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Luxury Yacht Market Size, Share & Industry Analysis, By Type (Motor Yacht, Sailing Yacht, Others), By Size (Less than 50 Meters, 50 – 100 Meters, 100 – 150 Meters, More than 150 Meters), By Application (Commercial, Private) And Regional Forecast 2023-2030

Region : Global | Report ID: FBI105396 | Status : Ongoing

 

KEY INDUSTRY INSIGHTS

Luxury yachts are crewed sailing ships that are predominantly used for recreational/ leisure sports and activities. These yachts can be operated through both i.e. wind sailing and a propulsion system, like an ICE (internal combustion engine) & gas turbine. Luxury yachts are generally manufactured using materials such as, aluminium, fiberglass, carbon fibre, wood, steel, and treated wood (epoxy resins). These yachts are accommodated on customized requirement with luxurious, sophisticated and personalized facilities, which includes, Jacuzzi, spa and sauna, gymnasium, sun pads, fishing pads etc. Further, yachts are also equipped with modern style, design, comfort and technologically advanced components for enhanced performance of the yachts and experiences of the user.


Increased urbanization and momentous growth in the tourism and recreational sector, are major factors creating a positive outlook for the market in the coming years. Furthermore, increasing sports activities, leisure, and luxurious experiences private owner across the globe is also expected to enhance the demand of the yachts. Additionally, the applications of advanced materials, such as carbon fibre, fiberglass, and as per customized and specific requirements, are correspondingly contributing to the growth. Other factors, includes utilization of alternative fuels in the marine industry along with the, emerging trend of explorations near Arctic, North and South Pole is enhancing the market growth.


Key Market Driver -

• Increasing Commercial Applications of the Yachts • Rising Capital Expenditure by Offshore oil & Gas Exploration Companies

Key Market Restraint -

• High Cost of Scooters and limited applications


Key Players Covered:


Key players in the market have a prevailing presence in the market, owed to the variety in the offerings, good will, and brand name. Moreover, these players are expected to have substantial growth in their business owing to the increasing market presence in the developing economies and with variety of product offerings. Also, these brands have renowned presence in the global market and have majority of the market share.


Some of the key competitors in the Luxury Yacht market include Feadship, Blohm+Voss, Amels, Heesen Yachts, Lurssen, Oceanco, Nobiskrug, Fincantieri Yachts, Christensen Yachts, Sunseeker Yachts, Alexander Marine Co Ltd, Damen Shipyards Group, Azimut Benetti S.p.A., FERRETTI S.P.A., Horizon Yacht USA, Princess Yachts International plc, Viking Yacht Company, MarineMax, Inc. & Sanlorenzo Spa.


Regional Analysis


Asia Pacific is anticipated hold the dominant market share and exhibit highest growth rate in the coming years. This is owed to the continuous increasing disposable income, standard of living, etc. This is a prominent region for the key players in order to sell their yachts in the untapped developing market. Hence, increasing investments done by the companies in the region to increase the market presence is also expected to enhance the market.


Furthermore, Middle East & Africa and Latin America is anticipated to hold a moderate growth. This is owed increasing focus on tourism sector in both the regions. Also, in the past years both these region have invested a lot in tourism infrastructure, in order to boost the economy thereby increased foot fall from various countries. Further, North America and Europe are anticipated to exhibit steady growth with minimal alterations in the demand and the market structure. Also, the major companies in the market are shifting their focus at emerging economies, thus the region is anticipated to exhibit minor changes in the coming years.


COVID-19 pandemic is estimated to severely impact the market, owed to the standstill tourism activities, exploratory activities including the applications which yachts across the globe. COVID-19 is wielding heavy downward pressure on the global luxury yacht market. This can be seen as companies are laying of their employees, reducing their salaries along with reduced enquired and decreased charter requirements.


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Segmentation


























  ATTRIBUTE


  DETAILS

By Type




  • Motor Yacht

  • Sailing Yacht

  • Others (Hybrid Yacht, etc.)



By Size




  • Less than 50 Meters

  • 50 – 100 Meters

  • 100 – 150 Meters

  • More than 150 Meters



By Application




  • Commercial

  • Private



By Region




  • North America (U.S. and Canada)

  • Europe (UK, Germany, France, Italy, Spain, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)

  • Middle East & Africa (GCC, South Africa and Rest of Middle East & Africa)

  • Latin America (Brazil, Mexico and Rest of Latin America)



Key Industry Developments



  • December 2020: Azimut Benetti S.p.A., launched two products that are the Motopanfilo 37m in the class category along with the 67m custom superyacht FB284. Both the yachts are of high standards of liveability, well-thought through spaces and a style designed to emphasise connectivity and horizontal lines.

  • July 2020: MarineMax, Inc. announced acquisition of Northrop & Johnson. The acquisition is expected to enhance MarineMax market share and be a dominant player is the yacht service industry.


  • Ongoing
  • 2021
  • 2018-2020

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