North America Luxury Yacht Market

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 Strategic Insights

Strategic insights for the North America 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.

North America Luxury Yacht Report Scope

North America Luxury Yacht Regional Insights

The geographic scope of the North America 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.

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.