The global luxury yacht market produced around 366 units in 2023 and is expected to surpass 550 units by 2027, says Technavio.
Technavio has announced its latest market research report on the global luxury yacht market to its automotive manufacturing portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like AMELS, Azimut | Benetti, Feadship, ISA Yacht, and Overmarine Group.
According to Siddharth Jaiswal, a lead analyst for automotive manufacturing research at Technavio, “The increase in tourism and recreational events is increasing the demand for commercial or fleet operators across the globe. The picturesque natural landscapes of countries such as Greece, Italy, Spain, France, and the Virgin Islands is attracting tons of wealthy tourists from across the globe. These places are conducive destinations for business events and meetings resulting in the growth of the market.”
The Port of Rotterdam in Netherlands is the largest yacht ports, where about 77 yachts are docked for luxury tourists. The European government is encouraging tourism spending by allowing tax-free shopping for luxury goods, thereby promoting the growth of the luxury yacht market. Moreover, the increasing number of tourists from developing countries such as China, India, and Russia will have a positive impact on the market’s growth.
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Shift toward use of advanced materials in yacht building
The vendors in the market are using advanced composite materials such as glass-fiber-reinforced materials and pure carbon fiber to manufacture yachts. The composite fibers help reduce the weight of the yacht and make them faster and fuel efficient. In addition, carbon fiber provides additional strength and durability to the boat’s dynamics, which is required to withstand harsh conditions in heavy seas.
Increasing preference for enhanced technologies to build yachts
Manufacturers in the market are investing in various technologies to enhance manufacturing processes and to build fuel-efficient and advanced boats. The vendors are implementing atmosphere sensor technology that includes equipment for detecting carbon monoxide. Some of the other technologies are wireless technology for boat-based internet service, communication, and navigation and off-boat tracking, monitoring, and control that help improve the safety and durability of the boat.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Luxury Yacht Market. Technavio also customizes reports by other regions and specific segments upon request.
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