As summer reaches its peak across the Northern Hemisphere, there’s no better way to spend a vacation than by sailing across the ocean.
Yacht companies have seen a boom in sales, contrary to the decline many in the industry feared due to the lingering effects of the COVID-19 pandemic and the economic ramifications of the Russia-Ukraine War.
“In 2020, I spent my days preparing for worst-case scenarios and drawing up budgets to support them,” said Giovanna Vitelli, chairwoman of Azimut|Benetti, the world’s largest yacht manufacturer, in an interview with the Economist in 2023.
Instead, her company reported a 23% growth in production value in 2023—a trend that is not unique to just one manufacturer. The luxury yacht market is expected 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 popularity to the increasing number of extremely wealthy individuals. Yachts have long been considered a status symbol, a reality that has only grown as wealth becomes concentrated among a small group of high-status individuals.
There are an estimated 6,000 superyachts, vessels longer than 100 feet, at sea this year. This is nearly four times the number of yachts on the ocean three decades ago, according to Bloomberg.
In addition to increased popularity, the yacht industry has experienced other changes in recent years. More buyers are now looking for alternative means of powering their vessels due to the environmental impact of traditional yachts.
The 2024 report from Fortune Business Insights highlighted electrification as a significant growth area for the coming years.
“A tough regulatory environment for traditional yachts and rising fuel prices will pave the way for solid growth in electric yachts,” the report states. “Significant investments from various manufacturers and government support measures will accelerate the demand for electric yachts.”
Learn more about the most luxurious yachts available for charter in 2024.