Yacht Market Size - By Type (Fly Bridge Yacht, Sports Yacht, Cruiser Yacht), By Length (Below 24 Meters, 24 - 45 Meters, Above 45 Meters), By Propulsion (Motor, Sail) & Forecast, 2024 - 2032

Yacht Market Size

Yacht Market size was valued at USD 12 billion in 2023 and is estimated to register a CAGR of 7% between 2024 and 2032. The yachting sector has seen a steady increase in demand in recent years due to rising disposable income and a growing desire for leisure activities. The rising luxury travel sector, where individuals seek attention and unique experiences, is fueling this trend. The integration of smart connectivity features further optimizes efficiency and performance, while advancements in material contribute to lighter and more durable components, facilitating broader adoption and market expansion.
 

With smaller weights and more fuel-efficient designs than their historical counterparts, modern yachts reduce their environmental effect, especially when powered by diesel engines. For instance, in May 2023, Sunreef Yachts launched the 80 Sunreef Power Eco, a custom catamaran crafted in Poland's Gdansk shipyard, featuring advanced green technologies emphasizing environmental sustainability and energy efficiency.
 

Artificial Intelligence (AI) technologies are anticipated to boost the yacht market during the forecast period. AI technologies are used in the yachting industry to improve safety, efficiency, and navigation. It is used to improve the sailing experience by providing real-time information on weather conditions and optimizing routes. AI predicts the best destination to position a yacht for charter success by investigating data points. Then it calculates the best place to anchor along with the fuel usage to get there.
 

A lot of prospective buyers may find the expensive initial costs associated with yachts which include taxes, customizing and registration fees, and the purchase price to be unaffordable. In addition, the market is extremely susceptible to changes in the economy. In times of recession, people's disposable incomes decline and their spending on luxury items is constrained, which lowers the demand for boats.
 

Yacht resale value and new sales are both impacted by this sensitivity, which leaves the market open to fluctuations in the world economy. The general stability and growth of the market are impacted by these characteristics because they collectively generate substantial obstacles to entry and ownership retention.
 

Yacht Market Trends

The yacht industry is expanding as a result of rising demand for custom boats. Manufacturers are providing consumers with a wide range of customization options so they may create vessels that exactly match their preferences. These days, customers want everything to be customizable to suit their own preference. For instance, in July 2023, Columbus Yachts launched M/Y Anjelif, a brand-new, 50-meter bespoke yacht made completely of aluminum. A vehicle brimming with innovative features, including hybrid and diesel-electric propulsion, equipped with modern styling that caters to the demands of its seasoned owner.
 

Nowadays, a wide range of customization choices are available from yacht manufacturers, enabling clients to create custom interiors, distinctive amenities, or layout arrangements for their boats. The above-mentioned trend serves a discerning audience that desires exclusivity and customization, mirroring the transition from mass-produced yachts to customized and unique vessels that satisfy owners' distinct aesthetic preferences and unique lives.
 

In addition, fuel injection systems with electronic controls are becoming increasingly popular. By allowing varying speeds, these systems increase engine flexibility and significantly reduce pollution, vibration, and noise, especially in port and coastal locations. The yacht's propulsion system operates more efficiently as a result of this technology.
 

Yacht Market Analysis

Based on type, the market is divided into fly bridge yacht, sports yacht, and cruiser yacht. The cruiser yacht segment accounted for a market share of over 60% in 2023. The cruiser yacht is the most popular owing to its range, comfort, and versatility. It is built for prolonged journeys and leisure visits, with good interiors, various cabins, fully equipped kitchens, and abundant living space. When compared to the more specialized flybridge and sports boats, their versatility for both coastal and offshore navigation increases their attractiveness and leads to better sales

For instance, in January 2024, Royal Caribbean launched Icon of the Seas, the company's newest cruise ship. This ship is intended to be the biggest and most inventive cruise ship in the world with a variety of features and experiences that make it stand out in the cruise business. The Icon of the Seas is divided into eight different communities, each with its own special features, including the biggest waterpark at sea, opulent suites, and areas ideal for families.
 

