The global yacht market size was estimated at USD 9.39 billion in 2023 and is projected to reach USD 13.29 billion by 2030, growing at a CAGR of 5.1% from 2024 to 2030. The market has witnessed a steady rise in demand in recent years, primarily driven by the growth of disposable income and an increasing desire among consumers for luxury leisure pursuits and personalized experiences.

The expansion of the luxury travel segment has further fueled market growth, as high-net-worth individuals (HNWIs) increasingly seek exclusive and tailored experiences on the water. In response, yacht manufacturers are incorporating premium features and technologies that enhance performance, comfort, and overall customer satisfaction.

Yacht construction has also evolved significantly over time. While yachts were traditionally built using wood and fiber-reinforced polymers (FRPs), there is now a growing adoption of advanced composite materials. These materials provide superior corrosion resistance, lower maintenance requirements, and an improved strength-to-weight ratio, which collectively enhance durability and performance.

In addition, the adoption of electronically controlled fuel injection systems is becoming widespread. These systems offer greater engine flexibility, allowing variable speed operation that reduces noise, vibration, and emissions, particularly in port and coastal regions. This technology also improves the efficiency of the yacht’s propulsion system, contributing to better fuel economy and operational performance.

While owning a personal yacht involves significant costs, the rising popularity of yacht rentals has mitigated potential barriers to market growth, enabling wider access to marine travel and luxury tourism experiences. The market is further supported by innovations in maritime security systems, real-time tracking technology, enhanced connectivity, and rising disposable incomes. Moreover, the integration of telematics and IoT platforms is expected to unlock new growth opportunities, enhancing operational efficiency, onboard experience, and predictive maintenance capabilities in the yacht industry in the coming years.

Key Market Trends & Insights:

• In 2023, the Europe yacht market dominated the global yacht industry, capturing the largest revenue share of 38.9%. The region’s leadership is driven by strong demand for luxury yachts, well-established yacht manufacturing infrastructure, and a growing base of high-net-worth individuals seeking premium leisure experiences.

• Within Europe, the Italy yacht market is expected to witness the fastest growth, at a CAGR of 6.9% from 2024 to 2030. Italy’s strong heritage in yacht design and manufacturing, combined with increasing investments in maritime tourism and luxury leisure activities, are key factors contributing to this rapid expansion.

• By yacht type, the super yacht segment dominated the market in 2023, accounting for the largest revenue share of over 31%. These yachts are highly sought after for their luxurious amenities, advanced technology, and personalized customization options that appeal to affluent consumers.

• Based on length, yachts measuring 20 to 50 meters led the market with the largest revenue share of 56.9% in 2023. This size range offers a balance of space, comfort, and performance, making it a preferred choice for private ownership and charter services.

• By propulsion type, the motor yacht segment dominated the market with a substantial revenue share of 81.5% in 2023. Motor yachts are favored for their speed, maneuverability, and ability to cover longer distances efficiently, which makes them highly popular among luxury yacht owners and charter operators.

Order a free sample PDF of the Yacht Market Intelligence Study, published by Grand View Research.

Market Size & Forecast:

• 2023 Market Size: USD 9.39 Billion

• 2030 Projected Market Size: USD 13.29 Billion

• CAGR (2024-2030): 5.1%

• Europe: Largest market in 2023

• Asia Pacific: Fastest growing market

Key Companies & Market Share Insights:

Some of the key companies operating in the global yacht market include Damen Shipyards Group, Azimut Benetti Group, Ferretti S.p.A., Feadship, and Heesen Group, among others. These companies lead the market by offering a combination of luxury, innovation, and performance, while continuously expanding production capacity and enhancing service offerings.

Ferretti S.p.A., based in Italy, designs, builds, and sells prestigious vessels under renowned brands such as Riva and Pershing. Their product range spans luxury composite yachts, fully customizable superyachts, and motor/sail configurations, all supported by comprehensive ancillary services. Operating across six Italian shipyards, Ferretti balances efficient production with the meticulous craftsmanship that defines Italian yachting. The company emphasizes exceptional quality, innovative technology, timeless design, and superior performance, aiming to embody the ultimate expression of Italian elegance in the yachting sector. Continuous innovation, facility upgrades, and expansion of production capacity support their leadership position.

Damen Shipyards Group is a leading Dutch shipbuilding company that designs, builds, and repairs a wide array of vessels, including tugs, workboats, dredgers, ferries, and naval ships. Damen serves sectors such as harbor operations, offshore energy, and public transport, boasting a portfolio of over 6,500 vessels and an annual production capacity exceeding 175 units. Their focus on efficient, standardized shipbuilding with modular construction is complemented by services designed to keep vessels operational and maintain long-term client relationships.

Azimut Benetti Group is recognized as the world’s leading builder of luxury motor yachts and megayachts, encompassing renowned brands such as Azimut Yachts and Benetti. Operating across six shipyards with a workforce of over 2,000, the group maintains an extensive network for sales and service. Their strategy emphasizes continuous innovation, blending heritage with cutting-edge design to deliver unique luxury experiences. Sustainability is a priority, with efforts toward circularity and achieving zero-emission goals. Azimut Benetti also invests heavily in expanding production capacity and upgrading facilities to strengthen its global leadership.

Among emerging players, Feadship leads in technological innovation, introducing solutions like hydrogen fuel-cell propulsion (Project 821) and building some of the largest yachts in the Netherlands. Feadship’s approach focuses on complete personalization, maintaining low production volumes to work closely with owners in creating unique superyachts. This exclusivity appeals to ultra-high-net-worth individuals (UHNWIs), while the company’s rich heritage ensures a reputation for unparalleled craftsmanship and quality.

Heesen Group specializes in high-speed, high-performance aluminum superyachts featuring sleek, aerodynamic designs and powerful engines. The company focuses on lightweight construction and efficient engine technologies to optimize fuel consumption, appealing to environmentally conscious clients without compromising performance. Heesen combines customization options with production efficiency, offering tailored solutions within a defined model range. This strategy allows them to serve clients seeking speed, agility, and personalization, while maintaining competitive production timelines compared to fully bespoke yachts.

Key Players

• Alexander Marine International (AMI) Co., Ltd.

• Azimut Benetti Group

• Damen Shipyards Group

• Feadship

• Ferretti SpA

• Flensburger Schiffbau Gesellschaft GmbH (FSG)

• Heesen Group

• Princess Yachts Limited

• Sanlorenzo SpA

• Sunseeker International

• Viking Yacht Company

• WANDA Group

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion:

The Grand View Research report indicates that the global yacht market is expected to grow steadily over the forecast period, supported by rising disposable incomes and increasing interest in luxury leisure activities. Growth is driven by demand from high net worth individuals for personalized and exclusive yachting experiences, ongoing innovations in yacht design and construction, and expanding use of advanced technologies including composite materials and efficient propulsion systems. Despite high ownership costs, the market is further supported by rental and charter options that broaden access. Europe remains a leading region, while technological innovations and sustainability trends are shaping future opportunities in the industry.