Luxury Yacht Market Growth, Outlook, Demand, Keyplayer Analysis and Opportunity 2023-2028

Author: Elena Anderson Marketing Manager

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Global Digital Payment Market Research Report 2023-2028:

According to the latest report by IMARC Group, titled " Luxury Yacht Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2 028

," the global luxury yacht market size reached US$ 7.2 Billion in 2022.

Luxury yachts are luxurious, professionally crewed sailing or floating boats that are predominantly used for various personal and professional purposes. These mega vehicles are mostly privately owned but can also be chartered or rented based on multiple requirements. They are operated through wind sailing or with the support of propulsion systems, including an internal combustion engine (ICE) and gas turbine.

Luxury yachts comprise stylish cabins and are equipped with modern amenities, including a jacuzzi, spa and sauna, gymnasium, sun pads, fishing pads, heating, ventilation, and air conditioning (HVAC), and entertainment systems to provide a seamless high standard and comfortable experience. These furnishings are mainly designed from aluminum, fiberglass, fiber-reinforced polymers, composites, steel, wood, and epoxy resin materials. Apart from this, luxury yachts provide attractive views of the sea, better security controls, ample space for luggage storage, and optimal relaxation for individuals.

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As a result, luxury yachts are extensively used for recreational activities, such as cruising and personal, business, or political gatherings. Currently, they are mainly available in varying sizes, models, and engine types.

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Global Digital Payment Market Trends:

Growing coastal and marine tourism involving various leisure activities and sporting events and the rising demand for personalized traveling experiences amongst high-net-worth individuals (HNWI) are primarily driving the market growth. In line with this, the enforcement of favorable policies by various governments promoting yachting tourism and increasing participation in marine recreational activities are acting as other growth-inducing factors. Moreover, rising investments in coastal infrastructure have encouraged the purchase of private boats and chartering of yachts for business meetings, investor presentations, and sales parties, which, in turn, is favoring the market growth.

Additionally, the significant integration of the vehicle with electronically controlled fuel injection systems to achieve flexible engine operations at variable speeds, enhance the efficiency of the propulsion system, and reduce noise, vibration, and emissions are impelling the market growth. Similarly, recent investments by original equipment manufacturers (OEM) to design luxurious, comfortable, and high-tech interiors are influencing the market growth. Furthermore, ongoing improvements in maritime security systems, connectivity, tracking, and telematics solutions and the unification of the internet of things (IoT) applications are propelling the market growth. Besides this, inflating disposable incomes and expanding trends of luxury tourism with personalized services are creating a positive outlook for the market.

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Looking forward, the market value is projected to reach US$ 12.7 Billion by 2028, expanding at a CAGR of 9.8% during 2023-2028.

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Key Market Segmentation

The research report includes the following segments:

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

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Competitive Landscape with Key Players:

• 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

1. What was the size of the global luxury yacht market in 2022?

2. What is the expected growth rate of the global luxury yacht market during 2023-2028?

3. What are the key factors driving the global luxury yacht market?

4. What has been the impact of COVID-19 on the global luxury yacht market?

5. What is the breakup of the global luxury yacht market based on the type?

6. What is the breakup of the global luxury yacht market based on the size?

7. What is the breakup of the global luxury yacht market based on material?

8. What is the breakup of the global luxury yacht market based on the application?

9. What are the key regions in the global luxury yacht market?

10. Who are the key players/companies in the global luxury yacht market?

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