As summer hits its peak across the Northern Hemisphere, there’s no better way to spend a vacation than by embracing your inner ship captain and sailing across the ocean.
Yacht companies have seen a surge in sales in recent years, contrary to industry fears due to the lingering effects of the COVID-19 pandemic and the economic impacts of the Russia-Ukraine War.
“I spent my days [in 2020] doing worst-case scenarios and drawing up the budgets to go with them,” said Giovanna Vitelli, chairwoman of Azimut|Benetti, the world’s largest yacht manufacturer, to the Economist in 2023.
Instead, her company reported a 23% increase in production value in 2023—a trend not limited to just one manufacturer. The luxury yacht market is projected to grow from $7.67 billion in 2023 to $17.33 billion by 2032, according to a recent report from Fortune Business Insights.
Analysts attribute the rise in yacht popularity to the increasing number of extremely wealthy individuals. Yachts have long been seen as status symbols, a perception that has only intensified as wealth becomes concentrated among a small group of high-status individuals.
There are an estimated 6,000 superyachts—vessels that are more than 100 feet long—sailing this year. This is nearly four times the number of yachts seen three decades ago, according to Bloomberg.
Beyond the increase in popularity, the yacht industry has seen other changes in recent years. More buyers are opting for alternative power sources for their vessels as critics highlight the excessive emissions produced by traditional yachts used for recreational purposes.
Fortune Business Insights’ 2024 report underscored the growing trend of electrification as a significant area of growth.
“A tough regulatory environment for traditional yachts and rising fuel prices will pave the way for the solid growth of electric yachts in the future,” the report states. “Huge investments from various manufacturers and government support measures will accelerate the demand for electric yachts.”
Stay tuned to learn more about the most luxurious yachts available for charter in 2024.