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Luxury Yacht Market Size, Share & Industry Analysis, By Type (Motor Yachts and Sailing Yachts), By Size (Upto 50 Meters, 50 to 100 Meters, and More than 100 Meters), By Application (Personal use and Commercial use), and Regional Forecast, 2024-2032

Last Updated: April 29, 2024 | Format: PDF | Report ID: FBI105396

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KEY MARKET INSIGHTS

The global luxury yacht market size was valued at USD 7.67 billion in 2023. The market is projected to grow from USD 8.75 billion in 2024 to USD 17.33 billion by 2032, exhibiting a CAGR of 8.9% during the forecast period.

A luxury yacht is a high-end recreational vehicle offering exclusive and luxurious amenities along with accommodation. These vessels are loaded with the most advanced features for their users. Luxurious yachts include spacious cabins, staterooms, a pantry facility, multiple decks with entertainment facilities, water sports equipment, such as jet skis, and water toys. They are also equipped with advanced navigation and safety systems. These vessels can be privately or commercially owned. Their demand has increased steadily in recent years. This can be attributed to lifestyle changes, such as increasing wealth, recreation & leisure trends, and growing yacht tourism.

The luxury yacht market faced significant challenges during the COVID-19 pandemic, with travel restrictions and border closures leading to declining sales and demand. Many potential buyers postponed or canceled purchases due to uncertainty. However, as vaccination rates increased and travel restrictions eased, the demand for luxury yachts surged. Affluent individuals sought seclusion and social distancing, driving private yachting demand. There was a shift in travel preferences toward remote destinations, leading buyers to customize yachts with personalized amenities and eco-friendly features. Despite initial setbacks, the luxury yacht market demonstrated resilience and adaptability. Manufacturers and brokers adjusted policies to meet changing customer demands, leading to a positive outlook for the market's recovery.

Luxury Yacht Market Trends

Electrification of Yachts a Growing Market Trend

Yacht manufacturers are expected to increase the production of electric yachts as they switch to batteries to produce zero-emission products. The prevalence of clean propulsion technology will drive the growth of electric yachts in the future. Electric yachts have few moving parts and do not require engine oil or gas. Additionally, these yachts are quiet and require little maintenance.

Electric luxury yachts produce more torque and efficiently convert stored kinetic energy into electricity. These yachts are environmentally friendly and emit no carbon dioxide, thereby reducing greenhouse gas emissions. A tough regulatory environment for traditional yachts and rising fuel prices will pave the way for the solid growth of electric yachts in the future. Huge investments from various manufacturers and government support measures will accelerate the demand for electric yachts. Moreover, companies are investing in R&D to develop new concepts for electrification.

• For instance, in June 2023, Porsche and Frauscher Shipyard announced the development of the Frauscher x Porsche 850 Fantom Air, an innovative electric yacht.

This venture marks Porsche's ambition to extend its electric prowess beyond the road and racing cars to promote maritime sustainability. This model combines aesthetics and innovation; the yacht utilizes the Premium Platform Electric (PPE) technology. It is integrated with a high-capacity 100 kWh lithium-ion battery , the latest-generation permanently excited synchronous electric motor (PSM), and state-of-the-art power electronics.

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Luxury Yacht Market Growth Factors

Increasing Number of UHNWIs to Surge Product Demand

The luxury yacht market is experiencing a significant surge in demand, primarily driven by the increasing number of global Ultra-high Net Worth Individuals (UHNWIs). Recent statistics reveal a notable rise in the proportion of UHNWIs, with the superyacht industry benefiting immensely from this trend. Leading yacht brokerage firms report record sales at top shipyards, with backlogs growing steadily. Additionally, there has been a remarkable increase in first-time charters, accounting for approximately 40% of the luxury charter market in 2021, according to insights from industry experts.

The growing wealth accumulation among billionaires and the super-rich fuels the demand for luxury yachts as affluent individuals seek extravagant investments that align with their lavish lifestyles. This trend is evident across various regions globally, with a particular emphasis on catering to the preferences and desires of ultra-rich clientele.

Furthermore, the steady rise in UHNWIs globally is expected to sustain the momentum in the luxury yacht market. Notably, regions, such as Asia Pacific, are anticipated to emerge as significant growth drivers for the luxury yacht market, owing to the rising affluence and luxury consumption trends in these regions. Overall, the increasing number of UHNWIs is a key factor propelling the growth of the luxury yacht market, shaping the industry landscape, and driving innovation in yacht design and customization to meet the evolving demands of ultra-rich clientele.

The growing desire among ultra-rich individuals to make extravagant investments that align with their affluent lifestyle further propels the demand for luxury yachts globally. This trend is underscored by the steady increase in wealthy individuals globally, particularly in regions, such as Asia Pacific, Europe, and other Middle Eastern countries. Thus driving the luxury yacht market growth.

RESTRAINING FACTORS

Environmental Concerns Related to Yachting Activities to Restrain Market Growths

Yachts have a significant impact on marine ecosystems. In busy waterways, the presence of luxury yachts can lead to algae and sedimentation, blocking solar radiation, degrading the water quality, and hampering marine life. In addition, sediments on yachts can change the water chemistry, making it either alkaline or acidic. The chemicals used to wash, operate, and protect yachts often mix with the water and seriously impact the environment, killing and debilitating wildlife. Since freshwater is commonly used for drinking water and fishing, such toxins in freshwater can affect humans as well.

New motor yachts, jet skis, sailing yachts, and other leisure boats have strict limits for nitrogen oxides (NOx), particulate matter, and hydrocarbons (HCs). In September 2021, representatives from the California Air Resources Board (CARB) proposed emission regulations for commercial yachts. Through these regulations, CARB aims to minimize harmful gas emissions. As recreational sailing is popular, protecting marine ecosystems and the environment has become an uphill battle. Regulatory measures and educational programs help raise awareness and reduce yacht-related pollution. But, protecting aquatic life and human health requires a concerted effort by yacht manufacturers, consumers, and regulators.

According to the International Maritime Organization, marine tourism resources are subject to various global threats to the oceans and marine systems, mainly due to anthropogenic factors. These include climate change, overfishing, bottom trawling (fishing nets along the seafloor), migration of invasive species, changes in inputs of waste, nutrients, and sediments to coastal and marine ecosystems, coastal urbanization, and loss of resources and natural capital in coastal areas, especially coastal wetlands.

Luxury Yacht Market Segmentation Analysis

By type analysis.

Higher Comfort Offered by Motor Yachts to Boost Their Demand

The market, based on type, is fragmented into motor yachts and sailing yachts. Motor yachts are the dominant and fastest growing segment. Motorized yachts provide larger space since they do not rely on winds and can cruise at high speeds, making them suitable for long-distance travels.

Sailing yachts have also showcased a significant growth rate in the market. This growth is due to their eco-friendliness and affordability. Sailing yachts have lesser budgets than motor yachts and are safer and more reliable.

By Size Analysis

Up to 50 Meters to Hold Largest Market Share Due to Affordability and Diverse Use

By size, the market is classified into up to 50 meters, 50 to 100 meters, and more than 100 meters. The up to 50-meter segment accounts for the largest global luxury market share. These yachts can be utilized for both personal activities and commercial use. Many manufacturers are developing new designs in this category.

• For instance, In January 2024, Tyde, the German luxury yacht manufacturer, collaborated with BMW to launch its second model, The Open. It is a 15-metre-long, fully-electric luxury day yacht.

The demand for superyachts and megayachts is rising in most developed countries, and there has been a notable surge in tourism in these nations. Therefore, the 50-100 meters segment is expected to record the highest CAGR, while the more-than 100 meters segment may exhibit a significant growth rate during the forecast period.

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By Application Analysis

Rising Disposal Income to Boost Product Use for Personal Activities

By application, the market is divided into personal use and commercial use.

In 2022, the personal use segment held the largest market share. Rapid urbanization, rising living standards, rising personal disposable incomes, and a growing population of high net worth individuals have increased spending on luxury goods and leisure activities. These factors are anticipated to fuel the growth of the personal use segment. Therefore, luxury yacht services have also seen a significant increase in demand in recent years.

Rising commercial get-togethers, such as corporate events, parties, sailing competitions, and fishing activities, have boosted the growth of the commercial use segment.

REGIONAL INSIGHTS

Regionally, the market is analyzed across North America, Europe, Asia Pacific, and Rest of the World.

Europe Luxury Yacht Market Size, 2023 (USD Billion)

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Europe is expected to hold the largest market share. This region has the potential to dominate the market due to the strong growth of maritime tourism and wide range of tourist destinations. Countries, such as Croatia, Greece, France, Spain, and Italy are the region's top tourist destinations and highest income earners. The rise in the popularity of fishing activities and water sports and growing upper-class population are expected to drive the market development in the region during the forecast period. Rising booking of European air tickets, strong online demand for yacht charter service providers, and increased insurance of vessel permits are expected to drive market growth in the region. The region's wealthy population is also likely to drive the market growth.

North America holds the second-largest position in the market as the region's diverse coasts have become great cruise destinations. The U.S. dominates this regional market due to the presence of major charter hubs within the country.

Asia Pacific is expected to be the fastest growing region in the next few years. This growth has been credited to rapid urbanization, rising living standards, and rising disposable incomes. Leisure activities, such as fishing and water sports are becoming more popular in Thailand, Malaysia, Singapore, China, Japan, and Australia. Maritime tourism is also rising, presenting significant opportunities for yacht manufacturing companies. In addition, aggressive government initiatives for marine tourism development, especially in countries, such as India and China, are expected to boost the regional market growth.

List of Key Companies in Luxury Yacht Market

Significant Product Offerings by Azimut Benetti Will Strengthen its Growth Prospects

Azimut Benetti is the first among all key players leading a global private group in the yachting sector, established in 1969 and headquartered in Viareggio, Italy. It has more than 50 years of experience in the sector. The company has achieved 60% growth in the last four years and has a 526,000 sq.m. production facility and 138 showrooms in 80 countries globally. It is known for continuous innovation and experimentation; it has been the world’s leading manufacturer of mega yachts and shipyards with the widest range of models for 23 years. The company has 168 projects under construction, totaling 5,991 meters in length, making it rank first, for the 23rd time in a row, in the annual ranking of the largest yacht builders. The company has major brands, such as Azimut, Benetti, Yachtique, and Lusben.

LIST OF KEY COMPANIES PROFILED:

• Azimut Benetti S.p.A. (Italy)
• Sanlorenzo S.p.A (Italy)          
• Ferretti Group (Italy)
• Feadship (Netherlands)
• Princess Yachts (U.K.)
• Sunseeker Yachts (U.K.)
• Fr. Lurssen Werft GmbH & Co. KG (Germany)
• ISA Yachts (Italy)
• Ocean Alexander (Taiwan)
• Kingship Marine Limited (China)

KEY INDUSTRY DEVELOPMENTS:

• January 2024: Mayla Hamburg, a Germany-based manufacturer, is a new entrant into the luxury yacht market. It has announced the unveiling of a magnificent new water vessel. The 'GT' is a luxury yacht that can be powered by diesel and gas, as well as hybrid and electric. This particular yacht boasts a hull that is made entirely out of carbon prepreg materials weighing as low as 3.8 tons. This combination of top-notch powertrain options and low weight makes its speed between 50 and 100 knots. The yacht's luxury amenities include a sundeck, BBQ, high-end audio system, sofa lounge and more.
• November 2023: Gulf Craft announced the exploration of hydrogen technology for its superyacht fleet. Gulf Craft partnered with H2-Enterprises to explore & develop a zero-emissions Majesty yacht, which could be powered by an innovative LOHC (Liquid Organic, Hydrogen Carrier) energy system. H2-Enterprises has been working on this technology for the last 13 years and has now reached the stage of development to power a superyacht.
• June 2023: Sanlorenzo launched a 47-meter explorer yacht called Para Bellum. The company’s tenth yacht is in its high-selling 460-500 EXP series. It is powered by twin Caterpillar engines that reach a cruising speed of 13 knots.
• May 2023: The Kadey-Krogen Group (Florida) acquired American Tugs in LaConner, Washington. American Tugs was founded in 1999 and is a leading builder of high-quality, U.S.-built coastal cruisers with a vast customer base in North America and Europe. The company has delivered over 250 cruising yachts and five commercial vessels from its 2,600 sq.m. facility.
• April 2023: Ferretti Group launched the Pershing 140. It is the company’s first flagship model entirely built from aluminum in the Ancona facility. The Pershing 140 yacht is equipped with four MTU 16V 2000 M96L engines, each rated at 2,600 hp, providing a cruising speed of 35 knots and a top speed of 38 knots.

