The Global Luxury Yacht Market generated revenue of around USD 5,905.55 million in 2020 and is anticipated to grow at a CAGR of over 8.28% during the forecast period from 2021 to 2027 to reach around USD 11,900.90 million in 2027. While, cumulative growth opportunity presented by the global Luxury Yacht is around USD 67,114 million during 2021 to 2027.
Global Luxury Yacht Market, 2020 – 2027 (USD Million)
Sailing Luxury Yachts To struggle for Buyers
Global Luxury Yacht market has been categorized based on types of yachts such as Motorized Luxury Yacht and Sailing Luxury Yacht. Motorized Luxury Yacht dominate the global Luxury Yacht market by far and large over 60% share in total revenue generation in 2020. However, when it comes to large size Sailing Luxury Yachts, the buyers seems to be keeping distance from buying them. Motorized Luxury Yacht are growing in popularity owing to their high speed and better navigational ability.
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Demand from Private and Commercial Application to Rule Luxury Yachts Market
Private, commercial and specialized use are the three major categories of end-users of Luxury Yacht. Private and commercial Luxury Yacht held over vast majority of the total sales of Luxury Yachts occurred over the past few years. Luxury Yachts are growing popularity among billionaires and has been turned out to be their one of the best options to spend recreational time. Secondly, Luxury Yacht tourism is on the rise especially in Mediterranean region. Spain, Italy, and Greece are experiencing higher traction in commercial Luxury Yachts owing growing demand from tourists for the same.
The global Luxury Yachts market is lead by the strong demand from Europe backed by ever rising demand for Luxury Yacht in Spain, Italy, Greece, UK and Netherlands. Apart from this, Germany, Russia, Sweden and Belgium are also some of the significant national markets for the Luxury Yachts. Europe held over 30% share of the total revenue generated by the Luxury Yacht industry in 2020. While, Asia Pacific is growing at a rapid pace owing to mounting demand from China, Taiwan and India. Japan and South Korea remained some of the important destinations for Luxury Yachts.
Some of the most prominent players operating in the global Luxury Yacht market include Trinity Yachts, Fipa Group, Sunseeker, Feadship, Heesen Yachts, Horizon, Westport, Azimut/Benetti, Ferretti Group, Sanlorenzo, Oceanco, Overmarine, Perini Navi, Palmer Johnson, Lürssen, Princess Yachts, Amels / Damen, Cerri – Baglietto, and Christensen.
Market Segmentation
Global Luxury Yacht Market by Type, 2015 – 2027
Global Luxury Yacht Market by Distribution Channel, 2015 – 2027
Global Luxury Yacht Market by Company, 2015 – 2027
Blog: Target Market Size
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