Yacht Market: Current Analysis and Forecast (2022-2028)

The yacht market refers to the buying and selling of yachts, which are recreational watercraft typically used for pleasure cruising or racing. Yachts can vary in size from small vessels to large luxury ships and can be powered by a sail or engine. This market is driven by a number of factors, including economic conditions, demographics, geographical location, innovation and technology, and environmental regulations.

The yacht market is expected to grow at a strong CAGR of 6% during the forecast period owing to economic conditions. When the economy is strong, consumers are more likely to have disposable income to spend on luxury goods, such as yachts. Additionally, favourable lending conditions can make it easier for consumers to obtain financing for yacht purchases In September 2021, Ferretti Group announced the launch of their new Riva 68' Diable, a luxury yacht with a sleek design and innovative features.

Based on type, the market is segmented into super, flybridge, sport, long-range and others. Amongst these, the superyacht segment of the yacht market has dominated the market due to several key drivers, including the growing wealth of high-net-worth individuals, increasing demand for luxury experiences, and advances in yacht design and technology. One recent development that has contributed to the dominance of the superyacht segment is the increasing focus on sustainable and eco-friendly yacht design.

By length, the market is segmented into up to 20 meters, 20 - 50 meters, and above 50 meters. Among these, the 20-50 metre segment has dominated the yacht supermarket due to several drivers. One of the primary drivers is the increasing demand for yachts in this size range among affluent individuals who seek luxury, comfort, and privacy whiltravellingng. Additionally, technological advancements in yacht building have made it possible to build larger yachts with more features and amenities than ever before. Another driver is the growing popularity of yacht chartering, where people can rent a yacht for a specific period, which has increased the demand for larger yachts.

On the basis of propulsion, the market is bifurcated into motor and sailing. The motor segment of the yacht market has experienced significant growth in recent years, driven by several factors. One of the primary drivers of this growth is the increasing popularity of yachting as a recreational activity among affluent individuals. As more people seek to own their own vessels, motor yachts have become a popular choice due to their convenience and ease of use. Another important factor driving the growth of the motor segment in the yacht market is the development of new technologies and innovations in yacht design. Motor yachts are now available in a wide range of sizes and styles, from compact day boats to large luxury yachts with advanced features such as gyroscopic stabilizers, computerized navigation systems, and high-tech entertainment systems.

For a better understanding of the market adoption of the Smart Home industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, Netherlands, France, Norway, Switzerland, Denmark, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Rest of World. The European region dominates the yacht market due to several key drivers. First and foremost, Europe has a long-standing tradition of sailing and boating culture, dating back centuries. This cultural heritage has fostered a highly skilled and experienced workforce, as well as a strong network of suppliers, designers, and engineers. In addition, European yacht manufacturers have a reputation for quality and craftsmanship, which has helped to establish them as market leaders. Another factor driving Europe's dominance in the yacht market is the region's regulatory environment. European Union regulations, such as the Recreational Craft Directive and the European Boating Industry Association's Code of Practice, ensure that European yacht manufacturers adhere to high standards of safety and environmental sustainability. This has helped to enhance the reputation of European-built yachts and has made them more attractive to buyers worldwide. In conclusion, Europe's dominance in the yacht market can be attributed to a range of factors, including its rich sailing culture, reputation for quality craftsmanship, regulatory environment, and technological advancements. Recent developments in the market have only served to reinforce Europe's position as the global leader in luxury yacht manufacturing.

Some of the major players operating in the market include: Azimut Benetti S.p.A., Damen Shipyards Group, Heesen Yachts Sales B.V, Sanlorenza Spa, Sunseeker, Ferretti S.p.A., Alexander Marine International, Princess Yachts Limited, Viking Yacht Company, and Brunswick Corporation.