Please Wait.....
Report
Luxury Yacht Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 90 Pages I Mordor Intelligence
The Luxury Yacht market is anticipated to grow, registering a CAGR of about 8%, during the forecast period (2023 - 2028).
With an increase in the income level of people living around the world, there is an increase in spending on recreational activities, which is driving the market. For instance, in the United Kingdom, in 2019, nearly GBP 52 billion was spent by customers on recreational activities, activities which were more than that in 2018.
But the total spending fell in 2020, owing to the global pandemic. However, with life returning to normalcy, the total amount spent on recreational activities has also increased. For instance, in 2021, the total spending on recreational activities in the United Kingdom was around GBP 44 billion, 12% higher than that of 2020.
In addition, the natural landscape of countries that have a sea/ocean as a border, like the Netherlands, United Kingdom, Italy, and others, attract a significant number of international tourists every year, especially from the affluent segment of the population. These countries are also preferred destinations for some promotional events and meetings, during which luxury yachts are leased. Therefore, the increase in recreational tourism is expected to positively influence the growth of the global luxury yacht market.
With that, the luxury yacht market has entered the era of eco-consciousness. International Maritime Organization has directed the maritime industry to reduce greenhouse gas emissions by 50% by 2050 from 2008's levels. As a result, builders and suppliers are working together to find sustainable solutions to reduce consumption at reasonable costs. Many high net worth and ultra-high net worth yacht owners are putting environmental impact first, spurring significant change in yacht building and innovation. This scenario has led to newer, lighter, and more fuel-efficient Yachts being developed and further deployed in the market.
Luxury Yacht Market Trends
Increase in Number of Billionaires Driving the Demand
In 2021, there were 2,668 billionaires around the world, which is 567 more than 2018's number. This is an increase of around 20% in the number of billionaires around the world during these years.
Although the pandemic caused a slight dip in the global yacht market, net income, and the production of Yachts, in the upcoming years, the market is expected to slowly pick up.
As the target audience for the luxury yacht market is the ultra-rich individuals, the increasing number of high-net-worth individuals is expected to drive the market growth. In terms of the country, in 2022, China is leading with more than 1,000 billionaires, followed by the United States with above 700, and then India, which has more than 200 billionaires.
Additionally, as of 2020, the maximum number of ultra-high net worth individuals resided in the North American regions, followed by Europe. Hence with the global GDP on the rise, and more billionaires stepping up, the luxury yacht market is expected to see a rise in the forecast period.
As celebrities, CEOs, and business tycoons are the primary customers of the luxury yacht market, many of them are investing in luxury yachts for recreational use. For instance, in October 2021, David Beckham bought a luxury yacht, Argo 90, that costs nearly USD 5 million.
Europe is Expected to be the Market Leader
Europe is among the countries with one of the highest shares of billionaires globally, and scenic beauty countries like Greece, Italy, etc. These countries are expected to be the market leader during the forecast period. A large number of tourists come to the region, and many parties are also organized on private yachts. Government initiatives to boost tourism in the region are the major factors for growth in the market.
Sales of Yachts in 2021 were high, resulting in the reduced sales of used boats for sale, and the availability of used yachts decreased, especially in the "lower" categories (30 to 50 meters). Only a few old boats for sale above 50 meters were available for purchase.
In the last five years, European customers (Eastern, Southern, and Western Europe, as well as Scandinavia) have purchased nearly 40% of all new 40-meter builds globally. Furthermore, 15% of the new 40-meter yachts manufactured remained unsold until the first quarter of 2022. Implying that Europe owns a sizable portion of the market.
Between 2012 and 2016, Italian yards completed 40% of new 30-meter to 40-meter yachts worldwide, but between 2017 and 2021, their proportion increased to 54% of completions. In April 2022, Custom Line launched its seventh yacht, Navetta 30. It was the fourth vessel launched by the Italian yard in 2022.
Due to the rising trend of owing yachts among the ultra-rich, the European region is expected to witness significant growth in the forecast period.
Luxury Yacht Market Competitor Analysis
The Luxury Yacht market is fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the Luxury Yacht market are Sinot Yacht, Feadship, Fr. Lurssen Werft GmbH & Co.KG, Fincantieri Yachts, and ISA Yachts.
Many players are investing in new technologies to gain the upper hand over their competition. For instance, in March 2022, Tankoa Yachts announced a new hybrid yacht, M/Y Kinda, which is the fourth 50m hull in the all-aluminum series. This hybrid super yacht was delivered from Tankoa's Genoa-based facility.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Sailing Luxury Yacht
5.1.2 Motorized Luxury Yacht
5.1.3 Others
5.2 By Size
5.2.1 Up to 20 Meters
5.2.2 20 to 50 Meters
5.2.3 Above 50 Meters
5.3 Application
5.3.1 Commercial
5.3.2 Private
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Rest of the World
5.4.4.1 Brazil
5.4.4.2 United Arab Emirates
5.4.4.3 Other Countries
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Feadship
6.2.2 Fr. Lurssen Werft GmbH & Co.KG
6.2.3 ISA Yachts
6.2.4 SinotYacht Architecture and Design
6.2.5 Fincantieri Yachts
6.2.6 Oceanco Yacht
6.2.7 Nobiskurg
6.2.8 Sunseeker
6.2.9 Christensen
6.2.10 Amels
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security