Asia Pacific Luxury Yacht Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.99 Billion |
| Market Size (2029) | USD 3.40 Billion |
| CAGR (2024 - 2029) | 11.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia Pacific Luxury Yacht Market Analysis
The Asia Pacific Luxury Yacht Market size is estimated at USD 1.99 billion in 2024, and is expected to reach USD 3.40 billion by 2029, growing at a CAGR of 11.30% during the forecast period (2024-2029).
The luxury yacht industry in Asia-Pacific has experienced steady growth, driven by the increasing number of ultra-high-net-worth individuals (UHNWIs). These HNWI clients seek unique and personalized experiences, making luxury yacht ownership the ultimate symbol of wealth and prestige. The increasing disposable income of consumers and growing inclination toward marine tourism and leisure activities, such as sailing, power boating, water sports, yachting, and others, have experienced significant growth in recent years.
Notably, sustainability and ecological consciousness have emerged as significant influences within the Asia-Pacific luxury yacht industry. With an increasing focus on environmental preservation, manufacturers and consumers actively emphasize developing and utilizing energy-efficient technologies, sustainable materials, and environmentally friendly propulsion systems. Moreover, various key rental companies are also implementing cost-cutting strategies to offer cost-efficient yacht services, which is anticipated to hamper the new sales of luxury yachts.
The growing interest in water adventure sports is helping the water adventure tourist business and positively impacts the luxury yacht market growth. Water adventure sports are performed in bodies of water such as lakes, canals, the sea, streams, the ocean, and coastal locations. Water sports enthusiasts go to specific regions to participate in soft and hard water-based experiences and activities such as fishing, fast tenders, sea kayaks, paddleboards, sailing, and jet skis. These factors are expected to drive market growth during the forecast period.
Asia Pacific Luxury Yacht Market Trends
Motorized Luxury Yacht Type Segment to Fuel the Market Demand -
Motorized luxury yachts are high-end watercraft equipped with powerful engines for propulsion, offering lavish amenities and comfort for leisure cruising. The rising disposable incomes across the region enable more individuals to afford to be part of motorized luxury yachts. Its numerous benefits are gaining popularity among consumers in the region. These include high speed, greater privacy in each room, easier handling without requiring sailing knowledge, an attractive appearance on the water, and the added convenience of usually coming with a crew so that users do not have to worry about the boat.
The growing tourism industry across the Asia-Pacific region also attracts a steady stream of high-net-worth travelers seeking unique and extravagant experiences. Motor luxury yachts are popular for their speed and power. These yachts are designed to be sleek and stylish, without the restrictions of sails and rigging that come with other types of boats.
In 2023, The growth in international visitor arrivals that started in early 2022 gained momentum in early 2023, with over 93.3 million foreign arrivals added, marking a substantial increase compared to the previous period. This boosted the tourism rate for early 2023 to more than 68 percent of the early 2019 international visitor arrival levels. Furthermore, numerous manufacturers are developing and launching new motorized yachts, which are expected to contribute to the growth of this segment in the coming years. For instance,
In December 2022, Riviera Australia Pty. Ltd launched a new 46 Sports Motor Yacht in Australia. The new 46 Sports Motor Yacht comes with a capacity for six adults sleeping on board. The designers have provided a 500-liter water tank and 151-liter holding tank with luxurious amenities.
Owing to these factors, the adoption of motorized luxury yachts is increasing in the region. Such positive trends are expected to enhance the growth of the Asia-Pacific luxury yacht market over the forecast period.
China is Anticipated to Hold a Significant Market Share -
The luxury yacht market in China is experiencing a significant upswing driven by the burgeoning wealth of the country's elite and a growing interest in maritime leisure activities. Moreover, the luxury yacht industry in China is witnessing a shift in consumer preferences with a notable inclination towards customization and exclusivity. Chinese yacht buyers strongly prefer tailor-made solutions that reflect their personal style and status, pushing manufacturers to offer bespoke design options.
The rise of yacht clubs and marinas in coastal cities such as Shanghai, Qingdao, and Sanya is emblematic of the growing yachting culture in China. These hubs provide the necessary infrastructure for yacht mooring and maintenance and serve as social venues where the elite can congregate, further embedding yachting within the luxury lifestyle narrative. The development of these facilities is instrumental in fostering a yachting community that offers networking opportunities and promotes nautical sports and leisure activities among the affluent Chinese population.
China’s prime natural geographical location, a series of tourist attractions, and tourist sites have been formed in coastal areas. The length of China's coastline is about 32,000 km, of which 18,400 km are on the mainland, extending from the Yalu River at the China-Korea border to the China-Vietnam border. The country's deep-seated connection to the sea has fostered a thriving yacht industry, renowned worldwide for its exquisite craftsmanship, elegant designs, and pioneering technology.
In the fourth quarter of 2023, approximately 1.22 billion domestic tourist trips were made in China, significantly exceeding the figure for the same period in 2022. Hence, owing to these factors, the China country segment is expected to see significant market growth and will likely create opportunities for the luxury yacht market over the forecast period.
