Luxury Yacht Market Size - By Type (Flybridge, Sports, Cruiser), By Length (Upto 50 meters, 50 to 100, Above 100), By Propulsion (Motor, Sail) & Forecast, 2024 - 2032

Luxury Yacht Market Size

Luxury Yacht Market size was valued at USD 10.7 billion in 2023 and is estimated to register a CAGR of 6% between 2024 and 2032. The rising popularity of yacht charters is helping the market grow, charters allow people to enjoy the luxury and exclusivity of yachting without having to own a yacht. This has attracted a wider range of customers. As more people try yachting through charters, some will eventually want to buy luxury yachts, further driving the market. The growing demand for charters is also benefiting the yachting industry overall, encouraging more innovation and offering new designs and features in luxury yachts.
 

The booming tourism industry and the rise in yacht ownership as more travelers now want special and exclusive experiences, like chartering luxury yachts. At the same time, wealthy individuals are buying private yachts for personal enjoyment and to showcase their status. This combined demand has boosted yacht production and innovation, leading to a wide variety of luxury yachts, from massive mega yachts to more affordable options, driving the market's growth.
 

Environmental consciousness is becoming an increasingly important factor for buyers in the luxury yacht market. The demand for yachts that incorporate eco-friendly technologies, such as solar panels, hybrid engines, and waste management systems, has grown significantly. Builders who emphasize sustainable materials, reduce emissions, and lower environmental impact are gaining traction, appealing to eco-conscious UHNWIs who want to enjoy luxury without compromising their environmental values.
 

The luxury yacht market faces significant challenges due to the high costs of buying and maintaining these vessels. Purchasing a luxury yacht requires a large amount of money, especially for bigger yachts. On top of that, the ongoing costs, like paying crew salaries, fuel, insurance, docking, and repairs, can also be very expensive. These financial demands restrict the market to only the ultra-wealthy and may discourage potential buyers who are put off by the high expenses of owning a yacht.
 

Luxury Yacht Market Trends

Connectivity and smart technology are becoming popular in the luxury yacht industry as owners look for modern features and better onboard experiences. Advanced satellite and communication systems offer reliable internet, allowing for remote work and entertainment while at sea. Smart automation systems manage lighting, temperature, security, and entertainment, making the yacht more comfortable and energy efficient. Navigation systems with real-time data and digital maps ensure safer and smoother trips. These technologies not only enhance onboard life but also appeal to the digital habits of yacht owners, increasing their value in the market.
 

For instance, in March 2024, Lexus launched the LY 680 luxury yacht in Japan from with orders available through Toyota Marine sales offices. The yacht reflects Lexus' commitment to luxury, offering meticulous craftsmanship, a hideaway-like feel at sea, and a comfortable living space. Built by Horizon Group, known for its superyacht expertise, the LY 680 promises stable, quiet cruising.
 

The demand for superyachts and mega yachts is rapidly growing in the luxury yacht market. Wealthy buyers are looking for bigger vessels that offer not just luxury but also more amenities and features. These larger yachts can include things like helipads, bigger swimming pools, multiple decks, and onboard movie theaters. This trend shows a desire for ultimate comfort, entertainment, and the ability to cruise for longer periods, as yacht owners seek the highest level of luxury and exclusivity in their experiences. As a result, manufacturers and shipyards are building more large and extravagant yachts to meet this high-end demand.
 

Luxury Yacht Market Analysis

Based on yacht, the market is divided into flybridge luxury yacht, sports luxury yacht, and cruiser luxury yacht. The flybridge yacht segment accounted for a market share of around 62% in 2023 and will experience significant growth in the coming years, due to its unique combination of luxury, space, and versatility. Flybridge yachts offer an elevated outdoor area above the main deck, providing extra space for socializing, sunbathing, and enjoying panoramic views.
 

This additional space often includes amenities like lounges, dining areas, and even bars, making it highly attractive for entertaining guests. The flybridge also enhances navigation with better visibility from a higher vantage point, appealing to both owners and charter customers who seek a premium yachting experience. The blend of luxury, functionality, and expansive outdoor areas has led to flybridge yachts becoming a popular choice in the market.
 

Based on propulsion, the luxury yacht market is categorized into motor and sail. The motor segment held a market share of over 79% in 2023, due to its superior performance and versatility. Motor yachts are renowned for their power and speed, providing an exhilarating on-water experience that appeals to a broad audience. Their ability to cover long distances quickly allows owners to visit multiple destinations in a single trip, making them ideal for those seeking adventure and exploration.
 

