward engaging in leisure activities, and therefore, the market started to recover as the restrictions were eased. The manufacturing companies also witnessed an increase in the number of orders for new yachts as more people were willing to travel alone with their families.
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Yacht Market Segmentation
Grand View Research has segmented the global yacht market on the basis of type, yacht length, propulsion, and region:
Yacht Type Outlook (Revenue, USD Million, 2017 - 2030)
- Super Yacht
- Flybridge Yacht
- Sport Yacht
- Long Range Yacht
- Others
Yacht Length Outlook (Revenue, USD Million, 2017 - 2030)
- Up to 20 Meters
- 20 to 50 Meters
- Above 50 Meters
Yacht Propulsion Outlook (Revenue, USD Million, 2017 - 2030)
- Motor Yacht
- Sailing Yacht
Yacht Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- South America
- MEA
Key Companies profiled:
Some prominent players in the global Yacht market include
- Azimut Benetti S.p.A.
- Damen Shipyards Group
- Heesen Group
- The San Lorenzo S.p.a
- Sunseeker International
- Ferretti S.p.A.
- Alexander Marine International Co., Ltd. (AMI)
- Princess Yachts Limited
- Viking Yacht Company.
Order a free sample PDF of the Yacht Market Intelligence Study, published by Grand View Research.
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