PUBLISHER: SkyQuest | PRODUCT CODE: 1189208
PUBLISHER: SkyQuest | PRODUCT CODE: 1189208
Global Luxury Yacht Market was valued at USD 47.06 billion in 2021 and it is expected to reach USD 104.68 billion by 2028, at a CAGR of 12.10% over the forecast period (2022-2028).
The main drivers of growth are the increasing demand for luxury maritime tourism and individualized services from tourists. The market is anticipated to grow as more people participate in competitive and leisure boating activities worldwide. Additionally, expanding business travel is expected to make a substantial contribution to meeting demand.
Top-down and bottom-up approaches were used to estimate and validate the size of the global luxury yacht market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
The global luxury yacht market is segmented by type, size, material , and application. By type, the market is segmented into sailing luxury yachts, motorized luxury yachts, and others. By size, the market is classified into 75-120 feet, 121-250, and above 250 feet. By material, the market is segmented into FRP/ composites, metal/ alloys, and others. By application, the luxury yacht market is segmented into commercial and private.
Driver
Due to the increasing tourism industry, rising disposable income, and greater interest in recreational and leisure activities, the demand for luxury yachts has grown dramatically over the past several years. The demand is being considerably influenced by the obvious trend of people becoming wealthier. Therefore, it is projected that rising personal disposable income will benefit the worldwide market.
Restraint
Global economic slowdown, a dearth of interest from buyers, and high pricing are factors that are hindering the market growth of luxury yachts. There aren't as many superyachts as possible for sale, which has decreased demand, thus hampering the market growth of luxury yachts during the forecast period.
Market Trends
Increasing availability, an increase in yacht service providers, and an increase in promotional events are some of the drivers fueling the market's expansion. Furthermore, it has been noted that younger generations strongly favor luxury yachts. The majority of young, wealthy clients like to book a luxury yacht for special occasions like weekend gatherings, birthdays, and anniversaries. Bookings for offline boat charters are currently very common. However, the proliferation of web portals has shown to be a useful tool everywhere. During the forecast period, it is projected that factors like the simplicity of checking availability and booking yachts online through online platforms will draw more clients.