Luxury Yacht Market 2023-2028, Industry Size, Growth and Future Trends

According to IMARC Group’s latest report, titled “Luxury Yacht Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global luxury yacht market size reached US$ 7.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.8% during 2023-2028.

A luxury yacht is a professionally crewed marine vessel that is sailed or driven using a propulsion system, such as an internal combustion engine (ICE) or gas turbine. It is manufactured from reinforced composites, polymers, and wood that offer a broad range of properties, such as resistance to corrosion, low maintenance costs, and a high strength-to-weight ratio. It is opulent in appearance and is primarily used for private and charter requirements. It also offers a seamless luxury experience with high standards of comfort. In addition to this, a luxury yacht encompasses an electronically controlled fuel injection system, which reduces the emissions, noise, and vibrations produced by the vessel.

Market Trends:

The increasing spending of consumers on recreational and leisure activities on account of the inflating per capita income represents one of the primary factors accelerating the market growth. Additionally, governments of various nations are lowering marine resort taxes and facilitating effortless leasing procedures to promote tourism, which is acting as another factor bolstering the market growth. Besides this, the increasing use of luxury yachts at weddings, promotional events, and meetings and the rising coastal and marine tourism is providing a considerable thrust to the market growth. Moreover, the surging number of high-net-worth individuals (HNWI) and the development of yachts with customized solutions are creating a positive outlook for the market.

Competitive Landscape With Key Players:

The competitive landscape of the luxury yacht market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Alexander Marine International
• Azimut – Benetti S.P.A.
• Brunswick Corporation
• Christensen Shipyards LLC
• Damen Shipyards Group N.V.
• Feadship Holland B.V.
• Fincantieri S.p.A. (CDP Industria S.p.A.)
• Heesen Yachts Sales B.V
• Horizon Yacht USA
• Palumbo Group S.P.A
• Princess Yachts Limited
• Sanlorenzo S.p.A.
• Sunseeker International (Wanda Group)
• Viking Yacht Company

Key Market Segmentation:

The report has segmented the global luxury yacht market based on type, size, material, application and region.

Breakup by Type:

• Sailing Luxury Yacht
• Motorized Luxury Yacht
• Others

Breakup by Size:

• 75-120 Feet
• 121-250 Feet
• Above 250 Feet

Breakup by Material:

• FRP/ Composites
• Metal/ Alloys
• Others

Breakup by Application:

• Commercial
• Private

Breakup by Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/luxury-yacht-market

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Article source: https://article-realm.com/article/Business/44066-Luxury-Yacht-Market-2023-2028-Industry-Size-Growth-and-Future-Trends.html