Luxury Yacht Market

The luxury yacht, also called as a crewed yacht, is a yacht that is mostly owned by the rich people across the world, who enjoy the high-class privacy and unmatched luxury of such floating abodes. These yachts can be sail-driven or motor-driven and are classified on the basis of their lavish appearance and the extraordinary expense of their maintenance and cost. The luxury yachts are generally privately owned or privately crewed. A luxury yacht provides absolute relaxation, breath-taking experiences, and these yachts are generally over 24 meters and whereas the average size of a luxury yacht is about 40-meter mark. The global market for luxury yacht has been segmented on the basis of type, size, material, and by geographical region.

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The factors that are fuelling the growth of the global luxury yacht market include the changing lifestyle of the customers owing to the increasing disposable and per capita income along with rapid urbanization. Moreover, the increasing focus on the development of environment-friendly yachts by making use of substitute fuels such as solar-powered yachts and the advent of the latest technologies for the development of luxury yacht are the major factors bolstering the growth of the global luxury yacht market worldwide. In addition, emerging trends for leisure and recreational activities and the increasing high net value individuals are further surging the demand of the market over the coming years.

The expansion in the tourism sector, along with the growing interest of tourists towards marine tourism and water sports, are directly accelerating the demand for the luxury yacht in the market during the forecast period. The increase in the aim of the manufacturers to develop a luxury yacht with advanced features to enhance the overall travel experience of the customers are the factors creating several opportunities for the luxury yacht in the market. The factors that are responsible for restraining the growth of the global luxury yacht market include the strict environmental policies of the government and the high cost of maintenance of these yachts.

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Based on the type, the Motorized Luxury Yacht segment is anticipated to grow at a higher CAGR over the forecast period owing to the high adoption of this yacht among the customers as a result of their increased speed, and comfort & luxury as such yacht provides more free space, spacious rooms along with less cabins to ensure more comfort. In addition, the ability of the motorized luxury yacht to offer access to the shallow sea and their enhanced attractiveness in the sea are also some factors fuelling the market growth of this segment.

Based on the material, the Fiber Reinforced Polymers & Composites segment is expected to increase at a higher compound annual growth rate during the forecast period due to the increase in the usage of this material for the construction of the luxury yacht. In addition, several benefits of using fiber reinforced polymer that includes lightweight, corrosion & impact resistance, vibration damping along with ease in fabrication, & repair and low costs of construction, also leads to an increase in the growth of the market of this segment.

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Based on the region, Europe is anticipated to increase at a higher compound annual growth rate during the forecast period owing to the presence of several manufacturing plants of luxury yachts of the key players and rising aim on the internalization and trade of the manufactures by strategic alliances.

Various notable players operating in the market include Alexander Marine International, Azimut Benetti S.p.A., Damen Shipyards Group, Ferretti S.p.A., Feadship, Princess Yachts Limited, Horizon, Sunseeker International, Sanlorenzo Spa, and Viking Yacht Company, among others.

 Key Developments:

• • In 2019, Damen Shipyards Group signed a contract with Oslo, which is a Norway-based SeaDream Yacht Club. Through this contract, the company entered into the cruise market and will deliver a 155- meter Mega Yacht on luxury voyages, a purpose-built ship to operate in destinations that includes tropical and polar.
  • In 2018, Alexander Marine International collaborated with Evan Marshall for launching the all-new 90r yacht having several features that include a glass-enclosed beach club, full-beam master suite, entertaining spaces, and expensive dining.

The global luxury yacht market has been segmented on the basis of the type, size, material, and region. Based on the type, the market is segmented into a motorized luxury yacht, sailing luxury yacht, and other luxury yacht. Based on the size, the market is segmented into 75-120 feet, 121-250 feet, and above 250 feet. Based on the material, the market is segmented into metal & alloys, fiber reinforced polymers & composites, and others.

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Key questions answered in this research report:

• • At what pace is the global luxury yacht market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global luxury yacht market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global luxury yachts market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various materials used in the luxury yacht, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Luxury Yacht Market by Type

• • Motorized Luxury Yacht
  • Sailing Luxury Yacht
  • Other Luxury Yacht

Global Luxury Yacht Market by Size

• • 75-120 feet
  • 121-250 feet
  • Above 250 feet

Global Luxury Yacht Market by Material

• • Metal & Alloys
  • Fiber Reinforced Polymers & Composites
  • Others

Global Luxury Yacht Market by Region

• • North America Luxury Yacht Market (Option 1: As a part of the free 25% customization)
    • North America Market by Type
    • North America Market by Size
    • North America Market by Material
    • US Market All-Up
    • Canada Market All-Up
  • Europe Luxury Yacht Market (Option 2: As a part of the free 25% Customization)
    • Europe Market by Type
    • Europe Market by Size
    • Europe Market by Material
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Luxury Yacht Market (Option 3: As a part of the free 25% Customization)
    • Asia-Pacific Market by Type
    • Asia-Pacific Market by Size
    • Asia-Pacific Market by Material
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Luxury Yacht Market (Option 4: As a part of the free 25% Customization)
    • RoW Market by Type
    • RoW Market by Size
    • RoW Market by Material
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Luxury Yacht Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Alexander Marine International
  • Azimut Benetti S.p.A.
  • Damen Shipyards Group
  • Ferretti S.p.A.
  • Feadship
  • Princess Yachts Limited
  • Horizon
  • Sunseeker International
  • Sanlorenzo Spa
  • Viking Yacht Company