Luxury yachts are crewed pressure vessels that are used for sports and recreational purposes. Earlier, they were manufactured using wood, but nowadays, they are constructed with the composites of steel, aluminum and plastics as they are lightweight, resistant to corrosion and provide flexibility during the production process. These materials also aid in reducing maintenance costs and enhancing strength while increasing the speed and reducing the fuel consumption of yachts.
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The luxury yacht market has been witnessing growth on account of rapid urbanization, inflating disposable incomes and rising yacht tourism trends. However, the market growth is currently hampered due to the rising cases of the coronavirus disease (COVID-19) and lockdowns imposed by governments of numerous countries. This has further led to the restriction of all non-essential activities and the adoption of social distancing measures, which, in turn, is negatively impacting the market growth. On the other hand, the relaxation in lockdown restrictions is anticipated to provide opportunities for manufacturers in the upcoming years. Other factors, such as the rising consumer expenditure on recreational and leisure activities and significant growth in the travel and tourism industry, are also expected to create a positive outlook for the market.
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Luxury Yacht Market Key Segmentation
Breakup by Type:
- Sailing Luxury Yacht
- Motorized Luxury Yacht
Breakup by Size:
- 75-120 Feet
- 121-250 Feet
- Above 250 Feet
Breakup by Material:
- FRP/ Composites
- Metal/ Alloys
Breakup by Application:
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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The report has also analysed the competitive landscape of the market with some of the key players being 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 (Metal Shark Boats), Palumbo Group S.P.A, Princess Yachts Limited (LVMH Group), Sanlorenzo S.p.A., Sunseeker International (Wanda Group), Viking Yacht Company, etc.
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