The global luxury yacht market size was garnered $5.87 billion in 2018 and is estimated to reach $10.78 billion by 2026, growing at a CAGR of 7.9% from 2019 to 2026.
Surge in number of individuals with high net worth, chartering of yachts, and increase in yacht tourism facilitate the growth in the global luxury yacht market. On the other hand, strict environmental policies and regulations of government along with surge in maintenance costs restrict the market growth. Contrarily, increase in inclination toward leisure and recreational activities and seamless luxury experience create new pathways in the industry.
121-250 feet segment estimated to maintain its leadership position in terms of revenue
Based on size, the 121-250 feet segment accounted for nearly half of the total share, and is estimated to maintain its leadership position in terms of revenue throughout the forecast period. This is due to ability to carry out high customizations for target audience. However, the above 250 feet segment is expected to grow at the highest CAGR of 9.4% from 2018 to 2026, owing to ease in handling with implementation of hydraulics and push-button electrics.
Motorized luxury yacht segment to maintain its dominance by 2026
Based on type, the motorized luxury yacht segment accounted for nearly two-thirds of the total market share in 2017 and will maintain its dominance by 2026. This segment is expected to register the fastest growth rate with a CAGR of 8.3% from 2018 to 2026. It is a lucrative segment, owing to simpler operation as compared to its counterparts and its ability to cover distance in less time. The research also analyzes sailing luxury yacht and others.
Fiber reinforced polymers/composites segment to be lucrative
Based on material, the fiber reinforced polymers/composites segment is lucrative, contributing more than two-thirds of the total share in 2017 and registering the fastest CAGR of 8.5% from 2018 to 2026. This is due to its light weight nature that enables increased speed, increased payload, and lowered of fuel consumption. Moreover, it possesses low stiffness and high corrosion resistance. The research also explores metal/alloys and other materials.
Europe to contribute the highest revenue by 2026
Europe held the largest market share in 2017, accounting for more than two-thirds of the total share. This is due to presence of leading manufacturers in European countries such as Italy and the U.K. However, Asia-Pacific is expected to register the highest CAGR of 8.7% from 2018 to 2026, owing to surge in demand, enhanced infrastructure, and ease in availability of raw materials.
Leading market players
Leading market players analyzed in the research include Alexander Marine Co. Ltd., Azimut Benetti S.p.A., Damen Shipyards Group, FERRETTI S.P.A., Feadship, Princess Yachts International plc, Horizon Yacht USA, Sunseeker International Limited, Sanlorenzo Spa, and Viking Yacht Company.
Above 250 feet
Sailing Luxury Yacht
Motorized Luxury Yacht
The report analyzes and forecasts the luxury yacht market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2026. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global luxury yacht market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the luxury yacht market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides size (in terms of volume and value) of luxury yacht market for the base year 2018 and the forecast between 2019 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are: