Luxury Yachts: Market Overview
The global luxury yacht market can be categorized by length of the yacht, manufacturing material used, or type of yacht. Demand for luxury yachts has been on a steady increase in recent years, which can be attributed to growth in the number of individuals with high net-worth.
- The global luxury yacht market was valued at $5.7B in 2017 and is expected to grow at a CAGR of 7.8% between 2018-2025 to reach $10.2B by 2025.
- The demand for luxury yachts has been on a steady increase in recent years, which can be attributed to growth in the number of individuals with high net-worth and, therefore, the inclination towards leisure activities, recreation, and the yacht tourism trend.
- The luxury yacht market can be grouped by length of the yacht, including those that are 75-120 feet long, 121-250 feet long, and more than 250 feet long, manufacturing material, including fiber-reinforced polymers, composites, wood, and metal alloys, and type of yacht, including sailing and motorized luxury yachts.
- The 75-120 feet long luxury yacht segment dominated the 2017 market share and is expected to continue dominating the industry during the 2018-2025 forecast period. The key drivers for this segment's growth include improvement in style, liveability, design, technological innovations, comfort, and performance.
- The motorized yacht types, which include styles such as flybridge, yachts pilothouse, sedan bridge, large express-style, and aft cabin, are also expected to exhibit dominance during the 2018-2025 forecast period majorly attributed to their room space allowance, on-board facilities, and recreational opportunities.
- Fiber-reinforced plastic is preferred for yacht manufacturing due to its low stiffness, lightweight, and high corrosion resistance, helping increase payload and speed, reduce fuel consumption, and enhance flexibility during construction.
- Some top luxury yacht manufacturers include Feadship and Fincantieri Spa. Feadship is a Netherlands-based superyacht building company founded in 1949 that also offers dedicated charter and refit services for their fleet.
- On the other hand, Fincantieri Spa is an Italian shipbuilding group with over 230 years of experience, recognized for its cruise ship designs and constructions.
- Some top-rated products for Feadship and Fincantieri Spa can be found here and here, respectively.
- Marine Max is one of the top luxury yacht resellers and one of the largest recreational boat and yacht retailers in the US. The company focuses on luxury yacht brands such as Benetti and Ocean Alexander and other premium boat and yacht brands, including Azimut Yachts, Sea Ray, and MasterCraft.
- CharterWorld is one of the leading luxury yacht charter companies globally; offering crewed luxury yachts for large motor yacht charters, catamarans, and sailing yachts. The company is headquartered in the UK and has 199 employees.