As summer peaks across the Northern Hemisphere, many find an ideal vacation in channeling their inner ship captain and sailing across the ocean.
In recent years, yacht companies have experienced a boom in sales, countering the decline many in the industry feared due to the lingering effects of the COVID-19 pandemic and the economic realities of the Russia-Ukraine War.
“I spent my days [in 2020] doing worst-case scenarios and drawing up the budgets to go with them,” Giovanna Vitelli, chairwoman of Azimut|Benetti, the world’s largest yacht manufacturer, told the Economist in 2023.
Instead, her company reported a 23% growth in production value in 2023—a trend not unique to just one yacht manufacturer. According to a recent report from Fortune Business Insights, the luxury yacht market is expected to grow in value from $7.67 billion in 2023 to $17.33 billion by 2032.
Analysts attribute the rise in yacht popularity to the increasing number of extremely wealthy individuals. Yachts have long been considered a status symbol, a trend that has only intensified as wealth becomes concentrated in the hands of a select few.
There are an estimated 6,000 superyachts—vessels that are more than 100 feet long—at sea this year. This is nearly four times the number seen three decades ago, according to Bloomberg.
Besides the increase in popularity, the yacht industry has undergone other changes in recent years. More luxury ship buyers are seeking alternative means of powering their vessels due to the criticism of the excess emissions produced by traditional yachts for recreational use.
In their 2024 report, Fortune Business Insights highlighted the growing trend of electrification as a significant area of growth in the coming years.
“A tough regulatory environment for traditional yachts and rising fuel prices will pave the way for 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.”
Explore further to learn about the most luxurious yachts available for chartering in 2024.