GVR Report cover Yacht Market Size, Share & Trends Report

Yacht Market Size, Share & Trends Analysis Report By Type (Super Yacht, Sport Yacht, Flybridge Yacht, Long Range Yacht), By Length (Up To 20 M, 20 To 50 M, Above 50 M), By Propulsion (Motor, Sailing), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-3-68038-586-1
  • Number of Pages: 100
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2023
  • Industry: Technology

Yacht Market Size & Trends

The global yacht market size was estimated at USD 9.39 billion in 2023 and is expected to register a CAGR of 5.1% from 2024 to 2030. The yachting industry has experienced a steady rise in demand in recent years, driven by increasing disposable income and a growing desire for leisure pursuits. This trend is further fueled by the growing luxury travel market, where high-net-worth individuals (HNWI) seek personalized service and exclusive experiences. Manufacturers are responding by incorporating premium features that enhance both performance and the overall customer experience. Yacht construction has also undergone a significant transformation. Traditionally built with wood and fiber-reinforced polymers (FRPs), the industry has increasingly embraced composite materials due to their superior corrosion resistance, lower maintenance requirements, and improved strength-to-weight ratio.

Global Yacht Market size and growth rate, 2024 - 2030

In addition, electronically controlled fuel injection systems are being widely adopted. These systems offer greater engine flexibility by enabling variable speeds, resulting in a significant reduction in noise, vibration, and emissions, particularly in port and coastal areas. This technology also contributes to the improved efficiency of the yacht's propulsion system. While personal yacht ownership incurs a high total cost, the ease of yacht rentals has mitigated any significant negative impact on marine travel and tourism. This market is further propelled by advancements in maritime security systems, tracking technology, improved connectivity, and rising disposable incomes. Moreover, the integration of telematics and IoT platforms is projected to unlock further industry potential in the coming years.

Major yacht rental providers include Boatbound Inc., Fun2 Rent, Sailogy S.A., The Moorings, and Incrediblue Limited. The COVID-19 pandemic initially disrupted the market, impacting sales and chartering. Government lockdowns and travel restrictions hampered global yacht trade, and supply chain disruptions hindered manufacturing. However, the extended stay-at-home period fueled a shift towards leisure activities, leading to a market rebound as restrictions eased. Manufacturers saw a surge in new yacht orders as demand for private, family-oriented travel increased. Fueling the yachting industry's growth, global recreational spending has been on a steady upward trajectory. As per the U.S. Department of Commerce, the market has witnessed a 14.1% increase in the share of recreational spending within U.S. consumer spending from 2015 to 2023.

Similarly, in the European Union, general government expenditure on recreation reached 1.1% of GDP in 2022. Developing economies are also witnessing significant growth in recreational spending due to rising disposable incomes and increased leisure time. The industry has embraced technological advancements, making yachts more user-friendly. Manufacturers are focusing on developing specialized yachts that incorporate sustainable power sources, eco-friendly propulsion systems, and recyclable materials. Furthermore, 3D printing technology is gaining traction in yacht construction, enabling the creation of custom parts for decks and hulls while minimizing material waste and reducing production costs.

Market Concentration & Characteristics

On the technology forefront, the yacht market is continually evolving to meet the rising expectations of customers and to tackle environmental issues. Hybrid and electric propulsion systems are gaining traction, offering significant emission reductions compared to traditional engines. Beyond propulsion, new materials like lightweight composites are being developed to enhance performance and fuel efficiency. Furthermore, advancements in automated sail handling and self-stabilizing technology are improving comfort and operation. This relentless pursuit of innovation ensures yachts remain at the forefront of luxury and sustainability, offering an unparalleled experience that combines luxury, performance, and environmental responsibility.

Yacht Market Concentration & Characteristics

Merger and acquisition (M&A) activities in the market are typically cyclical, with periods of consolidation often occurring after economic growth phases. Larger companies leverage M&As to strengthen their position by acquiring smaller players. This diversification broadens product portfolios and taps into new markets. Merged entities benefit from economies of scale, cost reduction, and potentially faster R&D. In addition, M&A strengthens distribution networks, reaching wider customer bases and new regions. However, regulatory hurdles, particularly concerning antitrust issues, can impede mergers, especially those involving major players. Despite these challenges, M&A remains a key driver in shaping the market landscape, fostering consolidation, innovation, and market expansion.