REPORT COVERAGE

The market report provides a detailed analysis and focuses on key aspects, such as leading companies, product types, end-users, design, and technology. Besides this, it offers in-depth insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market's growth in recent years.

An Infographic Representation of Luxury Yacht Market

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Report Scope & Segmentation

Frequently asked questions.

Fortune Business Insights says that the global market was valued at USD 7.67 billion in 2023. The global market is projected to grow to USD 17.33 billion by 2032.

The market is expected to register a CAGR of 8.9% during the forecast period of 2024-2032.

Increasing number of UHNWIs across the globe is expected to surge the market growth.

Europe led the global market in 2023.

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• STUDY PERIOD: 2019-2032
• BASE YEAR: 2023
• HISTORICAL DATA: 2019-2022
• NO OF PAGES: 200

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The global luxury yacht market size is projected to grow from $8.75 billion in 2024 to $17.33 billion by 2032, at a CAGR of 8.9% during the forecast period

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Luxury yacht market size worldwide 2019-2030

Size of the global luxury yacht market in 2019 and 2020, with a forecast for 2021 through 2030 (in billion u.s. dollars).

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Total revenue of the LVMH Group worldwide 2008-2023

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• Premium Statistic England: share of people who got brought back to boating 2016, by reason
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Luxury Yacht Market Size, Share, Competitive Landscape and Trend Analysis Report by Size, Type and Material : Global Opportunity Analysis and Industry Forecast, 2022-2031

CG : Luxury and high value products

Report Code: A04886

Tables: 150

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The luxury yacht market size was valued at $5.8 billion in 2020 and is expected to reach $12.8 billion by 2031, registering a CAGR of 8.0% from 2022 to 2031.

Luxury yachts are large, luxurious, professionally crewed motors or sailing yachts with length varying from 75 feets and expanding to more than 250 feet. Luxury yachts are often available for chartered providing as well as private purpose to provide seamless luxury experience full of high standard and comfort. Traditionally manufactured using woods, fiber reinforced polymers and composites gain huge popularity in the last few years. Demand for luxury yachts have increased steadily in the last few years. This can be attributed to change in lifestyle of people fueled by growth in high net worth individuals, rise in inclination toward recreational and leisure activities, and surge in trend of yacht tourism.

The outbreak of COVID-19 pandemic has a negative impact over the aviation and shipping sectors. This is attributed to the speed through which the countries restricted travel activates, closed the borders, and observed a sharp drop in economic activity. There was a rising number of countries partially or completely closing their borders, along with a rising awareness regarding the traveling activates which can lead the traveler to catch or spread the virus via travelling

The 75-120 feet segment dominated the overall luxury yacht market share in 2017 and is expected to remain dominant during the forecast period. Improved design, style, comfort, livability, technological innovations, and performance drive the growth of the global market for 75-120 feet luxury yacht. Furthermore, excellent optimization of both interior and exterior spaces result in high consumer preference toward this segment.

Motor yacht is a broad term that encompasses a number of styles, including fly bridge, aft cabin, Sedan Bridge, large express-style, and yachts pilothouse. The motor yacht segment is expected to exhibit robust growth rate in the luxury yacht market during the forecast period. The growth of this segment is mainly attributed to more on board facilities, more room space and more opportunities for recreational activities.

The 120-250 feet segment dominates the Global Luxury Lacht Market and is expected to retain its dominance throughout the forecast period.

It is evident from reviewing recent technology advances that material development plays a key role in the production of yachts hull. Selection of material for yacht construction depends on different parameters such as strength to weight ratio, size, stiffness, and payload. Thus, material selection holds importance during yacht manufacturing. FRP materials offer tremendous potential for applications in a marine environment. Fiber reinforced plastic is the most preferred material by the yacht manufacturers owing to its numerous advantages. FRP is light weight, which enables increased speed, increased payload, and reduction of fuel consumption. Furthermore, FRP has low stiffness and high corrosion resistance thus providing necessary flexibility during yacht construction.

The report focuses on the growth prospects, restraints, and opportunities of the global luxury yacht market. The study provides Porters five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers of the luxury yacht market.

The Motorized Luxury Yacht segment dominates the global Luxury Lacht market and is expected to retain its dominance throughout the forecast period.

Segment Review

The global luxury yacht market is segmented based on size, type, and material. Based on size, the luxury yacht market is segmented into 75-120 feet, 121-250 feet, and above 250 feet. Based on type, the market is divided into sailing luxury yacht, motorized luxury yacht, and others. Based on material, the market is analyzed across FRP/composites, metal/alloys, and others. Based on region, the market is studied across Americas, Europe, Asia-Pacific, and Middle East & Africa.

Some of the key players in the luxury yacht market are Alexander Marine Co Ltd, Damen Shipyards Group, AzimutBenettiS.p.A., Feadship, FERRETTI S.P.A., Horizon Yacht USA, Princess Yachts International plc, Sanlorenzo Spa, Sunseeker International Limited, and Viking Yacht Company.

The FRP& Composites segment dominates the global Luxury Lacht market and is expected to retain its dominance throughout the forecast period.

Current and future luxury yacht industry trends are outlined to determine the overall attractiveness of the luxury yacht market. Top impacting factors highlight opportunities during the forecast period. Factors such as growth in high net worth individuals and yacht tourism drive the growth of the luxury yacht market. In addition, chartering of yachts is also one of the major factors that fuels the growth of the global luxury yacht market. However, stringent government regulations and environmental policies along with increase in maintenance and associated cost are some of the major factors that might hamper the growth of the luxury yacht market.

Italy is the leading producer of luxury yacht followed by UK, U.S., the Netherlands, Taiwan, and others. The Italian industry holds the overall global leadership position in the luxury yacht segment with total production amounting to more than 42% of the global production for 2020. In the last decade, because of reduced domestic demand, Italian shipbuilders focus on international and emerging markets where Italian brands are well received. Favorable government initiatives such as lower mooring and marine resort taxes, reform of the maritime code, and measures for easy leasing augment market expansion in the region. Furthermore, continuous focus on trade and internationalization through commercial strategies and strategic alliances by leading domestic manufacturers such as AzimutBenetti, Sanlorenzo and Ferretti have ensured Italy to remain hub for luxury yacht manufacturing in the region. On the other hand, Taiwan is emerging as promising region for yacht manufacturing in Asia Pacific region. With steady growth in revenue as well average yacht length Taiwan has gained attention from around the world for its cheap but high-quality luxury yachts.

The Europe region dominates the global Luxury Lacht market and is expected to retain its dominance throughout the forecast period.

Key Benefits For Stakeholders

• The report provides a quantitative analysis of the Luxury Yacht market trends, estimations, and dynamics of the seeds market size from 2020 to 2030 to identify the prevailing opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis and the market size and segmentation assist to determine the prevailing Luxury Yacht market opportunities.
• The major countries in each region are mapped according to their revenue contribution to the Luxury Yacht market.
• The market player positioning analysis facilitates benchmarking and provides a clear understanding of the present position of the market players in the Luxury Yacht industry.

  Luxury Yacht Market Report Highlights

Analyst Review

In accordance to several interviews conducted, the CXOs of the leading companies stated that luxury yacht market is expected to witness a significant growth in the future. In addition, global luxury yacht market is expected to remain influenced by eternal need for luxury. Moreover, rise in trend of remote exploration provides new growth avenues for luxury yachts. Furthermore, introduction of new materials such as structural glass have allowed yacht architectures to reach new levels of sophistication.

Growth in number of millionaires and swathes of millennial population have developed a voracious taste for luxury yachts in the past few years. Featuring helipads, swimming pools, saunas, hot tubs, and more, yachts are epitome of luxury. The new generation increasingly focuses on pursuing rare, tailored experiences over accumulating things. With on-board beach toys, such as motorboats & jet skis, top-deck Jacuzzi, lavish swimming pools, and private screening rooms, yachts represent pinnacle of luxurious life.

The luxury yacht market remained one of the few bright spots in an otherwise troubled global economy. With strong underlying drivers such as rise in ultra-net worth individuals, surge in inclination toward recreational & expeditions, and rise in trend of yacht tourism, the market is expected to witness significant growth during the forecast period. At the same time, the sector is facing challenges driven by high maintenance cost, stringent rules and regulations, and rapid technological innovation.

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The luxury yacht market size was valued at $5.8 billion in 2020 and is expected to reach $12.8 billion by 2031, registering a CAGR of 8.0% from 2022 to 2031

The luxury yacht market CAGR of 8.0% from 2022 to 2031. Luxury yachts are large, luxurious, professionally crewed motors or sailing yachts with length varying from 75 feets and expanding to more than 250 feet.

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The forecast period in the luxury yacht market report is from 2022 to 2031. Luxury yachts are often available for chartered providing as well as private purpose to provide seamless luxury experience full of high standard and comfort.

The top companies in the Luxury Yacht market are Alexander Marine Co Ltd, Damen Shipyards Group, Azimut Benetti S.p.A., Feadship, FERRETTI S.P.A., Horizon Yacht USA, Princess Yachts International plc, Sanlorenzo Spa, Sunseeker International Limited, and Viking Yacht Company.

The European region will dominate the market by the end of 2031. Current and future luxury yacht industry trends are outlined to determine the overall attractiveness of the luxury yacht market.

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Luxury Yacht Market

Global Opportunity Analysis and Industry Forecast, 2022-2031

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Luxury Yacht Market

Luxury Yacht Market by Direct Suppliers, Indirect Suppliers, Number of Bookings, Type, Visit Purpose, Tour Type, Age, Demographic, Booking Channel & Region | Forecast 2023 to 2033

Market Insights on Luxury Yacht covering sales outlook, demand forecast and up-to-date key trends

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Luxury Yacht Market Outlook (2023 to 2033)

As per the latest findings of Future Market Insights, global luxury yacht market revenue is expected to be US$ 8,812.4 Million by the end of 2023. In the long-term, the luxury yacht market is estimated to reach at around US$ 19,924.7 Million in 2033.

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2018 to 2022 Luxury Yacht Market Outlook Compared to 2023 to 2033 Forecast

The word yacht is derived from the Dutch word ‘jacht’ meaning hunt. Luxury yachts are also known as “Floating Palaces or Floating Real Estates". They are the epitome of luxury spending. Luxury yachts are privately owned, professionally crewed and highly expensive motor yachts.

The various stakeholders of the luxury yacht market are yacht manufacturers, brokerage firms and brokers, designers, harbor management services, equipment and accessory sectors, journalists and potential buyers.

The luxury yacht market is both a B2B and B2C market as HNWI (high net worth individuals) and UHNWI (ultra-high net worth individuals) are the direct customers, also there are companies that buy luxury yachts for commercial purposes.

Luxury yacht manufacturing companies are obsessively focused on quality because it is the prime differentiating factor between luxury yachts and non-luxury yachts. These companies manufacture luxury yachts using fast patrol vessels, frigates, and interceptors, which are used by world navies for high security. Growing awareness of environmental protection has led to the manufacture of solar luxury yachts.

Types of Luxury Yachts

Yachts belonging to this category have a length of over 50 meters and are considered to be the largest of their kind. Luxury Megayachts have all the facilities ranging from swimming pools, movie halls, cafeterias, banquet halls to even gyms and suite rooms. They are generally used for leisure and recreation for a large group of people and mostly owned by organizations.

