Yacht Global Market Report 2024

A yacht refers to a large recreational boat designed for ocean waters and turbulent seas, with lengths ranging from 35 feet to 160 feet. Yachts typically require a full crew to handle various tasks such as maintenance, navigation, electronics and engineering, repairs, and stewardship.

Key types of motor and sailing yachts include the super yacht, flybridge yacht, sport yacht, long-range yacht, and others. A super yacht is a luxurious, professionally crewed motor or sailing yacht with a load line of 24 meters and above. Super yachts are further categorized based on lengths, including those up to 20 meters, between 20-50 meters, and those exceeding 50 meters.

The yacht market research report is one of a series of new reports from The Business Research Company that provides yacht market statistics, including yacht industry global market size, regional shares, competitors with a yacht market share, detailed yacht market segments, market trends and opportunities, and any further data you may need to thrive in the yacht industry. This yacht market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The yacht market size has grown strongly in recent years. It will grow from $8.73 billion in 2023 to $9.19 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth observed in the historical period can be attributed to improved earning capacity, increased spending on recreational activities, and the rising construction of super yachts.

The yacht market size is expected to see steady growth in the next few years. It will grow to $10.78 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. Forecasted growth is attributed to government support, urbanization, a rise in high-net-worth individuals, and increased tourism. Key trends include a focus on fuel cell technology, collaborations, AI integration, product innovations, and technological advancements in the yacht industry.

The increasing demand for luxury tourism and sailing is anticipated to drive the yacht market. Luxury tourism, characterized by a heightened focus on providing superior comfort and quality with minimal stress and hassle, represents an upscale travel experience. Yachts play a pivotal role in luxury tourism, particularly for destinations situated along the coast. In a 2022 survey, nearly 30% of respondents indicated that their holiday budgets had increased post-COVID, with a preference for luxury travel options. Consequently, the growing inclination towards luxury tourism and sailing is expected to stimulate the demand for yachts in the foreseeable future.

The expansion of tourism is poised to be a significant contributor to the growth of the yacht market. Growing tourism, reflecting the upward trajectory and global expansion of the tourism industry, presents opportunities for the yacht sector to flourish. This growth can be leveraged to meet the rising demand for yacht-related services, fostering economic development in regions that actively promote yachting as an integral part of their tourism offerings. According to the United Nations World Tourism Organization (UNWTO), international tourist arrivals exceeded 900 million in 2022, doubling the figures recorded in 2021, albeit reaching only 63% of pre-pandemic levels. Looking ahead to 2023, international tourist arrivals are projected to reach 80% to 95% of pre-pandemic levels, contingent on factors such as the economic landscape, the ongoing recovery of travel in Asia and the Pacific, and geopolitical events. Hence, the growth of tourism is expected to have a positive impact on the yacht market in the forecast period.

Companies operating in the yacht market are strategically focusing on product innovations and the development of new solutions to bolster their positions in the market. A case in point is ISA Yachts, an Italy-based brand under Palumbo Superyachts, which, in April 2022, introduced the ISA Granturismo 45-meter Aria SF. Featuring a steel hull and aluminum superstructure, the ISA GT 45 is designed to accommodate up to 10 guests in five spacious cabins. This superyacht stands out for its sharp and sporty exterior lines, characterized by a plumb bow, side arches connecting the three decks, and a fin-shaped hard top that imparts a sleek and lightweight appearance to the profile.

Yacht manufacturers are placing a strong emphasis on integrating new technologies and developing technologically advanced products to enhance their market positions. An example is Van Berge Henegouwen (VBH), a Dutch electrical company, which, in September 2022, launched the Invisible Technology for superyachts. This innovative product line, developed in collaboration with shipyards and interior yacht designers, is designed to offer intuitive and inconspicuous solutions for owners. Representing a new era for VBH and the yachting industry, the initial products in the Invisible Technology line include a Magic-UI control panel and two display screen solutions, namely Blended Screen and VBH Robot Arm. These technological advancements underscore the commitment of yacht manufacturers to staying at the forefront of industry trends and providing cutting-edge solutions to their clientele.

In May 2021, MarineMax Inc., a U.S.-based recreational boat dealer, completed the acquisition of Cruisers Yachts for an undisclosed sum. This strategic move is aimed at incorporating a premium, American-built yacht into MarineMax's product portfolio. The acquisition allows MarineMax to offer these yachts through a selected retail network, thereby enhancing additional growth capacity. Cruisers Yachts, the acquired company, is a U.S.-based premium yacht manufacturer specializing in boats ranging from 33 feet to 60 feet.

Major companies operating in the yacht market report are Ferretti S.p.A., Sanlorenzo S.p.a., Feadship, Princess Yachts Limited, Fincantieri S.p.A., Fr. Lurssen Werft GmbH & Co.KG, Damen Shipyards Group, Viking Yacht Company, Sunseeker International, Alexander Marine Co. Ltd., Palumbo Group, Shanghai Waigaoqiao Shipbuilding Co. Ltd., Qingdao Captain Marine Co. Ltd., HBM-Huanan Building Materials (Shenzhen) Co. Ltd., COSCO Shipping, Headway Technology Co. Ltd., Star MarinePro Corp Limited, China Shipbuilding Industry Co. Ltd., Azimut Benetti, Christensen Shipyards Ltd., Ferretti, Heesen Yachts, Horizon Yacht, YMCA Yachting, Brunswick Corporation, Ocean Alexander, Quantum Sails, Michael Rybovich & Sons Boatworks, Burger Boat Company, MCP Yachts, Sterling Yachts, Fibrafort, Delta Yachts, Flexboat, Wind, Schaefer Yachts, Alwoplast, Asmar, NEL INGENIERIA, AS Marine, Oryx Yachts, Majesty Yachts, Nomad Yachts, Moonday Yachts, Yerliyurt Marin, Numarine, Robertson & Caine, Falcon Inflatables, Dean Catamarans, Almaroon, De Birs Yachts, Tiger Marine

Europe was the largest region in the yacht market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the yacht market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the yacht market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The yacht market consists of sales of sailing yachts, motor yachts, gulet yachts, and open yachts. 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.

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.

Yacht Global Market Report 2024 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 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.

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Where is the largest and fastest growing market for yacht? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The 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 market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

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.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Super Yacht; Flybridge Yacht; Sport Yacht; Long Range Yacht; Other Types
• 2) By Length: Up to 20 Meters; 20-50 Meters; Above 50 Meters
• 3) By Propulsion: Motor; Sail
• Companies Mentioned: Ferretti S.p.A.; Sanlorenzo S.p.a.; Feadship; Princess Yachts Limited; Fincantieri S.p.A.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.