The Europe yacht market was valued at USD 3.33 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2030. The rising preference among travelers for luxury marine tourism experiences and personalized onboard services is a key driver contributing to this market’s growth. Since the pandemic, yachting tourism has witnessed a resurgence, leading to a steady increase in yacht demand over recent years. Furthermore, the growing population of high-net-worth and ultra-high-net-worth individuals, coupled with their increasing expenditure on leisure and recreational pursuits, is anticipated to further accelerate market expansion during the forecast period.

In 2023, Europe accounted for roughly 35.5% of the global yacht market share, solidifying its position as a major contributor. The region’s yacht market is projected to maintain an upward trajectory, fueled by the rising number of High-Net-Worth Individuals (HNWIs) and their growing interest in yachts that feature advanced technology and innovation. The demand for new yachts in Europe is expected to increase significantly, primarily due to the high-end interior designs and premium amenities offered by European original equipment manufacturers (OEMs). These manufacturers are heavily investing in research and development to enhance the luxury and comfort of onboard experiences through bespoke and state-of-the-art accommodations.

Recreational spending has been on the rise across Europe in recent years. According to the European Boating Industry, around 48 million Europeans are actively engaged in recreational boating activities, utilizing either their own vessels or chartered ones. This number is expected to increase, driving further adoption of yachts across the region. Notably, younger demographics—specifically millennials and Generation Z—spend more of their disposable income and free time on travel compared to older generations like Gen X and baby boomers. Their growing enthusiasm for luxury travel experiences is likely to contribute substantially to market growth.

Yachting tourism, now a key component of the broader marine tourism industry, is poised for continued expansion. It encompasses various services such as catering, accommodation, leisure entertainment, and other hospitality-related offerings located along coastlines and islands. As recreational spending continues to climb and marine tourism becomes more mainstream, the Europe yacht market is expected to benefit significantly from this growing trend.

Key Market Trends & Insights:

• In 2023, Europe held the dominant position in the global yacht market, contributing more than 35% to the total revenue. This substantial share highlights the region’s strong presence and demand in the luxury yachting industry, supported by its expansive coastline, established marine infrastructure, and increasing preference for maritime leisure activities.

• Based on type, the super yacht segment emerged as the market leader, accounting for over 31% of the total revenue in 2023. This dominance can be attributed to the growing demand for high-end, custom-built yachts that offer superior amenities and advanced technologies, particularly among high-net-worth individuals seeking exclusivity and comfort.

• When categorized by length, yachts measuring between 20 to 50 meters led the market, representing a significant 56%+ share of the overall revenue in 2023. These mid-sized yachts strike a balance between luxury and manageability, making them popular among both first-time buyers and seasoned yacht owners.

• In terms of propulsion systems, motor yachts dominated the market, capturing a commanding 83%+ of the total revenue in 2023. The preference for motor yachts is largely due to their speed, power, and ease of navigation, which appeal to consumers seeking both performance and convenience in their marine travel experiences.

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Market Size & Forecast:

• 2023 Market Size: USD 3.33 Billion

• 2030 Projected Market Size: USD 5.14 Billion

• CAGR (2024-2030): 6.4%

Key Companies & Market Share Insights:

Some of the prominent companies operating within the European yacht industry include Azimut Benetti S.p.A., Damen Shipyards Group, Heesen Group, and The San Lorenzo S.p.A., among several others.

Azimut Holding S.p.A. is a key player known for manufacturing a broad spectrum of yachts and mega yachts. The company functions through multiple well-recognized brands such as Azimut, Benetti, Lusben, and Yachtique. Their product portfolio encompasses a wide variety of yachts, ranging from smaller luxury vessels to large megayachts. In addition to yacht manufacturing, Azimut Holding operates specialized shipyards dedicated to the construction and refitting of megayachts. They also provide an extensive suite of services to yacht owners, including maintenance and custom enhancements. Notably, the Yachtique brand is distinguished for its bespoke interior design services that extend beyond yachts to include private jets, villas, and residential properties, offering comprehensive onboard decoration solutions tailored to client preferences.

Damen Shipyards Group is a diversified conglomerate involved in defense, shipbuilding, and engineering, producing vessels for a wide array of applications such as harbor and terminal operations, defense and security, public transport, offshore construction, commercial shipping, fishing, dredging, aquaculture, and recreational boating. The company also delivers an array of value-added services including ship repair and maintenance, vessel conversions, chartering services, as well as financing and brokerage assistance. Damen Shipyards Group’s extensive geographic presence spans multiple continents, with operations and facilities located in countries such as the Netherlands, Poland, Romania, Sweden, France, Ukraine, Turkey, South Africa, Brazil, the United Arab Emirates, Qatar, Russia, China, Cuba, Curaçao, Indonesia, Vietnam, Singapore, and Australia, making it a globally influential player.

Among the emerging companies gaining traction in the European yacht industry are Princess Yachts Limited and Heesen Group.

Princess Yachts Limited specializes in designing and manufacturing luxury yachts. Their expertise lies in producing an array of high-end vessels including luxury motor yachts, superyachts, flybridge yachts, sports yachts, motor yachts, and openbridge yachts. The company’s diverse yacht portfolio is categorized into various classes, such as the X class, Y class, F class, S class, V class, and R class, each offering unique features to meet different customer preferences and lifestyles.

Key Players

• Azimut Benetti S.p.A.

• Damen Shipyards Group

• Heesen Group

• The San Lorenzo S.p.A

• Sunseeker International

• Ferretti S.p.A.

• Amel Yachts

• Princess Yachts Limited

• Bavaria Yachts

• Groupe Beneteau

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Conclusion:

The Europe yacht market is experiencing significant growth, driven by increasing demand for luxury marine tourism and personalized services. This trend is supported by a rising population of high-net-worth individuals and growing recreational spending. Technological advancements, including the integration of sustainable propulsion systems and eco-friendly materials, are enhancing the appeal of yachts. Despite the high costs associated with yacht ownership, the market is buoyed by the availability of yacht rentals and advancements in maritime security and connectivity. The industry's future growth is further supported by investments in coastal infrastructure and supportive policies across European countries.