Super Yachts

The average length of a superyacht ranges from 30-50 meters. Due to their smaller size in comparison to a mega yacht, a super yacht has lesser provisions but they are equally luxurious.

By Propulsion:

Luxury Motor Yachts

Motor yachts constitute the widest category of luxury yachts having a motor attached to them. With multi, decks, large interiors and spacious rooms for comfort, these yachts are the perfect choice for a large group of people.

Luxury Sailing Yachts

These kinds of yachts are driven by sail instead of motor. Pleasure boats, also known as yachts, come in various forms and sizes of sails. These vessels can be single sail-single mast), double sail-single mast or multiple sails-multiple masts.

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What are the Key Drivers of the Luxury Yacht Market?

• Growth in Nautical Tourism is fueling the growth of this market

Yachting along coastal locations is slowly becoming popular across various countries. Formulation of favorable policies has been effective in promoting coastal and marine tourism which has consequently led to a boost in yachting tourism as well. Adoption of private boats for leisure, client meetings and large scale parties has become quite prevalent. In order to explore new locations with a smaller crowd, regions such as Asia Pacific, Antarctica and Middle East are being preferred for yachting.

Another reason for growth of luxury yachting tourism has been the availability of renting of charter boats. Rentals for yachts are available on weekly basis which further increases the accessibility of luxury yachting.

• The number of ultra-wealthy households are projected to increase

In the coming years, the number of ultra-wealthy households having assets worth $100 million or more is projected to increase by 70% in the next five years. Shipyards have therefore started to invest in new facilities and technologies to meet the expected demand which will eventually lead to growth in the market for Luxury Yachts

• Green Yachting is becoming popular amongst an environmentally conscious generation

The new generation millennials, belonging to 35-45 year age bracket, have become highly environmentally conscious. This is extremely important to factor in since up to 40% of the yacht buyers are now millennials. Therefore, the sector is slowly switching to green yachting by adopting a more eco friendly approach. By 2050, the International Maritime Organization has instructed the maritime industry to reduce greenhouse gas emissions by 50 percent from 2008 levels by the year 2050 and to reduce carbon footprints of their boats. Electric yachts are also becoming quite popular

What are the Key Factors Affecting Luxury Yacht Market Adversely?

• Luxury Yacht Market is still Nascent in few regions

Talking about the emerging markets for luxury yachting like India, there is a lack of infrastructure even though there is a proven interest in boating. Owning a yacht in a nascent country can be a long and expensive process due to the heavy import tax. Another factor is the absence of cruising locations which is why people are not able to make the most out of owning a yacht in such markets.

However, with increased government participation to create yacht facilities and to invest in the yachting, the future looks bright and full of potential.

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Region Wise Insights

Europe dominates the market for Luxury Yachts followed by the North America region. With vast coastlines and a significant percentage of boating charter taking place in Mediterranean Sea, Europe has become a favorable nautical tourism hotspot. European countries such has Greece and Croatia have been witnessing a surge in tourists wanting to explore water adventures thus driving the growth of Global Luxury Yachts market

Analysis shows that the Asia Pacific region will become the fastest growing market for luxury yachts owing to an increase in number of ultra-wealthy households and fast pace growth of the developing economies.

Category-Wise Insights

Which age group prefers luxury yachts the most.

Millennials are the major drivers of Luxury Yacht demand

Generational trends are a powerful driver. Millennials prefer enjoying the yachting experience a lot differently from the generation X by emphasising more on everything that their self-owned vessels can do instead of being crazy about merely possessing it. They want to create unique experiences for themselves and their family. In the process, millennials have emerged as the major drivers of the Luxury Yacht demand and have slowly redefined the entire yachting industry.

Which Tour Type will have the Maximum Number of Travelers During Forecasted Period?

There will be a surge in the number of independent travellers

Rapid technological advancements in the last few years have made a large number of people quite comfortable with emerging technologies and they are now well equipped to adapt to change. Consequently, this has led to an increase in the number of independent travelers and is forecasted to only increase further.

Which Booking Channel do Tourists in the Market Place Prefer?

Online Booking Channels Lead the Booking Channel Segmentation

It usually takes a lot of time and effort to research and make a decision before purchasing something as luxurious as a yacht. However, the existence of online booking channels has unquestionably both sped up the procedure as well as offered clients access to more choices. People who make their bookings online prefer to compare prices, features, types and various other parameters among all available options to make the best possible choice.

Competitive Landscape

Key Players in the global luxury yacht market are Ferretti Group, Lurssen, Feadship, Princess Yachts, Sunseeker and all these companies dominate the market with a combined market share of about 60%. Additionally, the semi-custom luxury yacht market has seen a surge in demand in recent years which might be due to these categories of yachts offering a good balance of customization and off-the-shelf predictability and simplicity.

Scope of Report

Luxury yatch market by category, by direct suppliers:.

• Hotel Companies
• Tour Operators
• Government Bodies

By Indirect Suppliers:

• OTA (Online Travel Agency)
• Traditional Travel Agencies
• TMC's (Travel Management Companies)

By Number of Bookings:

• Motor Yacht
• Sailing Yacht
• Others (Sports Yacht, Hybrid Yacht)

By Visit Purpose:

By tour type:.

• Independent Traveler
• Package Traveler

By Demographic:

By booking channel:.

• Phone Booking
• Online Booking
• In Person Booking

Frequently Asked Questions

How big is the luxury yacht market.

The luxury yacht market size is valued at US$ 8,812.4 million in 2023.

What is the growth forecast for the luxury yacht market?

The luxury yacht market is projected to thrive at a 9% CAGR through 2033.

How big will be the luxury yacht market by 2033?

The luxury yacht market is predicted to surpass US$ 19,924.7 million by 2033.

Which booking channel is highly preferred in the luxury yacht market?

The online booking channel segment is likely to lead the luxury yacht market.

Which region dominates the luxury yacht market?

Europe dominates the global luxury yacht market.

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Luxury Yacht Market

Luxury yacht market by size (75-120 feet, 121-250 feet, and above 250 feet), by type (sailing luxury yacht, motorized luxury yacht, and others), by material (frp/composites, metal/alloys, and others) - global opportunity analysis and industry forecast, 2020 – 2030.

Industry:   Consumer Goods | Publish Date: Sep 2023 | No of Pages:   N/A | No. Tables:   N/A | No. Figures:   N/A

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• Research Scope
• Key Companies

Market Definition

The Global Luxury Yacht Market size was valued at USD 6.58 billion in 2019 and is predicted to reach USD 14.58 billion by 2030, with a CAGR of 7.5% from 2020-2030.

Luxury yacht are sailing or motorized yachts with professionally crewed motor, available for charter as well as private purpose; designed to impart immense luxurious experience and high standard comfort to the consumers. These pleasure vehicles are loaded with luxurious amenities, lavish swimming pools, as well as a variety of gaming, dining, entertainment, and various leisure options.

The usage of composite materials in enhancing the interior aesthetics is gaining momentum in the luxury yacht market due to benefits offered such as low operational cost, enhanced strength to weight characteristics, corrosion resistibility, and higher durability. Moreover, autonomous fuel injection system escalates the efficiency of motor engine and allows engine to operate at variable velocities, reducing vibrations, noise, and emissions.

Market Dynamics and Trends

The global luxury yacht market is proliferating, with growing preferences for luxurious pleasure vehicles offering chartered as well as private services. Furthermore, the increasing trend of spending leisure time on explicit destinations, indulging in racing, cruising and other recreational activities, as well as attractive tourism packages offered by travelling agencies to sustain their market position, are the major factors driving the global luxury yacht market.

In addition to this, appealing interior aesthetics, exclusive services offered by professional crew, lavish accommodations, and enhanced maritime security are the factors anticipated to propel the growth of global luxury yacht market. However, high maintenance cost, dependency on climatic conditions, and stringent environmental regulations are expected to hamper the growth of luxury yacht market.

Moreover, higher standards of living with increasing per capita income, increasing inclination towards the use of composite materials in crafting the interiors rather than using traditional construction materials, advancements in yacht architectures, as well as enhanced tracking and navigation systems, are anticipated to create lucrative opportunities in the global luxury yacht market in coming future.

Market Segmentations and Scope of the Study :

The global luxury yacht market share has been analyzed based on size, type, material, and geography. Based on size, the market is segmented into 75-120 feet, 121-250 feet, and above 250 feet. Based on type, the market is fragmented into sailing luxury yacht, motorized luxury yacht, and others. Based on material, the market is divided into FRP/composites, metal/alloys, and others. Geographic breakdown and analysis of each of the previously mentioned segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Europe has been dominating the global luxury yacht market in the recent past and is expected to maintain its dominance throughout the forecast period, owing to increased investments in costal as well as recreational activities, growing trend of water sports and fishing activities in this region. Moreover, well-established tourism industry, presence of attractive destinations, and increasing number of trade shows hosted by key manufacturers present in this region, are further expected to propel the growth of luxury yacht market.

Asia-Pacific region is expected to demonstrate a substantial growth in the global luxury yacht market throughout the forecast period, witnessing the highest CAGR values. This is due to favourable government policies promoting tourism, increasing standards of livings due to growing per capita incomes, and augmentation in marine recreational activities.

Competitive Landscape

The luxury yacht market, which is highly competitive, consists of various market players. Some of the major market players include Damen Shipyards Group, Alexander Marine Co Ltd, Azimut Benetti S.p.A., FERRETTI S.P.A., Feadship, Princess Yachts International plc, Horizon Yacht USA, Sunseeker International Limited, Viking Yacht Company and Sanlorenzo Spa among others. With the development and deployment of advanced products, and launch of new product technologies equipped with up-to-date features, market players are undergoing various business strategies to sustain their position in the global luxury yacht market.

For instance, Horizon Yacht USA, one of the leading companies in the luxury yacht market, launched its six new yachts at the Biennial Horizon Open House Event held in January 2020, at the company’s facilities in Kaohsiung, Taiwan. Horizon’s new FD75 & FD102 models made their international debuts at this remarkable showcase.

In February 2020, Sunseeker USA Sales Co. Inc., one of the key players in the luxury yacht market, introduced its sunseeker line-up, an exclusive range of luxury motor yachts for the Miami Yacht Show 2020. Along with the US debut of Manhattan 68, five more exquisite Sunseeker models glided their way into stealing the show.

In March 2020, DAMEN, the very well-known company in luxury yacht market, launched its 55-meter yacht support vessel named ‘Blue Ocean.’ This multipurpose yacht support vessel with 4-cabin layout is the first-ever yacht support built with a huge multipurpose main deck hangar, that is configured for a blend of adventure activities and superyacht support functions.

In May 2020, Ferretti Group, one of the key players in the luxury yacht market, announced a $15 million investment for purchasing a service shipyard in Fort Lauderdale, Florida, with an aim to consolidates its presence in the USA. The 4,000 square meters facility comprises of five docks and a combination of indoor and open-air spaces facilitating marine services and deliveries.

KEY BENEFITS

The luxury yacht market report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.

The study comprises a deep dive analysis of the luxury yacht market trend including the current and future trends for depicting the prevalent investment pockets in the market.

The report provides detailed information related to key drivers, restraints and opportunities and their impact on the luxury yacht market.

The report incorporates competitive analysis of the market players along with their market share in the global luxury yacht market.

The SWOT analysis and Porters Five Forces model is elaborated in the study of the luxury yacht market.

Value chain analysis in the luxury yacht market study provides a clear picture of the stakeholders’ roles.

