According to the new research report on "Luxury Yacht Market Forecast to 2028 – COVID-19 Impact and Global Analysis", the market is expected to reach US$ 10,338.10 million by 2028 and register a CAGR of 9.3% from 2022 to 2028.

Technological and aesthetical development in the yacht designs is creating significant opportunity for the market players to enhance their share in the luxury yacht market. Superyachts are large luxury yachts that are equipped with Jacuzzis, sky lounges, dining rooms, bars, etc. Professional crew members are often appointed on these yachts. Superyachts can tread into deeper waters. Many players in the luxury yacht market are producing superyachts with various features.

• In February 2023, Heesen Yachts launched a 60-meter Project SkyFall. The superyacht was named Ultra G. The yacht consists of the space for sociable fishing adventures and the master apartment with a private terrace. It also includes a jacuzzi, a large walk-in wardrobe, a big bathroom, a custom wine fridge, a media room, and an elegant games table.
• In October 2022, Conrad Yachts launched the first unit of its C144S line—Ace. Ace, Poland’s largest superyacht, can accommodate 10 guests and 9 crew members.
• In April 2022, Amels introduced its new 80-meter (263-ft) superyacht. The features of this new yacht include a Jacuzzi, access via an elevator and internal stairs, a spacious beach club with a spa, a glass-bottom swimming pool, and a lounge area with openings on three sides.
• In February 2020, Gulf Craft launched its new Majesty 120, a 37-meter tri-deck superyacht. All the onboard equipment of the yacht is entirely electrically powered, and no hydraulic systems are used.

Thus, the increasing number of launches of superyachts with different features, ranging from indoor sport to entertainment and relaxation, is bolstering the luxury yacht market growth.

Asia Pacific holds a substantial opportunity in the luxury yacht market growth owing to the rising disposable income and increased number of billionaires in the region. Manufacturers and professionals engaged in luxury yachts are focused on increasing yachting activities and production of superyachts in the region, which is contributing to the growth of the luxury yacht market. Moreover, there is a rise in demand for superyachts and an increase in yacht sales due to a surge in yacht chartering activities. All these factors are fueling the growth of the Asia Pacific luxury yacht market.

Emerging regions such as APAC, MEA, and SAM are anticipated to offer ample future growth opportunities to the luxury yacht market from 2022 to 2028. These regions are characterized by the presence of some of the major countries that contribute a substantial fleet value to the global yacht market. China, Japan, Singapore, and South Korea are among the leading countries inclined toward water tourism. In addition to these markets, there are several other potential developing markets for the adoption of luxury yachts, such as India, Brazil, Argentina, Indonesia, Vietnam, Malaysia, the Philippines, Thailand, and Saudi Arabia. All these countries are anticipated to offer ample growth opportunities for luxury yacht shipyards.

 Key Findings of Study:

The luxury yacht market size is segmented into type, material, size, and geography. Based on type, the luxury yacht market is segmented into sailing luxury yacht, motorized luxury yacht, and others. Based on material, the luxury yacht market analysis is divided into FRP/composites, metal/alloys, and others. Based on size, the luxury yacht market analysis is categorized into 75–120 feet, 121–250 feet, and above 250 feet. By geography, the luxury yacht market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Based on type, the luxury yacht market is segmented into sailing luxury yacht, motorized luxury yacht, and others. The motorized luxury yacht segment dominated the market in 2021. However, the sailing luxury yacht segment is expected to grow at a significant CAGR. Sailing luxury yachts is gaining momentum in the global luxury yacht market owing to large load-carrying capacity, easy technical structure, and low maintenance cost. The increasing number of service providers offering vacation packages in luxury yachts further presents lucrative business opportunities to luxury yacht manufacturers. For instance, Burgess and IYC offer a range of luxury sailing yachts for consumers to buy and rent out for vacations.

The major driver of the motorized luxury yacht segment size is the speed offered by the yacht. A motorized yacht has an advantage over a sailing yacht in shallow sea areas. It also offers better comfort as it is more spacious than a sailing yacht, thereby enabling more free space and bigger rooms and amenity areas. These factors are contributing to the rising demand for motorized luxury yachts. Croatia has experienced a rise in nautical tourism due to its geographical position. Motor yachts offer an advantage over sailing yachts in the country owing to the country’s terrain configurations. With the presence of several yacht rental service providers and tour service providers, the demand for motor yachts is constantly growing across the country, thereby contributing to the growth of the segment.

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