New York, US, Aug. 29, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Luxury Yachts Market Research Report Information by Hull Material, Material, Size, Region, and Type - Forecast Till 2032, the Luxury Yachts market is predicted to expand substantially during the evaluation era from 2022 to 2032 at a sizable CAGR of closely 8.30%. The study documents suggest projections related to the global market's mounting revenue data, which will likely attain a market of USD 14.1 Billion by the end of 2032.
Luxury Yachts Industry Overview:
The luxury yacht market is a dedicated marine sector area specializing in producing and dispensing upscale, opulent recreational boats. These ships offer affluent clients lavish amenities, individualized services, and cutting-edge technology. The Luxury Yachts market has recently advanced. The main feature causing a rise in market performance is the high-net-worth individuals with a global clientele looking for premium experiences on the sea and luxury travel trends.
Luxury Yacht Market Competitive Analysis
The list of the top leaders across the global Market for Luxury Yachts includes players such as:
- Alexander Marine Co Ltd
- Horizon Yacht U.S.A.
- Damen Shipyards Group
- Princess Yachts International plc
- AzimutBenettiS.p.A.
- Sanlorenzo Spa
- Feadship
- Sunseeker International Limited
- FERRETTI S.P.A.
- Viking Yacht Company
- Among others.
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Luxury Yacht Market U.S.P. Covered
Market Drivers
The Luxury Yachts market has recently advanced. The main feature causing a rise in market performance is the high-net-worth individuals with a global clientele looking for premium experiences on the sea and luxury travel trends.
Market Restraints
On the contrary, various aspects may have a hostile effect on expanding the global market for Luxury Yachts. One of the main restraints in advancing the market's growth is the elevated prices allied with raw materials.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 14.1 Billion |
| CAGR during 2023-2032 | 8.30% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Hull Material, Type, Size, and Region |
| Key Market Opportunities | The expansion of this sector is being driven by the increase of nature tourism. |
| Key Market Dynamics | The number of households that are extremely wealthy is expected to rise. |
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Luxury Yacht Market COVID-19 Impact
The COVID-19 pandemic has massively impacted the majority of industry sectors all around the world. The global health hazard has impacted public health and caused a severe disruption in almost all kinds of industrial operations. The global market for Luxury Yachts is no different than others. The restriction on manufacturing facilities from various end-use sectors has caused a major fall in revenue figures for the global market. On the contrary, with the market operations getting back on track, the market is anticipated to grow substantially over the review era.
Luxury Yacht Market Segment Analysis
Among all the hull materials, the fiber-reinforced polymers & composites segment ensured the leading position across the global market for luxury yachts in 2022. One advantage of F.R.P.s and composites is their brilliant strength-to-weight ratio. These materials are significantly lighter than traditional metals like steel while offering similar or even higher levels of strength and rigidity.
Among all the types, the motorized luxury yacht segment ensured the leading position across the global market for luxury yachts in 2022. Luxury motor yachts offer a unique and extravagant mode of transportation and relaxation.
Among all the sizes, the 121-250 feet category ensured the leading position across the global market for luxury yachts in 2022.
Luxury Yacht Market Regional Analysis
The study offers luxury yacht market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The European Region ensured the prime position across the Luxury Yachts market in 2022, with a maximum share of about 45.80%. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting-up the development of the regional Luxury Yachts market is the lengthy history of shipbuilding and sailing, which adds to the continent's extensive maritime heritage. Luxury boat demand is still propelled by continent's long history of luxury yacht production and design expertise, luring local and international buyers.
The North American Region estimates to hold the second position across the Luxury Yachts market over the assessment era. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspect boosting the development of the regional Luxury Yachts market is the region's focus on leisure, entertainment, and recreational activities. Several affluent people charter boats for leisure and enjoyment, taking advantage of the area's breathtaking coasts and canals.
The Asia-pacific Region will grow at the maximum CAGR across the Luxury Yachts market from 2023 to 2032. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional Luxury Yachts market is the rapid economic growth causing a growing middle class and an increase in high-net-worth individuals. Since the area's affluence rises, so does demand for luxury products like expensive yachts.
The Latin American regional market for luxury yachts is anticipated to grow substantially over the coming years. The region's affluent clients are the main parameter supporting the development of the regional market. Furthermore, factors such as region's beautiful coastlines & thriving tourism industry, and desire for lavish & cutting-edge boats are also projected to positively impact the growth of the regional market over the review era.
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