The market operates within a complex framework of regulations addressing safety, construction, and environmental concerns. Safety regulations imposed by international maritime organizations require specific equipment and procedures to protect passengers and crew. Construction standards emphasize material quality, fire safety, and structural integrity. Environmental regulations are designed to reduce pollution from yacht operations, setting limits on emissions and waste disposal. While these regulations can raise manufacturing costs and influence operational practices, they play a crucial role in ensuring a safer and more sustainable yachting industry.

While yacht ownership epitomizes luxury and privacy, alternatives exist that offer a taste of the yachting lifestyle. Yacht chartering allows individuals to experience yachting without ownership burdens. Charter companies offer diverse yachts for rent, catering to various budgets and itineraries, providing the thrill of yachting with flexibility and freedom. Luxury cruises offer another option, albeit on a larger scale. They boast luxurious amenities and activities, allowing indulgence in the yachting lifestyle without full ownership commitment. These alternatives function as accessible entry points, perfect for those seeking a temporary yet glamorous yachting experience.

The market is heavily concentrated among a small group of ultra-high-net-worth individuals (UHNWIs), who represent a sizable portion of sales. These individuals, driven by their substantial disposable income and a desire for luxury, fuel the demand for high-end yachts. To meet this demand, manufacturers provide highly customized yachts with bespoke features and exceptional service. This concentration makes the market vulnerable to economic downturns that particularly affect UHNWIs. Nonetheless, the yachting industry fosters a loyal customer base that values the exclusivity and prestige of yacht ownership, ensuring a consistent demand for luxury yachts.

Type Insights

The super yacht segment dominated the market and accounted for the largest revenue share of over 31% in 2023. This dominance is fueled by their immense popularity among high-net-worth individuals and corporations. Superyachts, colossal vessels ranging from 80 to over 600 feet, represent the pinnacle of luxury and extravagance in the boating world. These are meticulously crafted to deliver unparalleled luxury, style, and amenities. Featuring extensive deck space, luxurious cabins, and cutting-edge entertainment systems, these vessels offer a variety of amenities, including swimming pools, Jacuzzis, helipads, and even private cinemas, all customizable to meet the owner's specific requirements. These yachts also have powerful engines that offer unparalleled comfort and style.

The sport yacht segment is expected to register the highest CAGR of 6.0% from 2024 to 2030 due to the rising demand in key markets like China and France, where participation in recreational boating activities and sporting events is rising among adults. Sport yachts cater to a diverse range of leisure pursuits, including marine tourism, sports tournaments, cruising, fishing, and various water sports. These vessels seamlessly blend the elegance and comfort of a classic yacht with the performance and style of a sports boat. Sport yachts are distinguished by their aerodynamic design, characterized by sleek lines that embody both modern aesthetics and high performance. Their hulls prioritize minimal drag and enhanced stability, optimizing handling and overall yachting experience. Notably, these vessels seamlessly integrate luxurious living spaces. Sport yachts often boast well-appointed bedrooms, salons, and galley areas, all designed with high-quality materials and finishes that offer enhanced performance and luxury.

Length Insights

The 20 to 50 m segment dominated the market with the largest revenue share of 56.9% in 2023. It is anticipated to register the fastest growth rate of 5.5% from 2024 to 2030. This growth can be attributed to several factors, including lower maintenance costs, fuel savings through light-wind sailing capabilities, and reduced moorage fees due to their size. In addition, the shallow draft allows for anchoring in diverse water depths, further enhancing their user appeal.

The up to 20 m segment is expected to witness significant growth during the forecast period. The versatility of these yachts, suitable for both competitive and recreational use, is a key driver. Furthermore, North America and Europe are pioneering the use of renewable energy sources like solar and wind power in marine vessels. This shift towards sustainability is expected to play a crucial role in reducing fuel consumption and emissions, particularly for these smaller, more energy-efficient yachts. The compact size and lightweight nature of these vessels make them ideal for harnessing renewable energy, further propelling growth within this segment.

Propulsion Insights

The motor yacht segment dominated the market with a revenue share of 81.5% in 2023. It is anticipated to register a CAGR of 5.3% from 2024 to 2030. The superior speed and power of motor yachts make them ideal for efficiently traversing vast distances, appealing to those seeking a swift and versatile maritime experience. In addition, the integration of innovative technology, from advanced navigation systems to luxurious amenities, enhances the entire ownership or chartering experience. Continuous innovation in equipment and technology fosters sustained growth in the motor yacht segment. As technology evolves, so do the capabilities and allure of motor yachts, ensuring they remain in high demand among consumers.

