Middle East & Africa Luxury Yacht Market

The Middle East & Africa luxury yacht market is expected to grow from US$ 306.16 million in 2022 to US$ 481.53 million by 2028. It is estimated to grow at a CAGR of 7.8% from 2022 to 2028.

Implementation of Solar Energy to emerge as new trend for Middle East & Africa Luxury Yacht Market

The growing awareness regarding environmental protection and the need to lower the carbon footprint left behind by the diesel yacht is driving a shift toward luxury yachts operating on green energy. With the increasing demand for luxury yachts running on renewable energy, yacht manufacturers are working on harnessing solar energy to provide electricity to yachts. As most yachts cruise in sunny places, harnessing power from the sun becomes easier. For example, in April 2021, the Sunreef Yachts Eco R&D team produced an in-house solar power system. The system is enabled with the industry’s first composite-integrated photovoltaic technology that uses ultra-thin, shock-resistant, and highly-efficient solar cells.

Many Middle East & Africa luxury yacht market players are implementing solar panels on yachts, making their operations eco-friendly. For instance, in February 2022, ALVA Yachts introduced ECO 60 Explorer electric yachts with solar panels. This new yacht has an expansive roof integrated with solar panels. Further, in March 2022, Zaha Hadid Architects partnered with Rossinavi and designed Oneiric, a luxury yacht that works 100% on solar power. It consists of a solar-paneled roof, making it entirely run on renewable energy. Thus, the rising implementation of green energy in luxury yachts is emerging as a notable trend in the Middle East & Africa luxury yacht market.

Middle East & Africa Luxury Yacht Market Overview

The Middle East & Africa luxury yacht market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The market growth in this region is driven by the growing tourism industry. Large groups of tourists are attracted to Dubai predominantly due to its picturesque coastline and luxury marinas; this has led the city to be a preferred destination for yacht owners, charters, and cruise travelers. Thus, the growing tourism in the UAE can propel the demand for luxury yachts in the market. Similarly, yacht tourism has gained prominence in Qatar, leading to the growing demand for yacht rental services and new yachts in the country.

Middle East & Africa Luxury Yacht Market Revenue and Forecast to 2028 (US$ Million)

Middle East & Africa Luxury Yacht Strategic Insights

Strategic insights for the Middle East & Africa Luxury Yacht provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Middle East & Africa Luxury Yacht Report Scope

Middle East & Africa Luxury Yacht Regional Insights

The geographic scope of the Middle East & Africa Luxury Yacht refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

Middle East & Africa Luxury Yacht Market Segmentation

The Middle East & Africa luxury yacht market is segmented into type, material, size, and country.

Based on type, the Middle East & Africa 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 Middle East & Africa luxury yacht market in 2022.

Based on material, the Middle East & Africa luxury yacht market is segmented into FRP/composites, metal/alloys, and others. The metal/alloys segment held the largest share of the Middle East & Africa luxury yacht market in 2022.

Based on size, the Middle East & Africa 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 Middle East & Africa luxury yacht market in 2022.

Based on country, the Middle East & Africa luxury yacht market is segmented South Africa, the UAE, Saudi Arabia, and the Rest of Middle East & Africa. The UAE dominated the share of the Middle East & Africa luxury yacht market in 2022.

Azimut Benetti SpA; Damen Shipyards Group NV; Fincantieri SpA; Fr. Lurssen Werft GmbH & Co KG; and Heesen Yachts Sales BV are the leading companies operating in the Middle East & Africa luxury yacht market.