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The luxury yacht market is projected to grow by USD 5.22 Billion from 2024-2028, driven by rising recreational tourism, AI is reshaping the market landscape – Technavio

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NEW YORK, Sept. 6, 2024 /PRNewswire/ — Report with market evolution powered by AI- The global luxury yacht market  size is estimated to grow by USD 5.22 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  8.61%  during the forecast period.  Increase in recreational tourism is driving market growth, with a trend towards use of advanced materials. However, high cost of operations  poses a challenge. Key market players include Alexander Marine International Co Ltd., Azimut Benetti SpA, Christensen Shipyards LLC, Damen Shipyards Group, Feadship Holland BV, FERRETTI SpA, Fincantieri Spa, Fr. Lurssen Werft GmbH, Heesen Yachts Sales BV, Horizon Yacht USA, Next Yacht Group S.r.l, Nobiskrug Yachts GmbH, Oceanco SAM, Overmarine Group Spa, Palmer Johnson, Palumbo Group Spa, Perini Navi Spa, Sanlorenzo Spa, Viking Yacht Co., and Westport Yachts.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Type (Sail yachts and Motor yachts), Application (Commercial and Private), and Geography (Europe, APAC, North America, South America, and Middle East and Africa)

Region Covered

Europe, APAC, North America, South America, and Middle East and Africa

Key companies profiled

Alexander Marine International Co Ltd., Azimut Benetti SpA, Christensen Shipyards LLC, Damen Shipyards Group, Feadship Holland BV, FERRETTI SpA, Fincantieri Spa, Fr. Lurssen Werft GmbH, Heesen Yachts Sales BV, Horizon Yacht USA, Next Yacht Group S.r.l, Nobiskrug Yachts GmbH, Oceanco SAM, Overmarine Group Spa, Palmer Johnson, Palumbo Group Spa, Perini Navi Spa, Sanlorenzo Spa, Viking Yacht Co., and Westport Yachts

Key Market Trends Fueling Growth

The luxury yacht market is witnessing significant growth due to the increasing adoption of advanced materials, particularly carbon fiber, in yacht manufacturing. Traditional yachts are often built using steel or aluminum, which adds weight and reduces fuel economy. However, carbon fiber extensively reduces a yacht’s weight, making it faster and more fuel-efficient. Although carbon fiber has a higher manufacturing cost than steel or aluminum, the cost savings from improved fuel economy offset this expense. Additionally, carbon fiber provides increased strength and durability, enabling yachts to withstand harsh sea conditions. Notable collaborations, such as Azimut Benetti Spa and Loro Piana’s partnership in 2021, further fuel the market’s growth as high-end brands embrace the benefits of carbon fiber in luxury yacht production. 

The luxury yacht market is experiencing significant growth, with sales of superyachts, mega yachts, and luxury boat rentals on the rise. Top luxury yacht builders are focusing on innovative designs and amenities, including high-end yacht interiors, advanced technology, and luxurious features. Yacht lifestyle is a major trend, with yacht parties, events, and vacations becoming increasingly popular. Entities like yacht clubs and brokers play crucial roles in facilitating yacht ownership and charters. Brands are competing to offer the most luxurious yachts, with prices reaching new heights at yacht auctions. Length, motors, and materials like woods and fiber reinforced polymers are key considerations for yacht construction. The shipping sector and yacht tourism contribute significantly to economic activity and traveling activities, crossing international borders. Yacht insurance, maintenance, refurbishment, customization, accessories, navigation, and propulsion are essential aspects of yacht ownership. 

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Market Challenges

Luxury motor yachts offer every modern convenience onboard, including air conditioning, television, navigation aids, radar, echo-sounding, and autopilot. To power these amenities and sail at speeds up to 70 knots, motor yachts use large gasoline or diesel-powered internal combustion engines (ICEs). However, the high fuel requirements and operational costs of these engines make luxury motor yachts more expensive to operate and fuel than sail yachts. For instance, refueling a large Sunseeker Yacht can cost over USD50,000 each time. The high operational costs limit the commercial use of luxury motor yachts, as their private operation is less common. Additionally, the choice of chartered holiday destinations and services can vary greatly, requiring chartered service providers to offer differentiated services to meet unique customer demands. Multiple brokers may be involved in enhancing business opportunities, increasing operational costs and complexities. Leasing a large yacht can cost USD50,000USD55,000 per week, making the high cost of operation a significant hindrance to market growth during the forecast period.