Asia Pacific Luxury Yacht Industry Overview
The Asia-Pacific luxury yacht market is fragmented. A few prominent players include Sunseeker, Azimut Benetti, Ferretti S.p.A., Gulf Craft Inc., and Sanlorenzo Asia. A few companies in the market are focusing on improving their product portfolios to widen their customer base. Some other key players aim to expand their presence in the market through product launches, offerings expansion, manufacturing expansion, and collaborations with other companies. For instance,
In January 2024, Sanlorenzo Asia announced a partnership with Volvo Penta, a collaboration that aims to pool efforts to reduce the environmental impact of the marine industry through the continuous drive for innovation.
In December 2023, Japan's cruise ship industry announced a new megayacht ship order. This development underscores a broader trend of expansion within the Japanese yacht market, which has traditionally catered to domestic travelers.
Asia Pacific Luxury Yacht Market Leaders
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Gulf Craft Inc.
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Sunseeker
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Azimut Benetti
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Ferretti S.p.A.
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Sanlorenzo Asia
*Disclaimer: Major Players sorted in no particular order
Asia Pacific Luxury Yacht Market News
In March 2023, Silent-Yachts announced a strategic partnership with Asiamarine to enhance its footprint in the Asian market. Under the agreement, Asiamarine will serve as the exclusive distributor of Silent-Yachts' solar-powered catamarans in Singapore, Hong Kong, and Thailand, offering comprehensive access and support services to clientele within the region.
In December 2023, the 23.9-meter catamaran named Bundalong, crafted by McConaghy Boats, was launched at the company's premises in China. This yacht is equipped to accommodate a 5.7-meter tender on its hydraulic aft platform.
Asia Pacific Luxury Yacht Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Growing Tourism Industry is Expected to Boost the Luxury Yacht Market
4.2 Market Restraints
4.2.1 Luxury Yacht Charter and Used Yacht to Hamper Market Growth
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers/Consumers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in USD)
5.1 By Yacht Type
5.1.1 Sailing Luxury Yacht
5.1.2 Motorized Luxury Yacht
5.1.3 Other Types
5.2 By Size
5.2.1 Up to 20 Meters
5.2.2 20 to 50 Meters
5.2.3 Above 50 Meters
5.3 By Application
5.3.1 Commercial
5.3.2 Private
5.4 By Country
5.4.1 China
5.4.2 India
5.4.3 Japan
5.4.4 South Korea
5.4.5 Singapore
5.4.6 Australia
5.4.7 Rest of Asia Pacific
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Horizon Yacht
6.2.2 Johnson Yacht
6.2.3 Azimut Benetti
6.2.4 Ferretti S.p.A.
6.2.5 Sunseeker
6.2.6 Fincantieri Yachts
6.2.7 Oceanco Yacht
6.2.8 Ocean Alexander
6.2.9 Heysea Yachts Company Limited
6.2.10 Gulf Craft Inc.
6.2.11 Sanlorenzo Asia
6.2.12 PALM BEACH MOTOR YACHTS
6.2.13 Grand Banks Yachts
6.2.14 Riviera Australia Pty. Ltd.
6.2.15 Superyacht Australia
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Asia Pacific Luxury Yacht Industry Segmentation
A luxury yacht, often known as a superyacht or mega yacht, is a big and opulent pleasure vessel used for recreation. These yachts are either rented or purchased by the ultra-rich or by a firm for its employees.
The scope of the Asia Pacific Luxury Yacht Market is segmented by Yacht Type, Size, Application, and Country. The market is segmented by yacht type into sailing luxury yachts, motorized luxury yachts, and other types. By Size, the market is segmented into Up to 20 Meters, 20 to 50 Meters, and Above 50 Meters. By Application, the market is segmented into Commercial and Private. By country, the market is segmented into China, India, Japan, South Korea, Singapore, Australia, and the Rest of Asia Pacific.
The report offers the market size in value (USD) and forecasts for all the above segments.
| By Yacht Type | |
| Sailing Luxury Yacht | |
| Motorized Luxury Yacht | |
| Other Types |
| By Size | |
| Up to 20 Meters | |
| 20 to 50 Meters | |
| Above 50 Meters |
| By Application | |
| Commercial | |
| Private |
| By Country | |
| China | |
| India | |
| Japan | |
| South Korea | |
| Singapore | |
| Australia | |
| Rest of Asia Pacific |
Asia Pacific Luxury Yacht Market Research FAQs
How big is the Asia Pacific Luxury Yacht Market?
The Asia Pacific Luxury Yacht Market size is expected to reach USD 1.99 billion in 2024 and grow at a CAGR of 11.30% to reach USD 3.40 billion by 2029.
What is the current Asia Pacific Luxury Yacht Market size?
In 2024, the Asia Pacific Luxury Yacht Market size is expected to reach USD 1.99 billion.
Who are the key players in Asia Pacific Luxury Yacht Market?
Gulf Craft Inc., Sunseeker, Azimut Benetti, Ferretti S.p.A. and Sanlorenzo Asia are the major companies operating in the Asia Pacific Luxury Yacht Market.
What years does this Asia Pacific Luxury Yacht Market cover, and what was the market size in 2023?
In 2023, the Asia Pacific Luxury Yacht Market size was estimated at USD 1.77 billion. The report covers the Asia Pacific Luxury Yacht Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia Pacific Luxury Yacht Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia Pacific Luxury Yacht Industry Report
Statistics for the 2024 Asia Pacific Luxury Yacht market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia Pacific Luxury Yacht analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Asia Pacific Luxury Yacht Market Report Snapshots
