Saturday, September 7, 2024 The global luxury yachts market is expected to grow by USD 5.22 billion from 2024 to 2028, according to a new report by Technavio . The market is set to expand at a CAGR of 8.
61% over the forecast period, largely due to the increasing demand for recreational tourism and advancements in materials and technology, including artificial intelligence (AI). Despite the projected growth, the high cost of operations remains a challenge for market players. One key trend driving the luxury yacht market is the use of advanced materials like carbon fiber.
Compared to traditional steel or aluminum, carbon fiber significantly reduces the weight of yachts, improving both speed and fuel efficiency. While manufacturing with carbon fiber can be more expensive, the resulting cost savings in fuel economy offset the initial investment. Additionally, carbon fiber enhances durability, allowing yachts to better withstand harsh marine conditions.
Noteworthy collaborations, such as the 2021 partnership between Azimut Benetti Spa and Loro Piana , demonstrate how luxury yacht manufacturers are leveraging these materials for market growth. Several major companies are leading the charge in the luxury yacht industry, including: These key players are focusing on innovative designs, luxurious amenities, and high-end technology to differentiate their products in a highly competitive market. The luxury yacht market is segmented by type and application: Luxury sail yachts, while havin.