Luxury Yacht Global Market Opportunities and Strategies to 2032

This report describes and explains the luxury yacht market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global luxury yacht market reached a value of nearly $6,300.0 million in 2022, having grown at a compound annual growth rate (CAGR) of 5.6% since 2017. The market is expected to grow from $6,300.0 million in 2022 to $9,610.0 million in 2027 at a rate of 8.8%. The market is then expected to grow at a CAGR of 9.6% from 2027 and reach $15,210.0 million in 2032.

Growth in the historic period resulted from the strong economic growth in emerging markets, the increase in spending on recreational activities, the increasing social media use and the rise in leisure trips.

Going forward, the increasing government support, the rising urbanization, the growing tourism, the growing population, and the increasing number of high-net-worth individuals will drive the market. Factors that could hinder the growth of the luxury yacht market in the future include the impact of the Russia-Ukraine War and the rising interest rates globally.

The luxury yacht market is segmented by type into motor yacht and sailing yacht. The motor yacht market was the largest segment of the luxury yacht market segmented by type accounting for 83.6% of the total in 2022. Going forward, the motor yacht market is expected to be the fastest growing segment in the luxury yacht market segmented by type, at a CAGR of 9.0% during 2022-2027.

The luxury yacht market is segmented by size into up to 100 meters, 100-150 meters, and above 150 meters. The up to 100 meters market was the largest segment of the luxury yacht market segmented by size accounting for 91.1% of the total in 2022. Going forward, the 100-150 meters market is expected to be the fastest growing segment in the luxury yacht market segmented by size, at a CAGR of 10.6% during 2022-2027.

The luxury yacht market is segmented by hull material into fiber reinforced polymers and composites, metals and alloys, and other hull materials. The fiber reinforced polymers and composites market was the largest segment of the luxury yacht market segmented by hull material accounting for 62.8% of the total in 2022. Going forward, the fiber reinforced polymers and composites market is expected to be the fastest growing segment in the luxury yacht market segmented by hull material, at a CAGR of 9.3% during 2022-2027.

The luxury yacht market is segmented by application into commercial and private. The private market was the largest segment of the luxury yacht market segmented by application accounting for 76.9% of the total in 2022. Going forward, the private market is expected to be the fastest growing segment in the luxury yacht market segmented by application, at a CAGR of 9.1% during 2022-2027.

Western Europe was the largest region in the luxury yacht market, accounting for 37.0% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the luxury yacht market will be Asia Pacific and Eastern Europe where growth will be at CAGRs of 21.1% and 6.4% respectively. These will be followed by the Middle East and South America where the markets are expected to grow at CAGRs of 6.2% and 4.3% respectively.

The global luxury yacht market is highly concentrated, with a few large players operating in the market. The top ten competitors in the market made up 71.43% of the total market in 2022. Ferretti S.p.A. Inc was the largest competitor with 14.20% of the market, followed by Azimut Benetti SpA with 12.56%, Sanlorenzo S.p.a. with 10.63, Feadship with 6.21%, Princess Yachts Limited with 6.05%, Fr. Lürssen Werft GmbH & Co.KG with 5.99%, Italian Sea Group with 4.76%, Fincantieri S.p.A. with 4.24%, Sunseeker International with 3.44% and Brunswick Corporation with 3.36%.

The top opportunities in the luxury yacht market segmented by type will arise in the motor yacht segment, which will gain $2,835.2 million of global annual sales by 2027. The top opportunities in segment by size will arise in up to 100 Meters segment, which will gain $2,950.6 million of global annual sales by 2027. The top opportunities in segment by hull material will arise in the fiber reinforced polymers and composites segment, which will gain $2,400.8 million of global annual sales by 2027. The top opportunities in segment by application will arise in the private segment, which will gain $2,638.8 million of global annual sales by 2027. The luxury yacht market size will gain the most in the USA at $687.0 million.

Market-trend-based strategies for the luxury yacht market include focus on fuel cell technology, luxury hydrogen-powered superyachts, online community and streaming services for luxury yachts, use of artificial intelligence (AI), technology advancements, product innovations, and strategic partnerships and collaborations.

Player-adopted strategies in the luxury yacht market include strengthening production capabilities and focusing on advanced materials for improving manufacturing output, improving sustainable marine yacht transport, expanding product portfolios by introducing new products into the market, and focusing on technological advancements for product development.

To take advantage of the opportunities, the analyst recommends the luxury yacht companies to focus on luxury hydrogen-powered superyachts, focus on innovative product launches, focus on technologically advanced products, expand in emerging markets, continue to focus on developed markets, focus on partnerships and collaborations focus on premium pricing, focus on online marketing, continue to target tourism industries, focus on urban population and target high-net-worth individuals.