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Segment Overview 

This luxury yacht market report extensively covers market segmentation by

Type 1.1 Sail yachts1.2 Motor yachtsApplication 2.1 Commercial2.2 PrivateGeography 3.1 Europe3.2 APAC3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Sail yachts-  Luxury sail yachts, measuring 80 feet or longer, offer an exclusive experience with their traditional sailing capabilities and modern conveniences. Though auxiliary engines provide backup power, sails serve as the primary means for propulsion. Factors such as smaller engines, increased automation in production, and fiberglass hulls contribute to lower prices compared to motor yachts. These yachts feature air conditioning, television, navigation aids, radar, echo-sounding, autopilot, computer-controlled electric winches, and reliable power-generating systems. Despite a decreasing market share, the luxury sail yacht segment is projected to grow consistently with a two-digit CAGR due to increasing demand for recreational use. The cost advantage of sail yachts makes them an attractive option for those seeking a leisurely sailing experience.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

The luxury yacht market is a thriving industry that caters to the affluent and elite, offering unparalleled experiences on the water. Yacht interiors are designed with opulence in mind, featuring high-end materials, custom furnishings, and state-of-the-art technology. Luxury yacht amenities include hot tubs, swimming pools, gyms, spas, and helipads. Yacht features include advanced navigation systems, stabilizers for smooth sailing, and expansive decks for entertaining. Yacht clubs offer exclusive memberships for yacht owners, providing access to marinas, social events, and networking opportunities. Yacht parties and events are popular for celebrating milestones and entertaining guests. Luxury yacht vacations offer privacy, relaxation, and adventure, with destinations ranging from the Mediterranean to the Caribbean. Yacht brokers help facilitate the purchase or sale of luxury yachts, while yacht insurance and maintenance ensure peace of mind for owners. Yacht auctions provide opportunities to buy or sell yachts at competitive prices. Luxury yacht rentals offer access to the yacht lifestyle without the commitment of ownership. Yacht refurbishment and customization allow owners to personalize their vessels, while yacht accessories add functionality and style. Yacht navigation systems provide safety and convenience for captains and crews.

Market Research Overview

Luxury yachts represent the pinnacle of nautical innovation and design, offering unparalleled comfort, style, and livability on the water. From motors to sailing luxury yachts, these vessels come in various lengths, including mega yachts and superyachts, and are often chartered for vacations or rented for special events. Yacht interiors are adorned with the finest materials, such as woods and fiber reinforced polymers, while amenities and features cater to the ultimate yacht lifestyle. Yacht design and technology continue to evolve, focusing on light weight, speed, fuel consumption, stiffness, and corrosion resistance. Entities such as yacht clubs and brokers facilitate ownership and rental experiences, while yacht auctions and insurance provide essential services for yacht maintenance, refurbishment, and customization. The luxury yacht market contributes significantly to economic activity in the shipping sector and borders, offering unique traveling experiences and fueling the growth of yacht tourism.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeSail YachtsMotor YachtsApplicationCommercialPrivateGeographyEuropeAPACNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Technology

Waters Corporation to Host Investor Day on March 5, 2025

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MILFORD, Mass., Jan. 10, 2025 /PRNewswire/ — Waters Corporation (NYSE:WAT) announced that it will host an Investor Day on Wednesday, March 5th, 2025, in New York City, starting at 8:30 AM ET.

The event will feature presentations by members of the senior management team, who will discuss business initiative achievements, new strategic priorities, and our vision for future shareholder value creation. A Q&A session will follow.

In-Person Attendance
To request in-person attendance at this event, please click here or visit the Waters Investor Relations website at https://ir.waters.com, under ‘Events’.

Webcast
A live webcast will be available the day of the event. To register for the webcast, please click here or visit the Waters Investor Relations website at https://ir.waters.com, under ‘Events’. A replay of the webcast will be available shortly after the event concludes.

About Waters Corporation
Waters Corporation (NYSE:WAT), a global leader in analytical instruments and software, has pioneered chromatography, mass spectrometry, and thermal analysis innovations serving the life, materials, food, and environmental sciences for more than 65 years. With approximately 7,500 employees worldwide, Waters operates directly in 35 countries, including 15 manufacturing facilities, and with products available in more than 100 countries.

