The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 7, 2023 /PRNewswire/ -- As per The Business Research Company, the global yacht market size will grow from $8.3 billion in 2022 to $8.9 billion in 2023 at a compound annual growth rate (CAGR) of more than 7%. The yacht market size is then expected to grow to $11 billion in 2027 at a CAGR of more than 5%. Going forward, government support, the rising urbanization, the increasing number of high-net-worth individuals and the growing tourism will drive the growth.
The global yacht market is highly concentrated, with a few large players in the market. The top ten competitors in the market made up to 53.1% of the total yacht market share in 2022. Ferretti S.p.A. was the largest competitor with 12.78% of the market, followed by Sanlorenzo S.p.a., Feadship, Princess Yachts Limited, Fincantieri S.p.A., Fr. Lürssen Werft GmbH & Co.KG, Damen Shipyards Group, Viking Yacht Company, Sunseeker International and Alexander Marine Co. Ltd.
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Companies in the yacht market are focusing on product innovations and developing new product solutions to strengthen their position in the market. For example, in April 2022, ISA Yachts, an Italy-based brand of Palumbo Superyachts, launched the new ISA Granturismo 45 meter Aria SF. ISA GT 45 has a steel hull and aluminum superstructure and can accommodate up to 10 guests in five large cabins. ISA Gran Turismo 45 is a superyacht with sharp and sporty exterior lines, marked by a plumb bow, with side arches connecting the three decks and a fin-shaped hard top ascribing a light and slim look to the profile.
In addition, yacht manufacturers are focusing on new technologies and developing technologically advanced products to strengthen their position in the market. For example, in September 2022, Van Berge Henegouwen (VBH), a Dutch electrical company, launched invisible Technology for superyachts. The first line of technological products has been designed in collaboration with shipyards and interior yacht designers to create intuitive and invisible solutions for owners. The new Invisible Technology product line marks the beginning of a new era for VBH and the yachting industry. The first products include a Magic-UI control panel and two display screen solutions, Blended Screen and VBH Robot Arm.
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As per the yacht market analysis, Western Europe was the largest region in the yacht market and was worth $2.9 billion in 2022.
The yacht market in Western Europe is supported by the large number of HNWI, and yacht market trends such as technological advancements and the large number of mergers and acquisitions in the region. For example, in April 2023, Intech Boating, a Brazilian-based company that manufactures recreational boats, acquired Sessa Marine for an undisclosed amount. Through this acquisition, Intech Boating will expand its business in Italy and gain more customers in the market. Sessa Marine is an Italian-based company that specializes in the manufacturing of yachts and motorboats.
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