KEY MARKET SEGMENTS :

75-120 Feet

121-250 Feet

Above 250 Feet

Sailing Luxury Yacht

Motorized Luxury Yacht

By Material

FRP/Composites

Metal/Alloys

By Geography

North America

Netherlands

Rest of Europe

Asia-Pacific

South Korea

Rest of Asia Pacific

Latin America

Middle East 

REPORT SCOPE AND SEGMENTATION:

KEY PLAYERS:

• Damen Shipyards Group
• Alexander Marine Co Ltd
• Azimut Benetti S.p.A.
• FERRETTI S.P.A.
• Princess Yachts International plc
• Horizon Yacht USA
• Sunseeker International Limited
• Viking Yacht Company
• Sanlorenzo Spa

Frequently Asked Questions

According to the report published by Next Move Strategy Consulting, the luxury yacht market business is expected to hit at $14.58 billion (USD) by 2030.

Europe is expected to hold the highest market share in the global market. The region is expected to witness remarkable growth as it houses the major key players in the market.

Damen Shipyards Group, Alexander Marine Co Ltd, Azimut Benetti S.p.A., FERRETTI S.P.A., Feadship, Princess Yachts International plc, Horizon Yacht USA, Sunseeker International Limited, Viking Yacht Company and Sanlorenzo Spa.

The global luxury yacht market share has been analyzed based on size, type, material, and geography.

Currently (in 2019), the market value stands at USD 6.58 billion and it is anticipated to reach USD 14.58 billion by 2030.

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Luxury Yachts Market

Global Luxury Yachts Market Size, Share, Trends, Forecast: By Size: 75-120 Feet, 121-250 Feet, Above 250 Feet; By Material: FRP and Composites, Metal and Alloys, Others; By Type: Sailing, Motorised, Others; By End Use: Commercial, Private; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032

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Global Luxury Yachts Market Outlook

The global luxury yachts market is expected to grow at a CAGR of 8% in the forecast period of 2024-2032.

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The Prominent European Market Bolstering the Growth of the Global Market for Luxury Yachts

The rising demand from the high net worth individuals (HNWI) combined with a prominent presence of the major key players in the regions makes Europe one of the most significant markets for luxury yachts. The market in the region is expected to witness a continued growth in the coming years due to the rising R&D activities and technological advancements. The growing investments by OEMs in Europe to ensure luxurious, comfortable, and high-tech interiors is further expected to catalyse the market growth in the region. Some of the major regions in the European market for luxury yachts are Italy, the United Kingdom, and the Netherlands. While the United Kingdom houses many of the major HNWI consumers, with BREXIT, many competitors in the market are expected to shift to other EU countries. Italy is one of the most prominent markets for luxury yachts due to a strong presence of domestic yachts manufacturers and favourable government policies. In the coming years, the Italian market is expected to witness a rising trend of de-localisation, with the Italian manufacturers increasingly focusing on international and emergent markets due to the rising demand and lower labour costs.

The Asia Pacific is a major emerging market for luxury yachts due to the rising economies, growing disposable incomes, and growing manufacturing sector in the region. The favourable government initiatives, growing luxury tourism sectors, and increasing participation in marine recreational activities are expected to propel the market growth in the region. Some of the major markets in the region are China, Singapore, Thailand, Indonesia, the Philippines, Japan, Malaysia, and Australia.

Luxury Yachts: Market Segmentation

Luxury yachts are large, opulent, and pleasure-focussed yachts for cruising. They can have a sail or be motorised. They are usually characterised by its high cost and luxurious amenities. They are usually manned by a private crew and is equipped with modern conveniences like power, HVAC systems, and entertainment systems.

Based on size, the market is categorised into:

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

By material, the market is divided into:

• FRP and Composites
• Metal and Alloys

On the basis of type, the industry is segmented into:

Based on end use, the market is bifurcated into:

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Population of High Net Worth Individuals (HNWI) to Propel the Market Growth of Luxury Yachts

The rising population of high net worth individuals, particularly billionaires, is primarily driving the demand for luxury yachts as they constitute the major consumer group in the market. The rising maritime tourism industry, bolstered by various government initiatives and increasing disposable incomes, is further propelling the market growth. The addition of heightened performance characteristics, improved customer experience, and expanding recreational space in luxury yachts is also catalysing the market. The product is usually equipped with modern conveniences like HVAC systems, TV, radar, navigation, autopilot, and a dependable power generating system, among other conveniences. In the coming years, technological innovations and optimisations in designs are expected to drive the market growth. The growing preference of lighter hull materials like fibre reinforced plastic (FRP) is projected to further propel the growth of the industry. FRP is lightweight, has low resistance, and has high corrosion resistance, which helps in increasing the speed and reducing the fuel consumption of the luxury yachts. These factors are expected to aid the adoption of FRP in the market.

The market might, however, face hindrances in its growth due to the rising implementation of government regulations regarding emissions and pollution, which might increase the costs of maintenance of the product. The industry is also expected to face a relative downturn, especially in its commercial segment, due to the outbreak of the COVID-19 pandemic and the related restrictions on travel and gathering.

Key Industry Players in the Global Luxury Yachts Market

The report gives a detailed analysis of the following key players in the global luxury yachts market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Azimut Benetti S.p.A
• Ferretti SPA
• Lürssen
• Fincantieri S.p.A.
• Horizon Yacht USA
• Heesen Yachts Sales B.V.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface 2    Report Coverage – Key Segmentation and Scope 3    Report Description     3.1    Market Definition and Outlook     3.2    Properties and Applications     3.3    Market Analysis     3.4    Key Players 4    Key Assumptions 5    Analysis of the COVID-19 Impact  6    Executive Summary     6.1    Overview     6.2    Key Market Drivers     6.3    Key Market Developments     6.4    Competitive Structure     6.5    Key Industrial Trends 7    Snapshot     7.1    Global     7.2    Regional 8    Industry Opportunities and Challenges 9    Global Luxury Yachts Market Analysis     9.1    Key Industry Highlights     9.2    Global Luxury Yachts Historical Market (2018-2023)      9.3    Global Luxury Yachts Market Forecast (2024-2032)     9.4    Global Luxury Yachts Market by Size         9.4.1    75-120 Feet             9.4.1.1    Market Share             9.4.1.2    Historical Trend (2018-2023)             9.4.1.3    Forecast Trend (2024-2032)         9.4.2    121-250 Feet             9.4.2.1    Market Share             9.4.2.2    Historical Trend (2018-2023)             9.4.2.3    Forecast Trend (2024-2032)         9.4.3    Above 250 Feet             9.4.3.1    Market Share             9.4.3.2    Historical Trend (2018-2023)             9.4.3.3    Forecast Trend (2024-2032)     9.5    Global Luxury Yachts Market by Material         9.5.1    FRP and Composites             9.5.1.1    Market Share             9.5.1.2    Historical Trend (2018-2023)             9.5.1.3    Forecast Trend (2024-2032)         9.5.2    Metal and Alloys             9.5.2.1    Market Share             9.5.2.2    Historical Trend (2018-2023)             9.5.2.3    Forecast Trend (2024-2032)         9.5.3    Others     9.6    Global Luxury Yachts Market by Type         9.6.1    Sailing             9.6.1.1    Market Share             9.6.1.2    Historical Trend (2018-2023)             9.6.1.3    Forecast Trend (2024-2032)         9.6.2    Motorised             9.6.2.1    Market Share             9.6.2.2    Historical Trend (2018-2023)             9.6.2.3    Forecast Trend (2024-2032)         9.6.3    Others     9.7    Global Luxury Yachts Market by End Use         9.7.1    Commercial             9.7.1.1    Market Share             9.7.1.2    Historical Trend (2018-2023)             9.7.1.3    Forecast Trend (2024-2032)         9.7.2    Private             9.7.2.1    Market Share             9.7.2.2    Historical Trend (2018-2023)             9.7.2.3    Forecast Trend (2024-2032)     9.8    Global Luxury Yachts Market by Region         9.8.1    Market Share             9.8.1.1    North America             9.8.1.2    Europe             9.8.1.3    Asia Pacific             9.8.1.4    Latin America             9.8.1.5    Middle East and Africa 10    Regional Analysis     10.1    North America         10.1.1    Historical Trend (2018-2023)         10.1.2    Forecast Trend (2024-2032)         10.1.3    Breakup by Country             10.1.3.1    United States of America              10.1.3.2    Canada     10.2    Europe         10.2.1    Historical Trend (2018-2023)         10.2.2    Forecast Trend (2024-2032)         10.2.3    Breakup by Country             10.2.3.1    United Kingdom             10.2.3.2    Germany             10.2.3.3    France             10.2.3.4    Italy             10.2.3.5    Spain             10.2.3.6    Russia             10.2.3.7    Others     10.3    Asia Pacific         10.3.1    Historical Trend (2018-2023)         10.3.2    Forecast Trend (2024-2032)         10.3.3    Breakup by Country             10.3.3.1    China             10.3.3.2    Japan             10.3.3.3    India             10.3.3.4    ASEAN             10.3.3.5    Australia             10.3.3.6    Others     10.4    Latin America         10.4.1    Historical Trend (2018-2023)         10.4.2    Forecast Trend (2024-2032)         10.4.3    Breakup by Country             10.4.3.1    Brazil             10.4.3.2    Argentina             10.4.3.3    Mexico             10.4.3.4    Others     10.5    Middle East and Africa         10.5.1    Historical Trend (2018-2023)         10.5.2    Forecast Trend (2024-2032)         10.5.3    Breakup by Country             10.5.3.1    Saudi Arabia             10.5.3.2    United Arab Emirates             10.5.3.3    Nigeria             10.5.3.4    South Africa             10.5.3.5    Others 11    Market Dynamics     11.1    SWOT Analysis         11.1.1    Strengths         11.1.2    Weaknesses         11.1.3    Opportunities         11.1.4    Threats     11.2    Porter’s Five Forces Analysis         11.2.1    Supplier’s Power         11.2.2    Buyer’s Power         11.2.3    Threat of New Entrants         11.2.4    Degree of Rivalry         11.2.5    Threat of Substitutes     11.3    Key Indicators for Demand     11.4    Key Indicators for Price 12    Value Chain Analysis 13    Competitive Landscape     13.1    Market Structure     13.2    Company Profiles         13.2.1    Azimut Benetti S.p.A             13.2.1.1    Company Overview             13.2.1.2    Product Portfolio             13.2.1.3    Demographic Reach and Achievements             13.2.1.4    Certifications         13.2.2    Ferretti SPA             13.2.2.1    Company Overview             13.2.2.2    Product Portfolio             13.2.2.3    Demographic Reach and Achievements             13.2.2.4    Certifications         13.2.3    Lürssen             13.2.3.1    Company Overview             13.2.3.2    Product Portfolio             13.2.3.3    Demographic Reach and Achievements             13.2.3.4    Certifications         13.2.4    Feadship             13.2.4.1    Company Overview             13.2.4.2    Product Portfolio             13.2.4.3    Demographic Reach and Achievements             13.2.4.4    Certifications         13.2.5    Fincantieri S.p.A.             13.2.5.1    Company Overview             13.2.5.2    Product Portfolio             13.2.5.3    Demographic Reach and Achievements             13.2.5.4    Certifications         13.2.6    Horizon Yacht USA             13.2.6.1    Company Overview             13.2.6.2    Product Portfolio             13.2.6.3    Demographic Reach and Achievements             13.2.6.4    Certifications         13.2.7    Heesen Yachts Sales B.V.             13.2.7.1    Company Overview             13.2.7.2    Product Portfolio             13.2.7.3    Demographic Reach and Achievements             13.2.7.4    Certifications         13.2.8    Others 14    Industry Events and Developments

List of Key Figures and Tables

1.    Global Luxury Yachts Market: Key Industry Highlights, 2018 and 2032 2.    Global Luxury Yachts Historical Market: Breakup by Size (USD Billion), 2018-2023 3.    Global Luxury Yachts Market Forecast: Breakup by Size (USD Billion), 2024-2032 4.    Global Luxury Yachts Historical Market: Breakup by Material (USD Billion), 2018-2023 5.    Global Luxury Yachts Market Forecast: Breakup by Material (USD Billion), 2024-2032 6.    Global Luxury Yachts Historical Market: Breakup by Type (USD Billion), 2018-2023 7.    Global Luxury Yachts Market Forecast: Breakup by Type (USD Billion), 2024-2032 8.    Global Luxury Yachts Historical Market: Breakup by End Use (USD Billion), 2018-2023 9.    Global Luxury Yachts Market Forecast: Breakup by End Use (USD Billion), 2024-2032 10.    Global Luxury Yachts Historical Market: Breakup by Region (USD Billion), 2018-2023 11.    Global Luxury Yachts Market Forecast: Breakup by Region (USD Billion), 2024-2032 12.    North America Luxury Yachts Historical Market: Breakup by Country (USD Billion), 2018-2023 13.    North America Luxury Yachts Market Forecast: Breakup by Country (USD Billion), 2024-2032 14.    Europe Luxury Yachts Historical Market: Breakup by Country (USD Billion), 2018-2023 15.    Europe Luxury Yachts Market Forecast: Breakup by Country (USD Billion), 2024-2032 16.    Asia Pacific Luxury Yachts Historical Market: Breakup by Country (USD Billion), 2018-2023 17.    Asia Pacific Luxury Yachts Market Forecast: Breakup by Country (USD Billion), 2024-2032 18.    Latin America Luxury Yachts Historical Market: Breakup by Country (USD Billion), 2018-2023 19.    Latin America Luxury Yachts Market Forecast: Breakup by Country (USD Billion), 2024-2032 20.    Middle East and Africa Luxury Yachts Historical Market: Breakup by Country (USD Billion), 2018-2023 21.    Middle East and Africa Luxury Yachts Market Forecast: Breakup by Country (USD Billion), 2024-2032 22.    Global Luxury Yachts Market Structure

What is the growth rate of the global luxury yachts market?

