Luxury yachts are motorized or sailing boats which are large varying from 70 feet and can even go beyond 250 feet. The luxury yacht is professionally managed by crew members and comes along with luxury and personalized amenities like a jacuzzi spa, gymnasiums, and saunas. Luxury yachts are usually known for their comfort and can be used for recreational activities. To enrich the experience of customers they are equipped with modern design, comfort and technologically advanced equipment to enhance the overall perspective of the yacht experience. Nowadays, increasing income and people’s lifestyles have changed a lot, individuals love to enjoy and like to have parties more often and renting a yacht is a good option. Although there has been some decrease in demand due to Covid 19, it’s going to be normalized again.

The Luxury Yacht Market is expected to grow at a steady rate of around 7.5% majorly due to the rapid urbanization and demand for recreational and pleasurable tourism. Advancements in technology have impacted this market a lot, designers and builders of superyachts are now turning their attention to remarkable materials. Boats have transitioned from being made of wood to composite materials throughout the previous century, and naval architects and shipyards have added steel, aluminium, different polymers, and even Ferro-cement to the list of materials. Additionally, each material is now offered in a range of formats.

According to UnivDatos research report “Global Luxury Yacht Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to factors such as the increasing purchasing power of consumers and rapid urbanization. Furthermore, the expanding tourism sector and emerging remote discovery trend are driving the growth of the market.

Based on material type, the market is segmented into wood, steel, aluminum, fiberglass, composite material, and others. The composite segment is anticipated to grow at the highest CAGR due to factors such as composite material offering tremendous potential in marine applications. Composite is the most preferred material owing to various factors such as lightweight due to which the speed of the yacht increases which further improves the fuel efficiency of yachts. Additionally, the composite material has low stiffness and high corrosion resistance thus providing flexibility in yacht manufacturing.

Based on the type, the market is segmented into sailing luxury yacht, motorized luxury yacht, and others. The sailing yacht segment is anticipated to grow at the highest CAGR due to factors such as that they offer a unique and luxurious experience not found with other types of yachts. Additionally, sailing yachts are becoming increasingly popular as vacation homes due to their many benefits, such as the ability to explore different areas without worrying about mooring. These yachts are equipped with all the amenities and features to expect in a five-star hotel, including luxurious accommodations, gourmet kitchens and spacious decks. Additionally, many yachts have private pools, hot tubs, and even helipads, meaning buyers can truly enjoy the luxury life on board.

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North America to witness extensive growth

For a better understanding of the market adoption of the luxury yacht industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America holds a significant share of the market due to the presence of high-net individuals along with heightened interest in recreational activities that are propelling the market expansion. Moreover, in U.S. shift in consumer lifestyle and rising interest in marine recreational activities coupled with rising investments in yachts by key players are the primary driver of the luxury yacht market in the United States. In addition, market players are equipping luxury yachts with cutting-edge designs and technologically advanced components to enhance the boat's overall performance and user experience, as well as its durability and safety. Moreover, consumers' high spending and income levels have increased the demand for luxury yachts.

According to UnivDatos, the key players with a considerable market share in the luxury yacht market are Azimut Benetti S.p.A., Damen Shipyards Group, Heesen Yachts Sales B.V, Sanlorenzo Spa, Sunseeker, Ferretti S.p.A., Alexander Marine International, Princess Yachts Limited, Viking Yacht Company, Brunswick Corporation.

“Global Luxury Yacht Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.

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