As summer peaks across the Northern Hemisphere, many dream of sailing the ocean as a ship captain.
In recent years, yacht companies have experienced a surge in sales, defying the downturn some industry experts feared due to the lingering effects of the COVID-19 pandemic and the economic consequences of the Russia-Ukraine War.
“I spent my days in 2020 preparing for worst-case scenarios and their associated budgets,” said Giovanna Vitelli, chairwoman of Azimut|Benetti, the world’s largest yacht manufacturer, in an interview with the Economist in 2023.
Contrary to her concerns, Azimut|Benetti reported a 23% growth in production value in 2023. This growth trend is not isolated; the luxury yacht market is expected to increase in value from $7.67 billion in 2023 to $17.33 billion by 2032, according to a recent report from Fortune Business Insights.
Analysts credit the rise in yacht popularity to the growing number of extremely wealthy individuals. Yachts have long been a status symbol, a reality that has only intensified as wealth concentrates among a small group of high-status individuals.
Currently, there are an estimated 6,000 superyachts—vessels over 100 feet long—at sea, nearly quadruple the number from three decades ago, reported Bloomberg.
Beyond increased popularity, the yacht industry has undergone several changes in recent years. Many buyers are now seeking alternative means of powering their vessels due to concerns over the emissions produced by traditional yachts.
Fortune Business Insights’ 2024 report emphasized the growing trend of electrification in the yachting industry.
“A stringent regulatory environment for traditional yachts and rising fuel prices will drive strong growth for electric yachts in the future,” the report states. “Significant investments from various manufacturers and government support measures will boost the demand for electric yachts.”
Read on to learn more about the most luxurious yachts available for charter in 2024.