The global luxury yachts market is projected to grow at a CAGR of 8% between 2024 and 2032.

What are the major market drivers?

The major drivers of the market, such as the rising population of high net worth individuals, favourable government initiatives, growing maritime recreational tourism, improvements in design, and growing demand from the Asia Pacific, are expected to aid the market growth.

What are the key trends of the market?

The rising adoption of lighter hull materials like fibre-reinforced plastic (FRP) and rapid technological advancements are the key trends aiding the market growth.

What are the major regional markets of luxury yachts, according to the EMR report?

The major regions in the global luxury yachts market include the Asia Pacific, Europe, the Middle East and Africa, Latin America, and North America.

What are the leading sizes of luxury yachts in the market?

The leading sizes of luxury yachts in the market are 75-120 feet, 121-250 feet, and above 250 feet.

What are the major materials used in luxury yachts?

The major materials used in luxury yachts are FRP and composites and metal and alloys, among others.

What are the significant types of luxury yachts in the market?

The significant types of luxury yachts in the market are sailing and motorised, among others.

What are the various end uses of luxury yachts?

The various end uses of luxury yachts include commercial and private.

Who are the key market players, according to the report?

The major players in the market are Azimut Benetti S.p.A, Ferretti SPA, Lürssen, Feadship, Fincantieri S.p.A., Horizon Yacht USA, and Heesen Yachts Sales B.V., among others.

The global luxury yachts market is being driven by the rising demand from high net worth individuals. Aided by technological advancements, the market is expected to witness a healthy growth in the forecast period of 2024-2032, growing at a CAGR of 8%.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. By size, the market is divided into 75-120 feet, 121-250 feet, and above 250 feet. Based on material, the industry is segmented into FRP and composites and metal and alloys, among others. On the basis of type, the market is divided into sailing and motorised, among others. By end use, the industry is segmented into commercial and private. The major regional markets for luxury yachts are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Azimut Benetti S.p.A, Ferretti SPA, Lürssen, Feadship, Fincantieri S.p.A., Horizon Yacht USA, and Heesen Yachts Sales B.V., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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Luxury yacht industry report 2024: 75-120 feet yachts accounts for the largest segment - global forecasts to 2032.

Dublin, March 14, 2024 (GLOBE NEWSWIRE) -- The "Luxury Yacht Market Report by Type (Sailing Luxury Yacht, Motorized Luxury Yacht, and Others), Size (75-120 Feet, 121-250 Feet, Above 250 Feet), Material (FRP/ Composites, Metal/ Alloys, and Others), Application (Commercial, Private), and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering. The global luxury yacht market size reached US$ 7.9 billion in 2023. The market is projected to reach US$ 16.9 billion by 2032, exhibiting a growth rate (CAGR) of 8.82% during 2023-2032

The increasing wealth among affluent individuals and their interest in exclusive leisure activities, the growing emphasis on experiential luxury, and the expansion of marine tourism and the advent of luxury charter services are some of the factors that are propelling the market. A luxury yacht is a highly sophisticated vessel that combines performance, comfort, and style, catering to the tastes of affluent individuals. Often ranging from under one hundred feet to several hundred feet in length, these yachts are characterized by elegant design, state-of-the-art technology, and remarkable amenities. Equipped with advanced navigation systems, powerful engines, and intricate craftsmanship, ensuring optimal functionality and aesthetic appeal.

The working mechanism involves the seamless integration of various systems, such as propulsion, stabilization, communication, and entertainment, to provide an unparalleled sailing experience. They are commonly used for private leisure activities, offering privacy, freedom, and a personalized experience. Besides as modes of transportation, these yachts are utilized as a symbol of status and luxury, featuring amenities such as Jacuzzis, gyms, cinemas, and fine dining facilities. The global market is primarily driven by the increasing wealth among affluent individuals and their interest in exclusive leisure activities. In line with this, the rise in private charters and a preference for customized, high-end designs tailored to individual tastes are also providing an impetus to the market.

Moreover, the burgeoning tourism industry and the desire for remote, luxurious travel experiences are also acting as significant growth-inducing factors. In addition to this, technological advancements in navigation, propulsion, and on-board entertainment are resulting in an enhanced appeal for these vessels. The market is further driven by strategic partnerships and collaborations among yacht manufacturers and designers.

Some of the other factors contributing to the market include the increasing importance of status symbols among the elite, the influence of global travel trends on luxury spending, the development of advanced docking facilities and extensive investment in research and development (R&D) for innovative yacht features and technologies.

Competitive Landscape The major yacht manufacturers are heavily investing in research and development. This investment is focused on introducing innovative features, enhancing the sustainability of yachts, and incorporating cutting-edge technology such as advanced navigation systems, hybrid propulsion, and personalized on-board entertainment solutions. In line with the trend towards experiential luxury, many yacht manufacturers are emphasizing customization.

They are working closely with clients to create tailor-made yachts with unique designs and features that reflect the individual tastes and lifestyles of their owners. As sustainability becomes a key concern for consumers, leading yacht manufacturers are working towards developing eco-friendly models, including the use of renewable energy, sustainable materials, and energy-efficient designs. They are also working closely with clients to create tailor-made yachts with unique designs and features that reflect the individual tastes and lifestyles of their owners.

North America exhibits a clear dominance, accounting for the largest luxury yacht market share North America's luxury yacht market thrives on the significant population of high-net-worth individuals who prioritize exclusive leisure experiences. The region's affluent clientele, renowned for their discerning tastes and desire for opulent living, fuel the demand for luxury yachts as the epitome of sophisticated indulgence. Moreover, the well-established yachting infrastructure in North America plays a pivotal role in supporting and nurturing the luxury yacht market. The presence of world-class marinas, state-of-the-art shipyards, and a plethora of supporting services, ranging from yacht maintenance to concierge assistance, ensures a seamless and lavish yachting experience for clients. This infrastructure not only enhances the convenience of yacht ownership but also fosters a thriving ecosystem for yacht enthusiasts. Furthermore, the augmenting demand of cruising along the coasts and islands of North America along with the experience of luxurious waterfront destinations contributes to the market growth in the region. As a result, North America offers a diverse range of cruising opportunities that appeal to the elite travelers seeking extraordinary and unforgettable journeys.

Key Questions Answered in This Report

What was the size of the global luxury yacht market in 2023?

What is the expected growth rate of the global luxury yacht market during 2024-2032?

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

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

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

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

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

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

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

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

Key Attributes:

Competition Analysis

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

Luxury Yacht Industry Segmentation: Breakup by Type:

Sailing Luxury Yacht

Motorized Luxury Yacht

Breakup by Size:

75-120 Feet

121-250 Feet

Above 250 Feet

75-120 feet accounts for the majority of the market share

Breakup by Material:

FRP/ Composites

Metal/ Alloys

Breakup by Application:

Breakup by Region:

North America

United States

Asia-Pacific

South Korea

United Kingdom

Latin America

Middle East and Africa

For more information about this report visit https://www.researchandmarkets.com/r/2syae1

About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Market Report 2019

• Market Report 2019 Opening Remarks By Sue Grant
• Sailing Yacht Review By Alan McIlroy; footnote by Sophie Kemp
• Motor Yacht Review By Hugh Rayner; footnote by Robert Steadman
• Performance Yacht Review By Ben Cooper
• The Windy UK, Pearl and Iguana Review By Ben Toogood
• Berthon USA Review By Jennifer Stewart, Alan Baines, Bill Rudkin and Mark von Drashek
• Berthon France Review By Bruno Kairet
• Berthon Spain Review By Andrew Fairbrass
• Solaris Review By Richard Baldwin and Alan McIlroy
• THE CONFIDENCE & CURRENCY GAME
• INTERIOR DESIGN FOR YACHTS and why it matters…
• INFORMATION DELIVERY and the WORLDWIDE WEB in 2019
• HIGH LATITUDE CRUISING Steve & Linda Dashew look at the design and the risks
• IPV – BERTHON BRINGS YOU ANOTHER NEW ACRONYM TO CONJURE WITH…
• TECHNOLOGY and the YACHT MARKET
• 2019 Berthon Forecast By Sue Grant

Market Report 2018

• Market Report 2018 (Opening Remarks) By Sue Grant
• Sailing Yacht Review By Alan McIlroy and Sophie Kemp
• Motor Yacht Review By Hugh Rayner
• Performance Yacht and Advanced Yachts Review By Ben Cooper
• Solaris Review By Richard Baldwin
• The Windy UK Review By Ben Toogood
• Berthon USA Review By Jennifer Stewart, Alan Baines and Bill Rudkin
• A word about GDPR
• The Pacific and Southern Hemisphere as a cruising destination
• Technology in Design moving through the build process
• Residual Yacht value and the cost of having fun
• Talking points – cool to the point of freezing
• VAT and Brexit- What it might, might not and certainly won’t mean
• The Magic of Film
• General overview of the international stock markets and economies
• 2018 Berthon Forecast

Download Past Issues of the Berthon Market Report

• Berthon Market Report 2023 (PDF 9.16MB)
• Berthon Market Report 2022 (PDF 9.75MB)
• Berthon Market Report 2021 (PDF 3.20MB)
• Berthon Market Report 2020 (PDF 2.19MB)
• Berthon Market Report 2019 (PDF 1.96MB)
• Berthon Market Report 2018 (PDF 2.1MB)
• Berthon Market Report 2017 (PDF 2.5MB)
• Berthon Market Report 2016 (PDF 2MB)
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• Berthon Market Report 2013 (PDF 2MB)
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United States Luxury Yacht Market

United states luxury yacht market report by type (sailing luxury yacht, motorized luxury yacht, and others), size (75-120 feet, 121-250 feet, above 250 feet), material (frp/ composites, metal/ alloys, and others), application (commercial, private), and region 2024-2032.

• Report Description
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Market Overview:

The United States luxury yacht market size reached US$ 3.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 6.5 Billion by 2032, exhibiting a growth rate (CAGR) of 8.5% during 2024-2032.  The growing economy, rising disposable income of individuals, numerous technological advancements, the increasing popularity of the tourism industry, and the changing preferences of consumers are some of the major factors propelling the market.