Global Yacht Market share and size, 2023

The sailing yacht segment is expected to grow at a significant pace during the forecast period. Unlike motor yachts, which rely on engines for propulsion, sailing yachts utilize sails driven by wind power, providing a unique and environmentally friendly cruising experience. While motor yachts have historically dominated with their luxurious design, spacious decks, and amenities, sailing yachts boast distinct advantages. These include serene sailing experiences, lower operating costs, and a reduced environmental footprint. The rise of sustainability-conscious consumers seeking greener alternatives in recreational boating is propelling interest in sailing yachts. In addition, advancements in sail technology, such as efficient rigging and improved hull designs, are enhancing both performance and appeal, solidifying sailing yachts' position in the global market.

Regional Insights

The North America yacht market is projected to record a significant growth rate of 4.8% from 2024 to 2030. The market is robust and diverse, driven by a combination of affluent consumers, extensive coastlines, and a strong boating culture. The market benefits from a high concentration of UHNWIs, who drive demand for custom-built, high-end yachts. Innovations in technology and design, coupled with a focus on sustainability, are shaping the industry, attracting a younger demographic interested in eco-friendly yachting solutions. Canada also contributes to the market growth, offering pristine cruising grounds and growing yacht ownership. However, the market faces challenges, such as regulatory complexities and environmental concerns that require ongoing attention. Economic fluctuations can impact consumer spending on luxury items like yachts.

U.S. Yacht Market Trends

The yacht market in the U.S. is growing at a notable pace. The region witnesses a large population of UHNWI who drive significant domestic demand for yachts, ranging from luxury superyachts to recreational cruisers. The market is also supported by a robust ecosystem of renowned yacht builders like Viking and Westport, catering to a wide range of clients. The extensive U.S. coastline, featuring premier yachting hubs, such as Florida and California, offers abundant leisure boating opportunities. However, the market faces challenges, including stringent environmental regulations that can increase manufacturing costs, vulnerability to economic downturns affecting UHNWI disposable income, and competition from established European players and emerging Asian markets offering lower costs or custom builds. Despite these challenges, the U.S. market maintains a dominant position due to its strong domestic demand and well-established industry infrastructure. Successfully navigating environmental regulations, economic fluctuations, and global competition will be key to sustaining this growth.

Europe Yacht Market Trends

The Europe yacht market dominated the global market in 2023 with the largest revenue share at 38.9%. This trend is propelled by the increasing presence of HNWIs seeking luxurious experiences and the growing popularity of water sports and fishing activities. Europe's allure extends beyond its affluent clientele, with its stunning coastlines and growing marine tourism industry poised for continued expansion. Supportive government policies, coupled with anticipated investments in coastal regions, further bolster optimism for future growth. This not only translates to a wealth of recreational opportunities beyond yachting, including white-water rafting, kayaking, and boating excursions, but also fosters a vibrant community of yacht enthusiasts. With its captivating beauty, diverse leisure options, and inclusive community spirit, Europe emerges as a quintessential yachting paradise.

The yacht market in France represents a significant segment of the nation's luxury and tourism sectors, reflecting both a rich maritime heritage and a commitment to modern innovation. France is renowned for yacht manufacturing, with prestigious shipyards like Group Beneteau leading the charge in design and engineering. The French Riviera, with its ports like Cannes, Nice, and Saint-Tropez, is a premier destination for international yacht enthusiasts. This established market benefits from a robust infrastructure - high-end marinas, comprehensive maintenance facilities, and premium services tailored to the specific needs of yacht owners and charter clients. In addition, France's strong regulatory framework ensures adherence to high safety and environmental standards, further enhancing the market's appeal.

The Italy yacht market is expected to witness the fastest growth of 6.9% from 2024 to 2030. Leveraging its rich maritime heritage and renowned craftsmanship, Italy boasts exceptional yacht design and engineering, led by esteemed shipyards like Ferretti Group, Azimut-Benetti, and Sanlorenzo. Its picturesque coastline, from the iconic Amalfi Coast to the Sardinia and Italian Riviera, adds allure to Italy's yachting appeal. Beyond aesthetics, Italy offers a comprehensive yachting experience with a robust network of marinas, shipyards, and luxury services, ensuring seamless maintenance and top-tier amenities. This commitment to excellence, complemented by Italy's cultural embrace of luxury and strategic Mediterranean location, establishes Italy as the epitome of luxury yachting. For those seeking unparalleled yachting experiences, Italy stands out as the ultimate destination.

