As the peak of summer envelops the Northern Hemisphere, the allure of sailing across the ocean as a self-styled captain of a yacht seems unparalleled.
In recent years, yacht companies have experienced a surge in sales, defying industry concerns stemming from 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, in an interview with The Economist.
Contrary to her fears, her company saw a 23% growth in production value in 2023, a trend observed across the sector. The luxury yacht market is projected to grow from $7.67 billion in 2023 to $17.33 billion by 2032, according to a report from Fortune Business Insights.
Analysts attribute this boom to the rising number of extremely wealthy individuals. Yachts, long viewed as a status symbol, are increasingly synonymous with elite affluence as wealth becomes more concentrated.
As of this year, there are an estimated 6,000 superyachts — vessels exceeding 100 feet in length — at sea, nearly four times the number seen three decades ago, reports Bloomberg.
Beyond its rising popularity, the yacht industry is evolving in other aspects as well. Prospective luxury ship buyers are now more frequently exploring alternative power options, driven by concerns over the significant emissions traditional yachts generate for recreational purposes.
Fortune Business Insights’ 2024 report underscores the burgeoning trend of yacht electrification as a key growth area in the coming years.
“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,” stated the report. “Huge investments from various manufacturers and government support measures will accelerate the demand for electric yachts.”
Stay tuned to discover the most luxurious yachts available for chartering in 2024.