A luxury yacht is a high-end recreational watercraft designed and built for indulgence and opulence. It is typically privately owned by individuals or chartered for exclusive use. It has impressive sizes, often ranging from 80 feet to well over 300 feet in length, offering ample space for lavish amenities and extravagant features. It is meticulously crafted with attention to detail, employing the finest materials, advanced engineering, and advanced technology. It includes multiple spacious decks, swimming pools, Jacuzzis, sunbathing areas, helipads, cinemas, spas, gyms, and even mini-submarines. These yachts also provide luxurious accommodations for guests and crew, featuring exquisite staterooms, en-suite bathrooms, elegant lounges, dining areas, and well-equipped kitchens. Additionally, guests can enjoy an array of leisure activities, such as water sports, fishing, scuba diving, and exploring remote islands.

The United States luxury yacht market is primarily driven by the growing economy and the rising disposable incomes of individuals leading to increasing consumer spending capacities on luxury goods and experiences. Additionally, luxury yachts are a symbol of prestige and wealth, attracting affluent individuals who seek exclusive and luxurious recreational options which are influencing the market growth. Also, with the increasing recreational boating and maritime activities, with an extensive coastline, numerous lakes, and rivers, the country offers ample opportunities for yacht owners to enjoy their vessels propelling the market growth. The appeal of cruising along picturesque coastlines, hosting lavish parties, and engaging in water sports has contributed to the popularity of luxury yachts among the population. Moreover, advancements in yacht design, technology, and construction have made luxury yachts more appealing and accessible. Along with this, the introduction of innovative features, such as advanced navigation systems, eco-friendly propulsion options, and luxurious amenities to enhance the onboard experience represents another major growth-inducing factor.

United States Luxury Yacht Market Trends/Drivers:

Increasing popularity of the tourism industry

The increasing demand for luxury yachts in the growing tourism sector is influencing market growth. As the tourism industry continues to thrive, more travelers are seeking unique and luxurious experiences, leading to a rise in luxury yacht charters and cruises. Additionally, luxury yachts offer an unparalleled level of comfort, privacy, and exclusivity, attracting high-net-worth tourists who desire a lavish vacation experience from exploring picturesque coastlines to indulging in water sports and fine dining, luxury yacht tourism provides a customizable and opulent journey. Moreover, yacht charters allow travelers to access remote and secluded destinations that are not easily accessible by traditional means of transportation propelling the market growth. The combination of breathtaking scenery, personalized services, and the allure of the high seas has made luxury yacht tourism a coveted option for discerning travelers, driving the increasing popularity of the industry.

Numerous technological advancements

The increasing technological advancements in the luxury yacht industry with design, performance, and experience are influencing market growth. These advancements have enhanced comfort, safety, efficiency, and entertainment options on board. In addition, the extensive use of lightweight and high-strength materials, such as carbon fiber and advanced composites, allows for the construction of yachts that are lighter, stronger, and fuel-efficient that leads to improved speed, maneuverability, and reduced fuel consumption, propelling the market growth. Besides this, the introduction of sophisticated control systems that integrate navigation, propulsion, and entertainment systems, made it easier for owners and crew to operate and manage the yacht representing another major growth-inducing factor. Automation systems also allow for advanced monitoring and diagnostics, improving maintenance efficiency and reducing downtime. Furthermore, yachts are now equipped with hybrid propulsion systems, advanced waste management systems, and energy-efficient solutions such as solar panels and light emitting diode (LED) lighting contributing to reducing the environmental impact of yachting and promoting sustainable practices.

United States Luxury Yacht Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the United States luxury yacht market report, along with forecasts at the country level from 2024-2032. Our report has categorized the market based on type, size, material and application.

Breakup by Type:

• Sailing Luxury Yacht
• Motorized Luxury Yacht
• Others  

Motorized luxury yacht dominates the market

The report has provided a detailed breakup and analysis of the market based on the type. This includes sailing luxury yacht, motorized luxury yacht, and others. According to the report, motorized luxury yacht represented the largest segment.

Motorized luxury yachts are currently the most popular and prevalent type of luxury yacht in the market. In addition, these yachts are equipped with powerful engines, providing them with the ability to navigate through the waters with ease and speed influencing the market growth. Moreover, motorized luxury yachts offer a range of advantages, including faster cruising speeds, enhanced maneuverability, and a wider range of destinations representing another major growth-inducing factor. They are well-suited for individuals who prioritize efficiency, performance, and convenience in their yachting experiences featuring luxurious amenities, spacious interiors, and advanced technologies to provide a comfortable and opulent onboard experience which is propelling the market growth.

Besides this, sail yachts and other types of luxury yachts continue to have their niche market. Motorized luxury yachts dominate the luxury yacht industry as their popularity can be attributed to the convenience they offer for both private ownership and charter services, making them a preferred choice for high-net-worth individuals and tourists seeking luxurious experiences on the water.

Breakup by Size:

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

75-120 feet holds the largest share in the market

A detailed breakup and analysis of the market based on the size has also been provided in the report. This includes 75-120 feet, 121-250 feet, and above 250 feet. According to the report, 75-120 feet accounted for the largest market share.

75 to 120 feet in size dominates the market as these yachts offer a balance between spaciousness, comfort, and maneuverability, making them highly sought after by yacht buyers and charterers.

The 75-120 feet size range caters to a wide range of preferences and usage scenarios. These yachts provide ample interior and exterior spaces, accommodating multiple cabins, lounges, and entertainment areas. They offer a good balance between privacy and socialization, making them suitable for family vacations and corporate events. Additionally, their moderate size allows for easy navigation in various cruising destinations, including coastal areas, islands, and ports, influencing market growth.

The 75-120 feet luxury yachts are versatile, affordable, and practical for different types of yacht enthusiasts. Furthermore, advancements in yacht design and technology have allowed manufacturers to maximize space utilization and incorporate luxurious amenities, further driving the popularity of this size category. While larger superyachts continue to attract high-profile buyers and extravagant luxury, the 75-120 feet size range captures a significant portion of the market, appealing to a broader range of yacht enthusiasts and serving as a preferred choice for both ownership and chartering.

Breakup by Material:

• FRP/ Composites
• Metal/ Alloys

FRP/ Composites hold the largest share in the market

A detailed breakup and analysis of the market based on the material has also been provided in the report. This includes FRP/ composites, metal/ alloys, and others. According to the report, FRP/composites accounted for the largest market share.

Currently, fiber-reinforced plastics (FRP) or composites dominate the market. Additionally, FRP or composite materials are highly preferred in luxury yacht construction due to their exceptional properties. These materials offer a favorable combination of strength, durability, lightweight nature, and design flexibility, making them an ideal choice for building high-performance luxury yachts. The use of composites allows for the creation of sleek, streamlined yacht designs with enhanced fuel efficiency and improved speed.

Moreover, FRP/composite materials offer excellent resistance to corrosion, reducing maintenance requirements and ensuring the longevity of the yacht. The ability to mold composites into complex shapes and incorporate various design elements further adds to the appeal of these materials in luxury yacht construction. Additionally, composites provide insulation properties, contributing to the comfort of passengers and reducing noise and vibration levels on board. These materials also offer thermal stability, which is essential for ensuring the structural integrity and safety of luxury yachts.

Breakup by Application:

• Private  

Commercial applications dominate the market

A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes commercial and private. According to the report, commercial applications accounted for the largest market share.

At present, the commercial sector dominates the luxury yacht market. In addition, commercial luxury yachts are primarily used for chartering purposes, where individuals or organizations rent the yacht for specific durations or events. Moreover, they offer a range of services and amenities, such as a professional crew, gourmet catering, entertainment systems, and water sports equipment representing another major growth-inducing factor. They cater to a wide range of clientele, including corporate events, weddings, special occasions, and leisure travelers looking for an exclusive vacation experience which is propelling the market growth.

Besides this, chartering a luxury yacht allows individuals to experience the luxury lifestyle without the commitment and costs associated with owning a yacht and offers flexibility and convenience for those seeking unique and memorable experiences. Along with this, the commercial sector benefits from the growing trend of experiential travel, where travelers prioritize immersive and personalized experiences augmenting the market growth. Furthermore, the commercial sector benefits from the rising demand from corporate clients who utilize luxury yachts for corporate hospitality, team-building events, and executive retreats as luxury yachts provide a unique and impressive venue for business-related activities, combine work and leisure in a luxurious setting that is accelerating the market growth.

Breakup by Region:

• West  

The report has also provided a comprehensive analysis of all the major regional markets, which include Northeast, Midwest, South, and West.

The Northeast region has a significant presence in the luxury yacht market with a vibrant yachting culture in major cities such as New York City and Newport, Rhode Island, known for their affluent communities and active boating scenes. Moreover, it attracts high-net-worth individuals who enjoy yachting along the picturesque coastlines, exploring iconic destinations such as the Hamptons and Martha's Vineyard.

The Midwest region may have a smaller presence in the luxury yacht market yet the great lakes, particularly Lake Michigan, offer ample opportunities for yachting enthusiasts cities such as Chicago and Detroit are growing yachting communities, thus escalating the demand for luxury yachts for leisure activities and cruising on the lakes.

The South region is a thriving hub for the luxury yacht market. Florida, with its warm climate and extensive coastline, is a prime destination for yachting and luxury yacht ownership cities such as Miami, Fort Lauderdale, and West Palm Beach are known for their prestigious yacht shows, marinas, and a strong boating infrastructure. It attracts local and international yacht enthusiasts who seek a luxurious yachting lifestyle and access to the Caribbean and the Gulf of Mexico.

The West region has a significant presence in the luxury yacht market with cities such as Los Angeles, San Francisco, and Seattle with active yachting communities and offering access to stunning coastal areas including the Pacific Ocean, San Francisco Bay, and Puget Sound. It is known for its scenic beauty, luxury yacht charters, and a growing interest in eco-friendly and sustainable yachting practices.

Competitive Landscape:

Key players in the market are implementing various strategies to strengthen their position and stay competitive. They are continuously investing in research and development (R&D) to introduce innovative designs, cutting-edge technologies, and enhanced features. They strive to offer yachts with improved performance, fuel efficiency, and eco-friendly attribute. Moreover, the rising demand for unique and customized experiences of individuals led luxury yacht companies to offer extensive customization options. They work closely with clients to understand their specific preferences and requirements, allowing them to create bespoke yachts that align with individual tastes and lifestyles. Furthermore, they are investing in marketing efforts to create awareness, promote their products and services, and establish themselves as industry leaders. This includes participating in prestigious yacht shows and events, using digital marketing strategies, and collaborating with influential figures and luxury lifestyle brands to enhance their visibility and reputation.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided.

United States Luxury Yacht Market Report Scope:

Key questions answered in this report:.

• How has the United States luxury yacht market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the United States luxury yacht market?
• What is the impact of each driver, restraint, and opportunity on the United States luxury yacht market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the United States luxury yacht market?
• What is the breakup of the market based on the size?
• Which is the most attractive size in the United States luxury yacht market?
• What is the breakup of the market based on the material?
• Which is the most attractive material in the United States luxury yacht market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the United States luxury yacht market?
• What is the competitive structure of the United States luxury yacht market?
• Who are the key players/companies in the United States luxury yacht market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the United States luxury yacht market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the United States luxury yacht market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the United States luxury yacht industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

India Dairy Market Report Snapshots Source:

Statistics for the 2022 India Dairy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. 

• India Dairy Market Size Source
• --> India Dairy Market Share Source
• India Dairy Market Trends Source
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• United States Luxury Yacht Market Share

Statistics for the 2023 & 2024 United States Luxury Yacht market share, created by Mordor Intelligence™ Industry Reports. United States Luxury Yacht share report includes a market forecast to 2029 and historical overview. Get a sample of this industry share analysis as a free report PDF download.

Market Share of United States Luxury Yacht Industry

The United States luxury yacht market is fragmented. A few prominent companies include Westport Yacht, Feadship, Kadey-Krogen Yachts, Scout Boats Inc., and Hatteras Yachts. A few companies in the market are focusing on improving their product portfolios to widen their customer base. Some other key players aim to expand their presence in the market through product launches, offerings expansion, manufacturing expansion, and collaborations with other companies. For instance,

In October 2023, Scout Boats Inc. announced an expansion plan in Summerville, United States. An expansion plan includes a fifth production building of 37,500 Sq. Ft, with an investment of USD 10 million.