Additionally, advancements in technology have enhanced their fuel efficiency and environmental friendliness, addressing modern concerns about sustainability. The wide range of sizes and styles, from sleek sports models to expansive superyachts, further contributes to their appeal. These factors collectively make motor yachts the most popular choice among luxury yacht buyers. For instance, in August 2023, Echo Yachts has launched Charley 2, a 56-meter adventure and support catamaran. As the largest catamaran motor yacht built in Australia, Charley 2 features a remarkable volume of 1,041 GT.
 

Europe led the global luxury yacht market with a share of over 37% in 2023, due to its rich maritime tradition and established infrastructure. The region is home to many of the world's leading yacht builders and designers, including prestigious names like Feadship, Lürssen, and Benetti. Europe's extensive network of luxury marinas, yacht clubs, and servicing facilities supports a thriving yachting community. Additionally, the Mediterranean, a major destination for luxury yacht owners, offers ideal cruising conditions and exclusive ports. The combination of historical expertise, sophisticated infrastructure, and attractive cruising grounds makes Europe the epicenter of the global market.
 

In U.S., substantial population of ultra-high-net-worth individuals (UHNWIs) and its well-established marine infrastructure. The country boasts a high concentration of wealthy buyers who value luxury and exclusivity, driving strong demand for high-end yachts. Additionally, the region has extensive and advanced marina facilities, a robust network of yacht service providers, and a vibrant yachting culture, all of which contribute to its market leadership.
 

In Asia-Pacific region, rapidly growing number of ultra-high-net-worth individuals (UHNWIs) and expanding economies. Countries like China, India, and Australia have seen significant increases in wealth and luxury spending, driving demand for high-end yachts. The region's picturesque coastlines, burgeoning marine infrastructure, and increasing popularity of yachting as a status symbol further bolster its market dominance. Additionally, favorable climate conditions and a rise in luxury tourism contribute to the region's strong position in the global yacht market.
 

Luxury Yacht Market Share

Lürssen Yachts, Feadship, Ferretti Group holds significant market share of 35% in luxury yacht industry, due to their exceptional craftsmanship, innovation, and reputation for delivering high-quality vessels. Lürssen Yachts is known for its large, custom superyachts, combining cutting-edge technology with meticulous attention to detail. Feadship, a collaboration between De Vries and Royal Van Lent, excels in creating fully bespoke yachts with a focus on unparalleled quality and performance.
 

Ferretti Group, with its diverse range of brands like Riva, Pershing, and CRN, offers both semi-custom and fully custom yachts, catering to a wide array of luxury preferences. Their established reputations, expertise, and ability to deliver tailored, high-end yachts contribute significantly to their dominant positions in the market.
 

Luxury Yacht Market Companies

Major players operating in the luxury yacht industry are:

• Benetti Yachts
• Feadship
• Ferretti Group
• Heesen Yachts
• Lürssen Yachts
• Sanlorenzo
• Sunseeker
   

Luxury Yacht Industry News

• In March 2024, Sunreef Yachts, a luxury yacht builder from Poland, has launched a new shipyard in Ras Al Khaimah, UAE, with production starting on multimillion-dollar catamarans. The shipyard, inaugurated by Sheikh Saud bin Saqr Al Qasimi, aims to meet rising demand and create over 600 jobs by year-end. Sunreef, known for high-end yachts built in Poland, chose the UAE to expand its reach closer to Asia and Australia.
   
• In April 2024, Wanda Group, the majority owner of Sunseeker International since 2013, has agreed to sell the Poole-based yacht builder to Miami investment firm Lionheart Capital. The deal, potentially closing by May 2024 pending British regulatory approval, follows Sunseeker's recovery post-pandemic. Lionheart, led by Ophir Sternberg, specializes in value growth investments and has a diverse portfolio. Wanda, facing financial pressures and divestments, is selling assets to manage debt and cash flow issues.
   

The luxury yacht market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue ($Bn) & shipment (in Units) from 2021 to 2032, for the following segments:

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Market, By Yacht

• Flybridge Yacht
• Sports Yacht
• Cruiser Yacht

Market, By Length

• Upto 50 meters
• 50 to 100 meters
• Above 100 meters

Market, By Propulsion

• Motor
• Sail

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA