Global Luxury Yacht Market Navigates Smoothly to Exceed 19,924.7 Million with a 9% CAGR by 2033 | FMI

Luxury Yacht Market

The global luxury yacht market is anticipated to bode well over the forecast period from 2023 to 2033. The market is expected to generate revenue of US$ 8,812.4 Million by the end of 2023. In the long term, the luxury yacht market is estimated to reach around US$ 19,924.7 Million in 2033. The prominent stakeholders of the luxury yacht market are yacht manufacturers, brokerage firms and brokers, designers, harbor management services, equipment and accessory sectors, journalists, and potential buyers.

The word yacht is derived from the Dutch word ‘jacht’ meaning hunt. Luxury yachts are also known as “Floating Palaces or Floating Real Estates”. They are the epitome of luxury spending. Luxury yachts are privately owned, professionally crewed, and highly expensive motor yachts. In addition to that, the luxury yacht market is both a B2B and B2C market as HNWI (high net worth individuals) and UHNWI (ultra-high net worth individuals) are the direct customers, also there are companies that buy luxury yachts for commercial purposes.

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Luxury yacht manufacturing companies are obsessively focused on quality because it is the prime differentiating factor between luxury yachts and non-luxury yachts. These companies manufacture luxury yachts using fast patrol vessels, frigates, and interceptors, which are used by world navies for high security. Growing awareness of environmental protection has led to the manufacture of solar luxury yachts.

Key Takeaways

  • Yachting along coastal locations is gradually becoming popular across various countries. The formulation of favorable policies has been effective in promoting coastal and marine tourism which has consequently led to a boost in yachting tourism as well.
  • The adoption of private boats for leisure, client meetings, and large-scale parties has become quite prevalent. In order to explore new locations with a smaller crowd, regions such as Asia Pacific, Antarctica, and the Middle East are preferred for yachting.

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  • Another crucial reason for the growth of luxury yachting tourism has been the availability of renting of charter boats. Rentals for yachts are available on a weekly basis which further increases the accessibility of luxury yachting. With increased government participation to create yacht facilities and to invest in yachting, the future looks bright and full of potential.
  • Over the upcoming years, the number of ultra-wealthy households consisting of assets worth $100 a million or more is projected to increase by 70% in the next five years. Shipyards have therefore started to invest in new facilities and technologies to meet the expected demand which will eventually lead to growth in the market for Luxury Yachts.
  • The millennials from the new generation ranging from the age group 35 to 45 years have become highly environmentally conscious. This is extremely important to factor in since up to 40% of yacht buyers are now millennials. Therefore, the sector is slowly switching to green yachting by adopting a eco-friendlier approach.
  • 2050, the International Maritime Organization has instructed the maritime industry to reduce greenhouse gas emissions by 50 percent from 2008 levels by the year 2050 and to reduce the carbon footprints of their boats. Electric yachts are also becoming quite popular.

Competitive Landscape

Dominant players across the global luxury yacht market comprise 60% of the total market share. In addition to that, the semi-custom luxury yacht market has seen a surge in demand in recent years which might be due to these categories of yachts offering a good balance of customization and off-the-shelf predictability and simplicity.

Key Players:

  • Ferretti Group,
  • Lurssen,
  • Feadship,
  • Princess Yachts,
  • Sunseeker

Luxury Yatch Market by Category

By Direct Suppliers:

  • Hotel Companies
  • Tour Operators
  • Government Bodies

By Indirect Suppliers:

  • OTA (Online Travel Agency)
  • Traditional Travel Agencies
  • TMC’s (Travel Management Companies)

By Number of Bookings:

By Type:

  • Motor Yacht
  • Sailing Yacht

By Visit Purpose:

  • Business
  • Personal

By Tour Type:

  • Independent Traveler
  • Package Traveler
  • Tour Group

By Age:

  • Under 15
  • 16-25
  • 26-35
  • 36-45
  • 46-55
  • Over 55

By Demographic:

  • Male
  • Female
  • Kid

By Booking Channel:

  • Phone Booking
  • Online Booking
  • In Person Booking

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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