Caspar Tudor, Head of Investor Relations
investor_relations@waters.com

View original content:https://www.prnewswire.com/news-releases/waters-corporation-to-host-investor-day-on-march-5-2025-302348226.html

SOURCE Waters Corporation

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As Retail Cybercrime Surges, Plank Road Ventures To Present Technology Solutions At NRF 2025 Big Show

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HOBOKEN, N.J., Jan. 10, 2025 /PRNewswire/ — Credit cards and other non-cash payment methods now account for some 80% of purchasing activity, according to some reports. It’s convenient for consumers, but each retail transaction may expose vital shopper information to nation-state and other cybercriminals. Consumers are inconvenienced, while retailers may suffer reputational and financial damage.

To combat the upsurge in digital incursions, Plank Road Ventures — an eMazzanti Technologies company — will present artificial intelligence, cybersecurity best-practice and other retail solutions at the NRF (National Retail Federation) 2025 Retail’s Big Show at Booth 2306, in the Startup Hub of New York City’s Jacob K. Javits Convention Center from January 12 through January 14, 2025.

“The rise in credit card, digital and other payment methods have made retailers a rich target for cyberthieves,” warns eMazzanti Technologies President Carl Mazzanti. “POS systems, for example, can store customer information and purchase history, enabling retailers to capture the information they need to inform targeted marking campaigns and personalized shopping experiences. But POS transactions also pose an attractive target for cybercriminals, and a successful data breach will have far-reaching consequences.”

Plank Road Ventures, a global managed services provider, partners with leading companies like Microsoft, Watchguard, HP, and I3 Communications to help retailers deploy technology that improve and secure their operations and store strategies, while enhancing customer experience and engagement. Retailers can meet with trained professionals from Plank Road Ventures at the NRF 2025 Retail’s Big Show, and learn about leading-edge POS and other solutions.

About eMazzanti Technologies
eMazzanti’s team of trained, certified IT experts deliver rapid response, increased revenue growth, data security, and productivity for organizations of all sizes. The firm offers cloud and mobile solutions, multi-site technology implementations, outsourced network management, 24 x 7 support, digital marketing services, and cyber security assessments and protection services.

About Plank Road Ventures
Our team of experienced retail experts works with clients to understand their specific requirements and recommend the best options. Specializing in store operations and support, the team is available 24x7x 365.

View original content:https://www.prnewswire.com/news-releases/as-retail-cybercrime-surges-plank-road-ventures-to-present-technology-solutions-at-nrf-2025-big-show-302348181.html

SOURCE Plank Road Ventures

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Kevin Lanouette Named Senior Vice President and General Counsel

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BEDFORD, Mass., Jan. 10, 2025 /PRNewswire/ — iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced that Kevin Lanouette has been named Senior Vice President and General Counsel, effective January 17, 2025. Tonya Drake, the Company’s Executive Vice President and General Counsel, will transition to an advisory role ending March 7, 2025.

“I’d like to thank Tonya for her many years of service to iRobot,” said Gary Cohen, iRobot CEO. “Her legacy of tenacity and rigor in protecting the iRobot Company and our brand has been exemplary.”

“Kevin is a seasoned and highly skilled attorney whose experience in advising on complex corporate and securities, commercial, M&A and IP protection matters will be invaluable as we execute our strategic initiatives and work toward a return to profitable growth,” said Cohen.

Formerly, Mr. Lanouette was a Partner at OutsideGC, a Boston-based law firm, where he specialized in providing strategic legal counsel to clients at all stages of development and across a broad range of industries, including technology development, software and services and healthcare. Previously, he served as Assistant General Counsel at Analog Devices, Inc., a leading global semiconductor manufacturer, from 2006 to 2020, where he had responsibility for several critical legal functions, including corporate, SEC and securities matters, IP licensing and technology transfers, M&A and investments, global commercial transactions, and governance and compliance issues.

He is a graduate of the University of Maine and Harvard Law School.

About iRobot Corp.
iRobot is a global consumer robot company that designs and builds thoughtful robots and intelligent home innovations that make life better. iRobot introduced the first Roomba robot vacuum in 2002. Today, iRobot is a global enterprise that has sold more than 50 million robots worldwide. iRobot’s product portfolio features technologies and advanced concepts in cleaning, mapping and navigation. Working from this portfolio, iRobot engineers are building robots and smart home devices to help consumers make their homes easier to maintain and healthier places to live. For more information about iRobot, please visit www.irobot.com

For iRobot Investors
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to iRobot Corporation’s expectations concerning executive transitions and execution of the company’s strategy. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. iRobot undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by iRobot, see the disclosure contained in our public filings with the Securities and Exchange Commission including, without limitation, our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/kevin-lanouette-named-senior-vice-president-and-general-counsel-302348314.html

SOURCE iRobot Corporation

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