India: The Next Frontier for Yacht Manufacturing
Market Growth & Opportunity
India’s yacht industry is small but steadily expanding. It generated approximately USD 115 million of yacht sales in 2023, projected to grow to around USD 163 million by 2030 at a CAGR of ~5.1%.
Another outlook sees a slightly larger base of USD 122 million in 2024, climbing to USD 209 million by 2033 at ~5.7% CAGR.
Growth drivers include rising marine tourism, more charter services, and increasing luxury consumption among India’s wealthy urban class .
Why India Makes Sense for Yacht Building
India’s location offers a long coastline (Goa, Kerala, Mumbai, etc.) and programs like Sagarmala that are boosting port infrastructure, yacht registration ease, and marinas—especially in Goa and Mumbai.
Government and private projects are investing in marina development—public and private contributions nearing INR 6 lakh crore overall under various maritime schemes.
Global Collaborations
India and Italy are in active discussions to deepen cooperation in shipbuilding and yacht manufacturing, with port and infrastructure upgrades likely to follow . Strong ties with established Italian yacht builders signal growing credibility in the sector.
Emerging Innovation & Demand
India’s first luxury yacht design studio was launched in 2024 by Bhushan Powar, marking a push toward bespoke Indian yacht design and R&D.
The domestic client base is increasingly made up of younger high-net-worth individuals who value unique experiences—yacht ownership is evolving beyond status to lifestyle, events, and escapism.
Currently, Indians hold about 1% of global superyachts (40 m+), indicating huge untapped potential.
Challenges to Navigate
Luxury-quality shipyards and marinas are still limited in number. India lacks the reputation of Italian or Dutch builders.
Regulatory bureaucracy and perceived complexity in approvals and customs may slow international investment and production scale.
Brand perception and craftsmanship prestige still need time—or global tie‑ups—to build international trust.