The yacht market in Spain is expected to witness significant growth from 2024 to 2030. Spain's long maritime tradition, picturesque coastlines, particularly the Balearic Islands, and a well-developed infrastructure featuring high-end marinas and skilled service providers make it an attractive destination for yacht owners. The thriving luxury tourism industry and recent regulatory changes have enhanced Spain's competitiveness in the large yacht segment, broadening its appeal. However, economic fluctuations also pose risks to high-value purchases like yachts, and competition from emerging destinations with potentially lower costs or unique experiences presents additional challenges. To fully realize its potential, Spain must leverage its strengths in infrastructure and location, innovate in yacht design and construction, address regulatory hurdles, and maintain competitiveness in the global market for sustained growth.

Yacht Market Trends, by Region, 2024 - 2030

Asia Pacific Yacht Market Trends

The APAC yacht market is expected to record the fastest CAGR of 6.1% from 2024 to 2030. The market is experiencing a shift in consumer preferences driven by two key factors including increasing disposable income and government support for tourism development. Rising affluence allows individuals to allocate more resources towards leisure activities like yacht travel. In addition, government initiatives aimed at boosting tourism, such as the Incredible India campaign and the Swadesh Darshan Scheme, are expected to generate significant growth within the regional market over the forecast period. However, market expansion could be hampered in countries facing economic instability, political unrest, or restrictive foreign direct investment (FDI) policies. The high demand for recreational activities further fuels regional market growth. Countries like Singapore, Thailand, China, and Australia are witnessing a surge in participation in marine leisure pursuits. This trend is expected to drive investments in coastal infrastructure and a wider range of water-based activities. Beyond established favorites like scuba diving, free diving, and snorkeling, the market will likely see increased investment in fishing, sail training adventures, white-water rafting, kayaking, and one-day boating excursions. Additionally, the growing number of trade shows hosted by manufacturers and recreational boating events are serving as catalysts for market expansion within the region.

The yacht market in Indonesia is emerging as a dynamic player, propelled by its vast archipelagic landscape and growing allure as a luxury travel destination. Boasting over 17,000 islands, Indonesia presents unparalleled cruising grounds, from the iconic Raja Ampat to untouched waters in the Moluccas and Sulawesi. This, coupled with rising disposable income among its elite and increasing interest from international yacht owners and charterers, fuels market expansion. Furthermore, infrastructure investments in new and improved marinas are underway to better serve the yachting community. Regulatory reforms aimed at streamlining yacht entry and operations further enhance the market's appeal. However, bureaucratic complexities, inconsistent enforcement, and a lack of skilled marine service providers remain hurdles. Despite these challenges, Indonesia's yacht market is positioned for significant growth, offering unique yachting experiences that are attracting global attention.

Key Yacht Company Insights

Some of the key companies operating in the yacht market include Damen Shipyards Group, Azimut Benetti Group, and Ferretti S.p.A. among others.

  • Ferretti S.p.A is an Italian company that designs, builds, and sells prestigious vessels under renowned brands like Riva and Pershing. Their offerings cater to diverse preferences, encompassing a range of luxury composite yachts, fully customizable superyachts, and motor/sail configurations, all supported by comprehensive ancillary services. Operating across six Italian shipyards, Ferretti seamlessly blends efficient production with the meticulous Italian craftsmanship that defines their brand. Unwavering commitment to exceptional quality, innovative technology, timeless design, and superior performance is evident in every yacht. Ferretti aspires to be the ultimate expression of Italian elegance and design genius in yachting, continuously innovating, expanding production capacity, and upgrading facilities

  • Damen Shipyards Group (Damen) is a leading Dutch shipbuilding company, which designs, builds, and repairs a vast array of vessels - tugs, workboats, dredgers, ferries, and even naval ships. With a presence in sectors like harbor operations, offshore energy, and public transport, Damen boasts over 6,500 vessels built and a capacity exceeding 175 annually. Their focus lies in efficient, standardized shipbuilding with modular construction, further enhanced by services that keep their fleet operational

  • Azimut Benetti Group is the world's leading builder of luxury motor yachts and megayachts.The Group encompasses renowned brands like Azimut Yachts and Benetti. They operate across six shipyards with a workforce exceeding 2,000, boasting a vast network for sales and service. Their focus lies in constant innovation, delivering unique experiences that blend heritage with innovative design. Sustainability is a priority, with the group striving to become the world's most sustainable shipbuilder through circularity and zero-emission goals. To solidify their leadership, Azimut Benetti has heavily invested in production capacity expansion and facility upgrades

Feadship and Heesen Group are some of the emerging companies in the target market.

