PUBLISHER: The Business Research Company | PRODUCT CODE: 1270602
PUBLISHER: The Business Research Company | PRODUCT CODE: 1270602
“Luxury Yacht Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on luxury yacht market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for luxury yacht ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The luxury yacht market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the luxury yacht market are Feadship, Azimut Benetti SPA, Ferretti SPA, Damen Shipyards Group, Viking Yacht Company, Blohm+Voss, Hessen Yachts, Sunseeker, Alexander Marine Co. Ltd., Sanlorenzo SPA, Brunswick Corporation, MarineMax Inc., Riveria Australia Pty Ltd., and Trinity Yachts.
The global luxury yacht market is expected to grow from $6.30 billion in 2022 to $6.88 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The luxury yacht market is expected to grow to $9.61 billion in 2027 at a CAGR of 8.7%.
The luxury yacht market consists of sales of luxury gulet yachts, hybrid yachts with sails and motors, open yachts, cruisers, cabin cruisers, and express cruisers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Luxury yachts are high-end finished crewed sailing vehicles having advanced technological features used for recreational activities.
Europe was the largest region in the luxury yacht market in 2022. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury yacht market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of luxury yachts are motor yachts, sailing yachts, and other types. A sailing yacht refers to a small boat that uses a sail or sails to move along. The sizes involved are less than 50 meters, 50-100 meters, 100-150 meters, and more than 150 meters. They are made of various hull materials such as fiber-reinforced polymers and composites, metals and alloys, and others and used for commercial and private applications.
A surge in tourism and recreational activities is expected to propel the growth of the luxury yacht market going forward. Tourism refers to the act and process of spending time away from home in pursuit of recreation, relaxation, and pleasure while making use of the commercial provision of services. Luxury yacht helps in tourism and recreational activities by cruising, fishing, remote exploration, and practice of natural and other nautical. The luxury yacht provides well-equipped and advanced cabins, dining, and staterooms for tourism and recreational activities which increases the demand for a yacht among the tourist. For instance, in May 2022, according to World Tourism Organization, a US-based tourism agency, global international tourist arrivals doubled (+130%) in January 2022 as compared to 2021, whereas, in January 2022, 18 million additional visitors were recorded worldwide. Therefore, the surge in tourism and recreational activities is driving the growth of the luxury yacht market.
Product innovations are a key trend gaining popularity in the luxury yacht market. Major companies operating in the luxury yacht market are focused on developing new and innovative yachts to sustain their position in the market. For instance, in April 2022, Numarine Denizcilik, a Turkey-based builder of high-performance motor yachts launched a 22XP yacht, an innovative and entry-level boat in the XP Series to date. The new yacht boasts roomy social rooms, a huge flybridge, and enormous angular windows similar to those on the 26XP. The interior of the 22XP is one of the largest available for a 70-footer. The 22XP's floorplan features three or four roomy staterooms, including a master suite with a full beam. They are all located on the lower deck, which is well-lit by natural light. In addition, the 22XP includes a sizable main deck saloon, an open cockpit, and a majestic flybridge.
In December 2021, White River Marine Group, a US-based builder of fishing and recreational boats by volume acquired Hatteras Yachts Inc. for an undisclosed amount. With this acquisition, White River will relocate the production of its saltwater brands, Mako and Ranger Saltwater, from the Midwest to the New Bern factory and invest $35 million in its modernization. Hatteras Yachts Inc is a US-based yacht manufacturer that makes motor yachts, superyachts, luxury yacht, and convertible sport fishing yachts.
The countries covered in the luxury yacht market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The luxury yacht market research report is one of a series of new reports from The Business Research Company that provides luxury yacht market statistics, including global market size, regional shares, competitors with a luxury yacht market share, detailed luxury yacht market segments, market trends and opportunities, and any further data you may need to thrive in the luxury yacht industry. This luxury yacht market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.