Based on propulsion, the yacht market is categorized into motor and sail. The motor segment held market share of over 82% in 2023. A greater variety of purchasers, especially those who value luxury and convenience, are drawn to motorboats over sail yachts due to their better speed, power, and ease of operation. Moreover, motor yachts frequently have more room inside, opulent amenities, and cutting-edge technology features to meet the growing demand for upscale, comfortable, and adaptable leisure boats. Their strong performance and rapidity over extended distances add to their allure and solidify their leading position in the market.
 

Additionally, environmentally conscious consumers are being drawn to developments in propulsion technology, such as electric propulsion, hybrid systems, and more efficient engines. Motorboats are perfect for discovering new cruising areas since they provide more control and flexibility.
 

North America led the global yacht market with a share of over 35% in 2023. As it has a large part dedicated to its strong recreational boating culture, high disposable income of its citizens, and thriving economy, North America has led the market. A rich population and a long-standing marine leisure culture in the area have contributed to the growth of the yachting industry, which is bolstered by long stretches of coastline ideal for boats and a system of well-maintained marinas.
 

To further support its dominance in the market, North America is home to a sizable number of yacht clubs, service providers, and manufacturers. North America is leading the world's yacht industry owing to its infrastructure, economic prosperity, and cultural fondness for sailing.
 

Europe has a significant demand for yachts due to its historic nautical heritage, opulent lifestyles, and tourism industry. Nations, such as Italy, France, and the Netherlands, are globally recognized for their exceptional workmanship and inventiveness in boat construction, drawing in affluent clients. The region's yachting appeal is further enhanced by the perfect sailing conditions and plenty of picturesque locations found throughout the Mediterranean and Baltic coasts.
 

The yacht market in the Asia Pacific area is expanding quickly, driven by rising affluence, urbanization, and interest in upscale recreational pursuits. Wealthy people are becoming more likely to own yachts, and wealthy nations, such as China, Singapore, and Australia, are witnessing a boom in the yacht charter business that serves both domestic and foreign travelers.
 

The government measures supporting infrastructural development and marine tourism as well as increased consumer prosperity are contributing to the region's growing yacht industry. In the context of the global yacht industry environment, Europe and Asia Pacific together provide a variety of markets, each with distinct strengths and prospects.
 

Yacht Market Share

Sanlorenzo S.p.A and Lürssen are major market players in yacht industry, holding over 10% of the market share which can be attributed to their long history of excellence in boat design, craftsmanship, and personalization. Sanlorenzo, an Italian company, is well known for creating opulent, cutting-edge yachts that are customized to satisfy the unique needs of wealthy customers.
 

The German shipyard Lürssen is well-known for producing some of the biggest and most prominent boats in the world, which are renowned for their flawless craftsmanship and cutting-edge technology. Both businesses have over 10% of the market share as they regularly produce upscale, custom boats that satisfy the discriminating tastes of the world's ultra-wealthy, hence maintaining their leadership positions in the sector.
 

Yacht Market Companies

Major players operating in the yacht industry are:

• Azimut Benetti
• Damen Yachting
• Ferretti S.p.A.
• Groupe Beneteau
• Hanse Group
• Heesen Yachts
• Lürssen Yachts
• Princess Yachts
• Royal Huisman Shipyard B.V.
• Sanlorenzo S.p.A
• Sunseeker International Ltd.
• Viking Yacht Company
   

Yacht Industry News

• In May 2024, Feadship launched Project 821, making it the first superyacht powered by hydrogen fuel cells. With the help of hydrogen fuel cells, this eco-friendly design produces electricity while drastically cutting pollution. Additionally, Project 821 is the biggest yacht ever built in the Netherlands.
   
• In October 2023, Blue Innovations Group Inc unveiled the R30 electric boat, its flagship design. With a 221-kWh battery pack, an 800HP dual motor engine, and an integrated user interface, the R30 is a 30-foot marvel. The boat may hold up to twelve passengers for eight hours.
   

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

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Market, By Type

• Flybridge yacht
  • Below 24 meters
  • 24 - 45 meters
  • Above 45 meters
• Sports yacht
  • Below 24 meters
  • 24 - 45 meters
  • Above 45 meters
• Cruiser yacht
  • Below 24 meters
  • 24 - 45 meters
  • Above 45 meters

Market, By Length

• Below 24 meters
• 24 - 45 meters
• Above 45 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
  • Spain
  • Italy
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of MEA