In August 2023, Sunseeker International announced the launch of its full line-up of luxury performance motor yachts at Fort Lauderdale International.

United States Luxury Yacht Market Leaders

Westport Yacht

Hatteras Yachts 

Kadey-Krogen Yachts

Scout Boats Inc.

*Disclaimer: Major Players sorted in no particular order

United States Luxury Yacht Market Report Snapshots

• United States Luxury Yacht Market Size
• United States Luxury Yacht Market Trends
• United States Luxury Yacht Companies

United States Luxury Yacht Market - Growth, Trends, and Forecasts (2024 - 2029)

United States Luxury Yacht Market Get a free sample of this report

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Global Luxury Yacht Market Report

The luxury yacht market is one of the most lucrative markets in the world – especially in the travel industry. Over the last few years, it has experienced tremendous growth. They offer a level of comfort and style not found in other industry segments. The international luxury yacht industry is estimated at $9.5 billion and is expected to reach $13.5 billion by 2024.

Yacht Industry Statistics

The global luxury yacht market has grown substantially over the past decade, rising by an average of 22% per annum between 2014 and 2022. This rapid demand increase and rising property prices has pressured luxury yacht builders to expand capacity.

Although the global shipbuilding industry is still growing, it is expected to slow down. Nonetheless, the industry is forecasted to remain strong, despite these headwinds, as high-end yachts continue to capture a growing market share.

The boating and yacht industries are a key component of many countries’ economies. The industry generates tens of billions of dollars annually and employs tens of thousands of people.

Since 1992, Florida Yachts International has served our international and local clients through our yacht market in the USA, Europe, Latin America, and the Far East.

Yacht companies and manufacturers are some of the largest employers in the U.S. and provide hundreds of thousands of jobs globally. The industry is also a major source of revenue for government agencies and other organizations.

Trends in the Yachting Industry

Yachting has consistently risen for several years, with annual numbers growing, as seen in the yachts industry report. An increasing number of yachts are used for recreational boating and the global yachting industry has grown at an average annual rate of six percent for the past three years.

Yachting represents a $12 billion industry in the U.S. alone, generating almost $1.6 billion in direct and indirect taxes for the federal and state governments. The Fort Lauderdale yachting industry has employed over 10,000 workers.

New yacht market sales in 2021 included a range of products ranging from complex marine structures to custom materials, parts, and accessories. At Florida Yachts International , our experts are ready to help you enjoy the yachting lifestyle.

How Many Yachts are Sold Each Year?

Over 800 super yachts were sold in 2021, a 77% jump from new yacht market sales in 2020. In 2021, the global yacht market was valued at 9.50 billion USD and is expected to grow by 5.4% annually between 2022 and 2030.

Yacht demand has gradually increased in the last few years, as individuals’ disposable incomes have increased. They have become more inclined to participate in leisure or recreational activities. Yacht sales are driven primarily by consumer preferences for luxury vacations, individualized services, and exclusive travel.

Future of the Yacht Industry

The 2022 yacht industry forecast shows that the superyacht industry is expected to increase at 6.4% to reach $3.5 billion USD by the end of the next yacht industry analysis. China’s yacht market, the world’s second largest, is expected to reach a market size of $1.3 billion USD in 2026, with a 7.6% increase in luxury yachts for sale worldwide.

International Luxury Yacht Consultants

With over 300 years of combined luxury yachting experience, our international luxury yacht consultants are experts in creating the right yachting program for you. Our yachting solutions include buying and selling yachts , new construction , pre-owned yachts , and luxury yacht charters .

Whatever your dream is, Florida Yachts International can make it a reality, whether you’re cruising in splendor or fishing in style. To find out more about our worldwide inventory of yachts for sale or to begin living the yachting lifestyle , get in touch with our yacht purchase consultant. You can contact us online or give us a call at 305-239-4978 .

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With sailing becoming a popular choice as a hassle-free vacation the whole family can enjoy, it’s no wonder that yacht charters have become so popular the world over! If you’re ever wondered what the most popular sailing destination in the world is, or whether people prefer catamarans or monohulls for their sailing adventures, you’re in the right place!

Here, we reveal everything you need to know about the global yacht charter market in 2022… and more!

To find out all the insider info on the yacht charter market globally, we used 2022 yacht charter booking data from Online Booking Systems,  MMK  and  Nausys , analyzing over 9,000 yachts. To discover whether or not interest in the yacht charter industry is on the rise, we used the Google Keyword Planner to analyze different Google searches conducted in the last 12 months globally.

Global Yacht Charter Statistics: A Flying Visit

Looking for a summary? Here’s the gist:

• Croatia was the most popular sailing destination in 2022 , with over 38% of yacht charter bookings taking place in the country
• Whilst Croatia was the most popular destination thanks to its large quantity of bookings,  Alimos Marina in Athens is home to the most yachts in the world , accommodating 8% of the global yacht charter fleet
• Monohulls are the most common vessel of choice,  with Sailboats making up a whopping 65%  of global yacht charter vessels
• The rise in vessel manufacturing is clear,  with 58% of sailing vessels worldwide being under 5 years old
• Bavaria was the most popular yacht brand in the world in 2022 , making up 19% of the global yacht charter fleet
• Lagoon 42 is the most sought after yacht model , making up 4% of the global yacht charter fleet
• The  average price  of a yacht charter in 2022  was €4,420

Global Yacht Statistics

Most popular sailing destination in the world.

Our data found that:

• Croatia was the most popular sailing destination in 2022, with over 38% of yacht charter bookings taking place in the country
• Greece was the second most popular destination for chartering a yacht in 2022, making up 29% of global bookings

Most Popular City to set Sail From

• Athens was the most popular city to set sail from in 2022, with 8% of global yacht charter bookings departing from Athens in 2022

Most Popular Marina

• Alimos Marina in Athens is home to the most yachts, accommodating 8% of the global yacht charter fleet
• Croatian marinas made up 7 of the top 10 most popular marinas in 2022

Most Common Yacht Type

• Monohulls are the most common sailing vessel, with Sailboats making up a whopping 65% of global yacht charter vessels
• Catamarans were the second most popular sailing vessel, making up 25% of global yacht charter vessels
• Gulets made up a tiny fraction of global yacht charter vessels, coming in at less than 1%

Most Popular Yacht Brand in the World

• Bavaria is the most popular yacht brand in the world, making up 19% of the global yacht charter fleet

Most Popular Yacht Model in the World

• Lagoon 42 is the most sought after yacht model, making up 3.68% of the global yacht charter fleet
• Bavaria Cruiser 46 came a close second, making up 3.45% of the global yacht charter fleet

Most Popular way to set Sail

• Experienced Skippers were the most common clients in 2022, with 88% of all yacht charter bookings operating as a Bareboat Charter in 2022
• Crewed charters proved less popular, making up only 11% of 2022 yacht charter bookings

Please note:  Bareboat data includes bareboat charter bookings and charter with skipper.

Is Bigger, Better?

• 4 cabin yachts were the most popular yachts in 2022, making up 33% of all bookings
• Small yachts with only 1 cabin were the least popular cabin layout, making up 1.38% of all 2022 yacht charter bookings

• Mid-sized yachts (13 – 14 meters long) were the most popular sized yachts in 2022, making up 20% of bookings
• Majority of all yachts booked in 2022 (72%) were between 11 and 15 meters long

Does the age of the Yacht Affect bookings?

• Newer yachts (5 years old or less) were the most booked yachts in 2022, making up 65% of all yacht charter bookings

So, how Expensive was it to Charter a Yacht in 2022?

• The average price of a yacht charter in 2022 was €4,420
• The majority of yachts (23%) were priced between €2,000 and €2,999

When was the Best Time to nab a Discount?

• July and October were the most common months for a discount to be applied to yacht bookings

Is Demand for Yacht Charters on the Rise?

Utilizing the power of the wind and immersing oneself in the beauty of the sea and the sun, sailing has so much to offer those who love to set sail. But just how popular were yacht charters this year? And was there an increase in search demand for this type of luxury vacation? Using the tool Keyword Finder, we analyzed Google search volumes over the last 12 months globally to find out.

Global Yacht Charter Search Demand

Our data found that overall:

• There is a clear demand for sailing global, with over 27,000 average monthly searches for the keyword ‘Yacht Charter’
• The demand for keywords such as sail boat charter and catamaran charter increased by 22% and 21% respectively compared to 2021, further highlighting an increase in demand

Which country is the most popular for sailing?

• Search volume data correlated with yacht bookings data to confirm that Croatia is the most popular sailing destination globally
• Croatia saw the most significant search demand related to sailing, with the phrases  sailing in Croatia  and  yacht charter  Croatia being typed into google, on average, 23,500 times a month
• Interest in  sailing in Croatia  has increased by 124% compared to 2021
• Greece is the second most popular sailing destination according to Google, with 9,800 average monthly searches for the keywords  yacht charter Greece  and  sailing in Greece

Inspired to Set Sail on a yacht charter?

Hopefully this rundown has helped to give you an idea of the global yacht charter industry – and maybe even inspired you to charter a yacht yourself, if you’re looking for inspiration for your next sailing destination.

• Yacht Charter

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The  luxury yacht market  is expected to expand rapidly on a worldwide scale between 2023 and 2033. The market is predicted to develop  USD 8,812.4 million  in sales by the end of 2023. By 2033, the luxury yacht market is anticipated to have grown to a value of around  USD 19,924.7 million . Key participants in the industry include luxury yacht manufacturers, brokerage houses and brokers, designers, harbor management services, the equipment and accessory sectors, journalists, and potential buyers.

The Dutch word “jacht,” which means “hunt,” is where the term “yacht” originates. “Floating Palaces or Floating Real Estates” is another term for opulent boats. They represent the pinnacle of lavish expenditure. Privately owned, well staffed, and exceedingly costly motor boats are considered luxury yachts.

Get an Exclusive Sample Copy of the Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-3531

Luxury yacht manufacturing companies are obsessively focused on quality because it is the prime differentiating factor between luxury yachts and non-luxury yachts. These companies manufacture luxury yachts using fast patrol vessels, frigates, and interceptors, which are used by world navies for high security. Growing awareness of environmental protection has led to the manufacture of solar luxury yachts.

Key Takeaways

• Yachting along coastal locations is gradually becoming popular across various countries. The formulation of favorable policies has been effective in promoting coastal and marine tourism which has consequently led to a boost in yachting tourism as well.
• The adoption of private boats for leisure, client meetings, and large-scale parties has become quite prevalent. In order to explore new locations with a smaller crowd, regions such as Asia Pacific, Antarctica, and the Middle East are preferred for yachting.

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• Another crucial reason for the growth of luxury yachting tourism has been the availability of renting of charter boats. Rentals for yachts are available on a weekly basis which further increases the accessibility of luxury yachting. With increased government participation to create yacht facilities and to invest in yachting, the future looks bright and full of potential.
• Over the upcoming years, the number of ultra-wealthy households consisting of assets worth $100 a million or more is projected to increase by 70% in the next five years. Shipyards have therefore started to invest in new facilities and technologies to meet the expected demand which will eventually lead to growth in the market for Luxury Yachts.
• The millennials from the new generation ranging from the age group 35 to 45 years have become highly environmentally conscious. This is extremely important to factor in since up to 40% of yacht buyers are now millennials. Therefore, the sector is slowly switching to green yachting by adopting a eco-friendlier approach.
• 2050, the International Maritime Organization has instructed the maritime industry to reduce greenhouse gas emissions by 50 percent from 2008 levels by the year 2050 and to reduce the carbon footprints of their boats. Electric yachts are also becoming quite popular.

