It is expected that the luxury yacht market will do well globally between 2023 and 2033. By the end of 2023, the market is projected to bring in US$ 8,812.4 million in revenue. The luxury boat industry is projected to grow to a value of around US$ 19,924.7 million by 2033. Manufacturers of luxury yachts, brokerage houses and brokers, designers, harbor management services, the equipment and accessory industries, journalists, and prospective purchasers are among the key players in the market.
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
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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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