July 21, 2024
Superyacht Market

Superyacht Market Is Estimated To Witness High Growth Owing To Rising Luxury Travel Demand and Increasing Disposable Income

  • The global Superyacht Market is estimated to be valued at US$ 22.5 billion in 2017 and is expected to exhibit a CAGR of 5.3% over the forecast period of 2018-2026, as highlighted in a new report published by Coherent Market Insights.
  1. A) Market Overview:

  • Superyachts are luxurious, privately-owned yachts that are equipped with high-end amenities and facilities. These yachts are mainly used for leisure and recreational purposes by affluent individuals and are a symbol of wealth and status. The market for superyachts has been witnessing significant growth due to the increasing demand for luxury travel experiences and the rise in disposable income among high-net-worth individuals.
  1. B) Market Dynamics:

  • There are two major drivers contributing to the growth of the superyacht market. Firstly, the rising demand for luxury travel experiences has led to an increasing number of individuals opting for yacht charters and owning their own superyachts. The desire for personalized and exclusive vacations, along with the availability of luxury amenities on these yachts, has attracted high-net-worth individuals.
  • Secondly, the increasing disposable income of individuals has played a crucial role in the growth of the superyacht market. As the global economy improves, more people have the means to afford these luxury assets. Not only do these individuals purchase superyachts, but they also spend significant amounts on its customization and maintenance, boosting the growth of the market.
  1. C) SWOT Analysis:

  • Strengths:
  1. Luxury Travel Demand: Growing demand for unique and personalized luxury travel experiences.
  2. High-net-worth Individuals: Increasing number of affluent individuals with high disposable income.
  • Weaknesses:
  1. High Maintenance Costs: Superyacht Market ownership comes with high maintenance and operational costs.
  2. Environmental Impact: Yachts are known for their carbon footprint and contribute to environmental pollution.
  • Opportunities:
  1. Growing Asia-Pacific Market: The Asia-Pacific region is witnessing a rise in the number of high-net-worth individuals, presenting a significant opportunity for market growth.
  2. Technological Advancements: Innovation in yacht design and technology, including eco-friendly options, can attract environmentally conscious consumers.
  • Threats:
  1. Economic Instability: Global economic downturns can impact the demand for luxury assets, including superyachts.
  2. Stringent Regulations: Environmental regulations and restrictions on yacht usage in certain regions may hinder the market growth.
  1. D) Key Takeaways:

  • In terms of market size, the global superyacht market is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period. This growth can be attributed to the increasing demand for luxury travel experiences and the rising disposable income of individuals. The Asia-Pacific region is expected to be the fastest-growing and dominating region for the superyacht market, thanks to the growing number of high-net-worth individuals in countries like China and India.
  • Key players operating in the global superyacht market include Azimut Benetti Group, BILGIN YACHTS, Ferretti S.p.A., Fincantieri S.p.A, Gulf Craft, Heesen Yachts, Heysea Yachts, Horizon Yachts, L├╝rssen Group, NOBISKRUG GmbH, Ocean Alexander, Perini Navi, PRINCESS YACHTS LIMITED, Sanlorenzo S.p.a., and Sunseeker International. These companies focus on technological advancements, customization options, and strategic partnerships to maintain their market presence and stay competitive.
  • *Note:
    1. Source: Coherent Market Insights, Public sources, Desk research
    2. We have leveraged AI tools to mine information and compile it