Navigating the Future: Yacht Market Size and Forecast 2024-2033

Overview and Scope
The yacht refers to large recreational boats with lengths ranging from 35 feet to 160 feet and capable of operating in ocean waters and turbulent seas. It requires a full crew to handle maintenance, navigation, electronics and engineering, repairs and stewards.

Sizing and Forecast
The yacht market size has grown strongly in recent years. It will grow from $8.73 billion in 2023 to $9.19 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to the improved earning capacity, the increase in spending on recreational activities and the rising construction of super yachts.

The yacht market size is expected to see steady growth in the next few years. It will grow to $10.78 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to government support, the rising urbanization, the increasing number of high-net-worth individuals and the growing tourism. Major trends in the forecast period include focus on fuel cell technology, collaborations and acquisitions, use of artificial intelligence (ai), product innovations and technology advancement.

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Segmentation & Regional Insights
The yacht market covered in this report is segmented –
1) By Type: Super Yacht, Flybridge Yacht, Sport Yacht, Long Range Yacht, Other Types
2) By Length: Up to 20 Meters, 20-50 Meters, Above 50 Meters
3) By Propulsion: Motor, Sail

Europe was the largest region in the yacht market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the yacht market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Growing demand for luxury tourism and sailing is expected to propel the demand for the yacht market. Luxury tourism focuses on offering a high level of comfort and quality, with no stress or hassle. It entails an elevated travel experience with minimal annoyance and maximum convenience. The rapid growth in luxury tourism is expected to boost demand for yachts, as they are a key component of luxury tourism for destinations located on the sea coast. For instance, in 2022, almost 30% of the respondents of a survey agreed that their holiday budgets were higher after COVID and they were looking for luxury travel options. Therefore, the growing demand for luxury tourism and sailing is expected to boost the demand for yachts during the forecast period.

Key Industry Players
Major companies operating in the yacht market report are Ferretti S.p.A., Sanlorenzo S.p.a., Feadship, Princess Yachts Limited, Fincantieri S.p.A., Fr. Lürssen Werft GmbH & Co.KG, Damen Shipyards Group, Viking Yacht Company, Sunseeker International, Alexander Marine Co. Ltd., Palumbo Group, Shanghai Waigaoqiao Shipbuilding Co. Ltd., Qingdao Captain Marine Co. Ltd., HBM-Huanan Building Materials (Shenzhen) Co. Ltd., COSCO Shipping, Headway Technology Co. Ltd., Star MarinePro Corp Limited, China Shipbuilding Industry Co. Ltd., Azimut Benetti, Christensen Shipyards Ltd, Ferretti, Heesen Yachts, Horizon Yacht, YMCA Yachting, Brunswick Corporation, Ocean Alexander, Quantum Sails, Michael Rybovich & Sons Boatworks, Burger Boat Company, MCP Yachts, Sterling Yachts, Fibrafort, Delta Yachts, Flexboat, Wind, Schaefer Yachts, Alwoplast, Asmar, NEL INGENIERIA, AS Marine, Oryx Yachts, Majesty Yachts, Nomad Yachts, Moonday Yachts, Yerliyurt Marin, Numarine, Robertson & Caine, Falcon Inflatables, Dean Catamarans, Almaroon, De Birs Yachts, Tiger Marine

The yacht market report table of contents includes:
1. Executive Summary
2. Yacht Market Characteristics
3. Yacht Market Trends And Strategies
4. Yacht Market – Macro Economic Scenario
5. Global Yacht Market Size and Growth
…..
32. Global Yacht Market Competitive Benchmarking
33. Global Yacht Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Yacht Market
35. Yacht Market Future Outlook and Potential Analysis
36. Appendix