Competitive Landscape

Dominant players across the global luxury yacht market comprise 60% of the total market share. In addition to that, the semi-custom luxury yacht market has seen a surge in demand in recent years which might be due to these categories of yachts offering a good balance of customization and off-the-shelf predictability and simplicity.

Key Players:

• Ferretti Group,
• Princess Yachts,

Luxury  Yatch  Market by Category

By Direct Suppliers:

• Hotel Companies
• Tour Operators
• Government Bodies

By Indirect Suppliers:

• OTA (Online Travel Agency)
• Traditional Travel Agencies
• TMC’s (Travel Management Companies)

By Number of Bookings:

• Motor Yacht
• Sailing Yacht

By Visit Purpose:

By Tour Type:

• Independent Traveler
• Package Traveler

By Demographic:

By Booking Channel:

• Phone Booking
• Online Booking
• In Person Booking

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:       

Future Market Insights Inc. Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware – 19713, USA T: +1-845-579-5705 For Sales Enquiries:  [email protected] Website:   https://www.futuremarketinsights.com LinkedIn |  Twitter |  Blogs  |  YouTube

About the Author

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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Billionaires like Jeff Bezos and Mark Zuckerberg spend six figures a year maintaining their superyachts. Here's how.

• Superyachts  are one of the most expensive assets money can buy.
• The true cost of ownership is even more, adding up to millions a year.
• Here's how much it costs to own a superyacht — and what that money is going toward.

Financial advisors are quick to warn prospective owners that a boat is nothing more than a hole in the water in which to throw money. When it comes to superyachts , you'd better have bags and bags of cash.

As one luxury agent told Business Insider at the Palm Beach International Boat Show: "Buying a boat, it's a huge purchase — and nobody needs a yacht."

A superyacht, generally over 30 meters long, is one of the most expensive assets money can buy, with the largest costing more than a lot of real estate or a private jet. Billionaires like Jeff Bezos, Mark Zuckerberg, and Steve Jobs each spent nine figures on their megayachts.

That doesn't include operating costs. Owners should expect to pay about 10% of a yacht's new-build price each year, experts told Business Insider. That's tens of millions of dollars annually for the most luxurious boats.

"It's a small-to-medium-sized business in its own right," said Jeffrey Beneville, a senior vice president at insurance company NFP, where he specializes in consulting clients about yachts.

Unlike many smaller boats, superyachts need staff, not just a captain. Some superyachts have space for dozens of crewmembers , including a chef, engineer, and masseuse for the guests onboard. Each gets an annual salary — the highest-ranking members earn six figures — and benefits. Eric Schmidt's yacht fits a crew of 28 for a ratio of about two crewmembers per guest.

Then there's fuel, dockage fees, routine maintenance, and insurance. The latter hinges on everything from the reputation of a yacht's shipyard to where an owner wants to take it (if a vessel is taking frequent trips to the South China Sea, for example, expect to pay a higher premium). If a superyacht has a support yacht — or a support superyacht, in Bezos ' case — expect to pay another 10% of that boat's price annually.

"The cost to maintain a yacht is so high that they just think that money's getting lit on fire," Matthew Fleissig, the CEO of wealth management firm Pathstone, told BI of his clients who choose to charter rather than own.

One of his firm's clients who does own has a 23-meter yacht valued at $5.2 million. The annual cost to staff, maintain, dock, and insure the boat is $346,297, according to documentation provided to BI. The lion's share is spent on marina fees ($95,970) and maintenance work ($88,408.) While not exactly a Sunfish, that boat is too small to count as a superyacht.

At 106 meters, the Amadea, owned by a sanctioned Russian oligarch , definitely does. The $300 million yacht, which was seized in 2022 and is docked in San Diego, cost $922,000 a month to maintain, a court filing showed: $360,000 for crew salaries, $75,000 for fuel, $144,000 for insurance, $178,000 in dry-docking fees, and $165,000 for maintenance, waste removal, food for the crew, and miscellaneous expenses.

"And that's an inactive yacht that's in the water," NFP's Beneville said.

If it were operational and carrying guests, the costs would be about twice that, or between $20 million and $30 million a year, he added.

Of course, it makes more financial sense for the non-obsessives to charter, and many of Fleissig's clients do. And some owners choose to offer their yachts for charter — the most luxurious cost as much as $1 million a week — to offset the costs.

"If you charter the boat for 50 days a year, it's going to help a lot," Anders Kurtén, the CEO of brokerage firm Fraser Yachts, told BI.

Then again, the running costs don't matter as much at a certain point. "If you're worth $30 billion, it's nothing. And if you're worth $117 billion — and these are the guys we're talking about — they're in it as long as it's still enjoyable for them," Beneville said. "It's not a money thing."

Watch: Why South Sea pearls are so expensive

• Main content

'Access to hidden-gem ports': Why this luxury yacht is the best option for beach lovers

“This is your yacht, to do with as you please,” Captain Rob O’Leary told guests of the Emerald Sakara , the second luxury superyacht from Emerald Cruises. “We have an international crew from 21 different nations, and we are all here for you.”

I was on the maiden voyage of the 360-foot Sakara, a December 2023 sailing with the added glamor of a Champagne christening in San Juan, Puerto Rico, led by the ship’s godmother, Kelly Craighead. She is president of Cruise Lines International Association, the industry’s leading trade organization.

“Sakara” is a Sanskrit word meaning “thoughts become things” – a fitting name, given the thought that went into the ship’s chic design. And our itinerary for the week couldn’t be more yacht-like – an island-hopping experience in the West Indies, stopping in out-of-the-way ports that larger cruise ships can’t manage. And while some smaller boats can feel rocky, the Sakara’s stabilizers keep the ship on an even keel.

Are luxury cruise ships worth the money? We did the math for Silversea's Silver Nova.

With just 100 guests and 76 crew, the Sakara is part of the larger trend in cruising: smaller ships that cater to vacationers who want the style and feel of a yacht, and the intimate service that accompanies that, with the amenities of a larger ship. Craighead said small-ship cruises offer “luxury at a great value, access to hidden-gem ports and unique features like marinas for water activities directly off the ship. These small ships can even be chartered for your own amazing, private yacht experience.”

After departing from San Juan, the Sakara reached the Puerto Rican island of Culebra in a few hours, just 20 miles off the coast. We hopped in a taxi van at the port to reach the pristine waters of Flamenco Beach, which consistently makes the world’s top 10 lists. It was a fall-asleep-on-the-sand kind of day, under brightly colored umbrellas, with multiple trips to the canteen for french fries.

“I hope you enjoyed Culebra today because it’s quite hard to get in, through a very narrow channel,” O’Leary said at a supper-hour briefing. 

The next day, we stopped at the nearby island of Vieques, which is filled with wild horses – about 2,000 of them – most of which are fully accustomed to the photo op. We docked at Esperanza Bay and wandered the waterfront. Jeeps or ATVs were available to rent for those who wanted to beach-hop, but we settled into the sand at Sun Bay. And when we sailed into Cruz Bay on the U.S. Virgin Island of St. John the next day, there were yachts and catamarans everywhere – and the Sakara fit right in.

The crew outdid itself the next day at White Bay Beach on Jost Van Dyke, the smallest of the British Virgin Islands. A barbecue feast awaited us, along with beach loungers, steel drum entertainment, and all the paddles and water toys from the ship. Later, we wandered down the beach to find a young yacht crowd, groups of friends who have rented their boats, all knee-deep in their mojitos.

“I get a real kick out of driving the Emerald Sakara into St. Barths, muscling in and anchoring next to all the other superyachts,” O’Leary said. “It looks good in the pictures.” A stop there brought a snorkeling excursion, a bit of high-end shopping and a few rosé-soaked hours on Plage de Saline.

Back on board, the creature comforts of the Sakara included plenty of outdoor space to connect with the ocean, a small infinity pool, a full-service spa and a large, elegant dining room and terrace. It’s all part of the cushy yacht lifestyle. 

The ship will spend the summer and fall cruising the Mediterranean Sea – heading for the French and Italian rivieras, Croatia and Greece – with eight-day itineraries from $5,100. The Emerald Sakara will be back in the Caribbean next December, with eight-day cruises starting at $4,100. 

Editor’s note: The contributor of this story received access to this cruise from Emerald Cruises. USA TODAY maintains editorial control of reviews.

Real Estate | What’s being built there? 2 Ritz-Carlton…

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Subscriber only, real estate | what’s being built there 2 ritz-carlton buildings offer luxury seekers a beach restaurant, spa, yacht club.

The location? 1380 S. Ocean Blvd. in Pompano Beach, about a mile south of East Atlantic Boulevard.

What’s planned?  The Ritz-Carlton Residences will be two buildings, on both sides of State Road A1A with 205 move-in ready homes.

The Beach Tower on the east will be 31 stories with 117 beachside units and one floor of underground parking. The Marina Tower, which is 14 stories high, has 88 residences. This won’t be a hotel, and no AirBnB is permitted.

“Pompano Beach is ‘Puttin’ On The Ritz,’ ” said Mayor Rex Hardin, a reference to the 1920s Irving Berlin song. “I’ll tell you, it’s a great time for the city of Pompano Beach. To get this kind of recognition that Pompano Beach is a destination, the recognition that the city, the staff cooperate so well with the development community to attract this type of investment, it’s fantastic.

“It’s a validation of what we’ve been working on for many years.”

What will the homes cost to purchase and what are the amenities?  Homes range in price from $1.256 million to $7.133 million. Marina-side units are already sold during pre-construction. The beachside building has just nine units left, said Harvey Daniels, the vice president of development sales.

Homeowners will be in the lap of luxury with access to both a private Beach Club with a beach restaurant — with the Ritz menu that is typically seasonal — and towel service and wait service to be served a drink or lunch (or both) on the beach.

“It’s only open to residents and guests,” Daniels said.

There is also a private Yacht Club, with 13 slips, which are all already sold. There will be a bar area for a cocktail at sunset on the marina, and a pickup and dropoff dock “if someone has friends with boats you can get picked up and dropped off,” Daniels said.

There also will be a spa, two pools facing the ocean, a gym, business center, dog park, bocci court, paddleball or pickleball court, 24-hour valet, and a doorman.

“This is a hot commodity,” said Ron Choron, the vice president of construction for Fortune Development & Construction, one of the project developers. “Ritz is the best. It’s where I try to stay when I go out of town. The service is always the same.”

The interior design for the residences is crafted by Piero Lissoni, an Italian designer.

The homes will range from one to four bedrooms, which are the penthouses. Homeowners have a choice of flooring, doors, baseboards, cabinets and vanities.

What’s being replaced? The property on the east side of State Road A1A was previously a 3-story, 96-room motel called Paradise Beach Resort that sustained hurricane damage and was eventually demolished in 2009. The west side parcel was tennis courts, which were demolished about a decade ago, according to Sandra King, city spokeswoman.

Other than in Pompano Beach, where is the nearest Ritz to purchase? The Ritz-Carlton Residences Sunny Isles Beach is an oceanfront 52-story, 212-unit, luxury building located at 15701 Collins Ave. in Miami-Dade County that opened in 2020. It boasts a private elevator lobby for each residence and kitchens designed with Italian cabinetry and stone countertops.

There are two-, three- and four-bedroom ocean-view residences for sale as resales in the building. No new units are left.

Kelly Charles, a Realtor with “The Luxury Team” at Compass, who has sold in both Sunny Isles Beach and Pompano Beach, said many of her buyers are from the northeast who are “planning for future retirement or second homes.” Those well-to-do clients are getting “all the amenities they could possible want” that come with “Ritz-trained staff.”

“There’s nothing else to compare to in Pompano,” Charles said. “People feel comfortable with the brand they already know.”

How long will Pompano Beach construction take? The residences are scheduled to open in September 2026. Both the east and west buildings are expected to open at the same time.

What is the project anticipated cost? Construction costs are $350 million, Choron said.

Lisa J. Huriash can be reached at [email protected]. Follow on X, formerly Twitter, @LisaHuriash

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