As summer reaches its peak across the Northern Hemisphere, it’s hard to imagine a better way of spending a vacation than channeling your inner ship captain and sailing across the ocean.
In recent years, yacht companies have reported a boom in sales — far from the decline that many in the industry feared, due to both 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 reality that is not unique to just one yacht manufacturer. The luxury yacht market is expected to grow in value from $7.67 billion in 2023 to $17.33 billion by 2032, according to a recent report from Fortune Business Insights.
Analysts attribute the ships’ rise in popularity to the increasing number of extremely wealthy individuals. Yachts have long been considered a status symbol — a reality that has only increased as wealth becomes concentrated in the hands of a small group of high status individuals.
There are an estimated 6,000 superyachts —vessels that are more than 100 feet long — at sea as of this year. This is nearly quadruple the number of yachts seen in the ocean just three decades ago, according to Bloomberg.
Aside from an increase in popularity, the yacht industry has seen other changes in recent years. Increasingly, those in the market for a luxury ship are turning to alternate means of powering their vessels, as critics point to the excess emissions traditional yachts produce simply 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 the solid growth of electric yachts in the future,” the report reads. “Huge investments from various manufacturers and government support measures will accelerate the demand for electric yachts.”
Read on to learn more about the most luxurious yachts available for chartering in 2024.