  • Feadship leads in yacht market technology, pioneering innovations like hydrogen fuel-cell propulsion (Project 821) and building the Netherlands' largest yachts. This attracts clients seeking advanced, eco-friendly yachting. Catering to those desiring complete personalization, Feadship keeps production volumes low, enabling close collaboration with owners to create unique superyachts. Their exclusivity appeals to discerning UHNWIs. With a rich history dating back to the early 20th century, Feadship leverages its heritage to maintain a reputation for unparalleled craftsmanship and quality, fostering trust and loyalty among its clientele

  • Heesen Group emphasizes speed and performance in their aluminum superyachts, featuring sleek, aerodynamic designs and powerful engines. These yachts cater to clients seeking a high-speed, agile yachting experience. Heesen integrates lightweight construction techniques and efficient engine technologies to optimize fuel consumption, appealing to environmentally conscious clients without compromising speed. Offering a blend of customization and production efficiency, Heesen provides personalization within a defined model range. This approach caters to a broader clientele who desire some customization without the lengthy building times of fully bespoke yachts, thus gaining a competitive edge in the market

Key Yacht Companies:

The following are the leading companies in the yacht market. These companies collectively hold the largest market share and dictate industry trends.

  • Alexander Marine International (AMI) Co., Ltd.
  • Azimut Benetti Group
  • Damen Shipyards Group
  • Feadship
  • Ferretti SpA
  • Flensburger Schiffbau Gesellschaft GmbH (FSG)
  • Heesen Group
  • Princess Yachts Limited
  • Sanlorenzo SpA
  • Sunseeker International
  • Viking Yacht Company
  • WANDA Group

Recent Developments

  • In February 2022, Damen Shipyards Group launched the Amels 242, a 74-meter yacht known for its impressive features. This latest addition to the Amels 242 line boasts a custom interior, a relaxing jacuzzi, and an enlarged helipad for convenient transportation. The Amels 242 marks the seventh yacht in this successful series from Damen Yachting

  • In April 2024,Benetti launched the 40.8-meter superyacht Cosmico, the latest addition to their successful Oasis 40M series. Designed with a focus on customization, Cosmico boasts exteriors by RWD, interiors by Bonetti/Kozerski Architecture, and Benetti’s naval architecture. Scheduled for delivery in May 2024, this yacht reflects the owner's specific preferences with extensive personalization throughout

  • In April 2024, Palumbo SuperYachts launched the Columbus Atlantique 43M superyacht, Night Fury II, marking the debut of a new series known for its elegance and versatility. This 43.59-meter yacht is the first to emerge from the Palumbo Superyachts facility in Ancona, Italy

  • In May 2024, Feadship launched Project 821, the first superyacht to utilize hydrogen fuel cells for power. This environmentally friendly design generates electricity using hydrogen fuel cells, significantly reducing emissions. Project 821 is also the largest yacht ever constructed in the Netherlands

Yacht Market Report Scope

Report Attribute

Details

Revenue forecast in 2030

USD 13.29 billion

Growth rate

CAGR of 5.1% from 2024 to 2030

Actual data

2017 - 2023

Forecast period

2024 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2024 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, length, propulsion, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; UK; Germany; France; Italy; Spain; China; Japan; India; Indonesia; Australia; Brazil; UAE; KSA; South Africa

Key companies profiled

Damen Shipyards Group; Sanlorenzo SpA; WANDA Group; Viking Yacht Company; Flensburger Schiffbau Gesellschaft GmbH (FSG); Feadship; Azimut Benetti Group; Heesen Group; Sunseeker International; Ferretti SpA; Alexander Marine International (AMI) Co., Ltd.; Princess Yachts Ltd.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Global Yacht Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the yacht market report based on type, length, propulsion, and region:

Global Yacht Market Report Segmentation

  • Type Outlook (Revenue, USD Million, 2017 - 2030)

    • Super Yacht

    • Sport Yacht

    • Flybridge Yacht

    • Long Range Yacht

    • Others

  • Length Outlook (Revenue, USD Million, 2017 - 2030)

    • 20 to 50 m

    • Above 50 m

    • Upto 20 m

  • Propulsion Outlook (Revenue, USD Million, 2017 - 2030)

    • Motor Yacht

    • Sailing Yacht

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • UK

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • Japan

      • India

      • Australia

      • Indonesia

    • Latin America

      • Brazil

    • Middle East and Africa (MEA)

      • United Arab Emirates (UAE)

      • Kingdom of Saudi Arabia (KSA)

      • South Africa

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