Luxury Yacht Market Expected To Reach $12.8 Billion By 2031 – Allied Market Research

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PORTLAND, OREGON, USA, September 13, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled “Luxury yacht market By Size, Type and Material: Global Opportunities Analysis and Industry Forecast, 2022-2031”, the luxury yacht market size was valued at USD 5.8 billion in 2020 and is projected to reach USD 12.8 billion. by 2031, registering a CAGR of 8.0% from 2022 to 2031.In terms of volume, Europe occupied about two-thirds of the market share for 2020.

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The word yacht comes from the Dutch word jaght which means to chase or pursue. However, nowadays yachts are popular as large, luxurious vessels fitted with lavish amenities and are specially designed for a limited target audience, such as very wealthy individuals. Luxury yachts are vessels of 75 feet and above and equipped with sophisticated, luxurious and personalized facilities such as a jacuzzi spa, gymnasium, sauna and sunbathing areas. According to the World Ultra Wealth Report, the number of ultra-high net worth people have a net worth of $30 million and above in 2017, the number of ultra-high net worth people increased to about 255,810, with an annual growth of about 12.9 % over last year. Strong corporate earnings in connivance with the synchronized recovery of the global economy led to healthy gains in average net worth and amounting to approximately $31.5 trillion in net worth of high net worth individuals. Wealthy individuals are globetrotters and prefer luxury yachts and planes to travel the world. In addition, luxury yachts are now establishing themselves as status symbols for super affluent millennials, resulting in increased demand for luxury yachts globally. The world has seen exponential growth in leisure tourism. The growth of luxury travel is equally impressive. Nautical tourism all over the world has become a kind of elite leisure with an entrenched mass entertainment system. Nautical tourism is not only reserved for aristocrats, but has also spread to the middle class. It has many forms such as fishing, sightseeing and boating, the latter being the most preferred. The increase in the success of pleasure tourism has led to increased orders for luxury yachts in the coming years.

Luxury yachts were introduced and have been sailing the seas since the turn of the 20th century. Since then, designs have gotten better, bigger, more adventurous and more extravagant. Improved design, style, comfort, habitability, technological innovations and performance are driving the growth of the luxury yacht market. Large yachts are now easier to handle. Push-button hydraulics and electrics reliably handle loads and have created all new possibilities for handling large luxury yachts with ease. Additionally, thrusters both forward and aft have allowed for better maneuverability, while advances in deck equipment technology have made handling sails much easier. High customization to owners specifications has remained one of the key aspects of the luxury yacht industry. Luxury yacht customers demand jet skis, tenders and other popular water sports equipment for recreational purposes. Additionally, DJ booths and floating plexiglass dance floors are gaining popularity among luxury yacht builders.

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Main results of the study

The 75-120ft segment was the largest contributor to the global luxury yacht market in 2020 and is expected to grow at a moderate CAGR during the forecast period.
There is a continuous buzz for yacht tourism across the world. As a result, the global demand for luxury yachts in terms of volume is expected to increase with a substantial growth rate over the forecast period.
Customization, chartering and remote exploration by yachts are some of the emerging trends in the luxury yacht market globally.
The fiber reinforced polymers/composites segment accounted for about three quarters of the market share for 2020 and is expected to grow with the highest CAGR during the forecast period.
The motorized luxury yacht segment is expected to show rapid growth in the luxury yacht market, thanks to easy maneuverability, high power and much more onboard facilities.
In terms of volume, Italy accounted for around 50% of the global luxury yacht market in 2020.
Key players profiled in the report include Alexander Marine Co Ltd, Damen Shipyards Group, AzimutBenettiS.pA, Feadship, FERRETTI SPA, Horizon Yacht USA, Princess Yachts International plc, Sanlorenzo Spa, Sunseeker International Limited and Viking Yacht Company.

About Us
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

David Correa
Allied Analytics LLP
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