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Yacht Market Size
- Report ID: GMI5108
- Published Date: Jun 2024
- Report Format: PDF
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Yacht Market Size in 2023: | USD 12 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 7% |
| 2032 Value Projection: | USD 21.5 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 300 |
| Segments covered: | Type, Length, Propulsion |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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.
Frequently Asked Questions (FAQ) :
Yacht Market Scope
