The North America luxury yacht market is expected to grow from US$ 2,237.83 million in 2022 to US$ 3,943.86 million by 2028. It is estimated to grow at a CAGR of 9.9% from 2022 to 2028.
Growing Yacht Tourism fuels the North America Luxury Yacht Market
The popularity of yacht tourism is increasing with a rise in the number of high-net-worth individuals. People from this category prefer spending their free time on luxury yachts to release the stress of everyday life. Alongside spending a relaxing time on the oceans, they can moor their yachts and visit historical places and scenic natural destinations. Due to the rising demand, yacht tourism has become an essential asset for development in various countries. The yacht tourism industry brings national and international investments, employment opportunities, foreign exchange income, business volumes, and socioeconomic and sociocultural benefits to national economies. Governments of different countries are investing significant resources in the growth of yacht tourism. Thus, the growing yacht tourism contributes to the proliferation of the North America luxury yacht market.
North America Luxury Yacht Market Overview
North America is segmented into the US, Canada, and Mexico. North America luxury yacht market’s growth is attributed to Americans spending more on luxury yachting and tourism. North America is also experiencing a rise in wealth and the number of millionaires, which is contributing to the yachting activities in the region.
The rising demand for superyachts is propelling the growth of the North America luxury yacht market. For instance, according to Superyacht Times B.V. news platform, in May 2020, North America was the strongest buyer of superyachts despite a decrease in their construction, where buyers in the US and Canada purchased 24% of new-build yachts over 40 meters in 2020. Moreover, North America has the best yachting destinations, such as San Juan Islands, Washington; Block Island, Rhode Island; Chicago, Illinois; and Florida Keys, which are contributing to the increased demand for yacht charters. For instance, CKIM Group, Inc., a luxury yacht charter, provides yachts for cooler areas such as Alaska, New England, the Pacific Northwest, and Canada. It also provides yachts for warmer areas such as Florida and Mexico. Furthermore, according to the data provided by Autoevolution in September 2022, Fraser—a leader in yacht chartering and management—had almost 500 trips in the first half of 2022. Camper & Nicholsons, a leader in luxury yachting activities, had a 30% increase in bookings in 2022 compared to 2021. These factors are expected to increase the demand for luxury yachts, thereby contributing to the growth of the North America luxury yacht market over the forecast period.
North America Luxury Yacht Market Revenue and Forecast to 2028 (US$ Million)
North America Luxury Yacht Market Segmentation
The North America luxury yacht market is segmented into type, material, size, and country.
Based on type, the North America luxury yacht market is segmented into sailing luxury yacht, motorized luxury yacht, and others. The motorized luxury yacht segment held the largest share of the North America luxury yacht market in 2022.
Based on material, the North America luxury yacht market is segmented into FRP/composites, metal/alloys, and others. The metal/alloys segment held the largest share of the North America luxury yacht market in 2022.
Based on size, the North America luxury yacht market is segmented into 75-120 feet, 121-250 feet, and Above 250 feet. The 121-250 feet segment held the largest share of the North America luxury yacht market in 2022.
Based on country, the North America luxury yacht market is segmented into the US, Canada, and Mexico. The US dominated the share of the North America luxury yacht market in 2022.
Azimut Benetti SpA; Cheoy Lee Shipyards Ltd; Damen Shipyards Group NV; Delta Marine Industries Inc; Fincantieri SpA; Fr. Lurssen Werft GmbH & Co KG; and Heesen Yachts Sales BV are the leading companies operating in the North America luxury yacht market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 2,237.83 Million |
| Market Size by 2028 | US$ 3,943.86 Million |
| CAGR (2022 - 2028) | 9.9% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Luxury Yacht Market is valued at US$ 2,237.83 Million in 2022, it is projected to reach US$ 3,943.86 Million by 2028.
As per our report North America Luxury Yacht Market, the market size is valued at US$ 2,237.83 Million in 2022, projecting it to reach US$ 3,943.86 Million by 2028. This translates to a CAGR of approximately 9.9% during the forecast period.
The North America Luxury Yacht Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Luxury Yacht Market report:
The North America Luxury Yacht Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Luxury Yacht Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Luxury Yacht Market value chain can benefit from the information contained in a comprehensive market report.
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