The global Superyacht market is estimated to be valued at USD 18.8 billion in 2021 and is expected to exhibit a CAGR of 16.10% over the forecast period 2020-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Superyacht market refers to the market for luxury yachts that are over 24 meters in length. These yachts are designed and built to offer high-end amenities and luxurious experiences to their owners and guests. They are equipped with state-of-the-art technology, luxurious interiors, and various recreational facilities, making them popular among high-net-worth individuals and celebrities.
Superyachts are used for leisure and recreational purposes, as well as for corporate events and private parties. They provide an exclusive and luxurious cruising experience, offering privacy, comfort, and unparalleled services. The market for superyachts is driven by the increasing demand for luxury experiences, rising disposable income, and the growing number of wealthy individuals globally.
B) Market Dynamics:
1. Driver: Growing Demand for Luxury Yachts
The demand for luxury yachts has been increasing due to the rising trend of experiential tourism and the desire for unique and exclusive experiences. Luxury yacht owners and charterers seek personalized services, exceptional comfort, and privacy while cruising. This has led to an increasing number of individuals investing in superyachts.
Additionally, advancements in yacht technology, such as stabilizers for a smoother sailing experience, eco-friendly propulsion systems, and innovative design concepts, have further enhanced the appeal of luxury yachts. These technological advancements have also led to the development of hybrid and electric superyachts, catering to the growing demand for sustainable yachting.
2. Driver: Increasing Wealthy Population
The Superyacht Market Size is influenced by the wealth and spending power of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs). The number of HNWIs and UHNWIs has been steadily increasing across the globe. These individuals seek luxury assets and experiences, including owning or chartering a superyacht.
The growing wealth in emerging economies, such as China, India, and Brazil, has also contributed to the demand for superyachts. Furthermore, the younger generation of wealthy individuals has shown an increasing interest in yachting, which is expected to drive the growth of the market in the coming years.
C) SWOT Analysis:
Strength:
1. Growing demand for luxury experiences
2. Technological advancements in yacht design and features
Weakness:
1. High cost of ownership and maintenance
2. Limited accessibility for aspirational buyers
Opportunity:
1. Emerging markets and untapped customer segments
2. Rising popularity of eco-friendly yachting
Threats:
1. Economic downturns and uncertain market conditions
2. Stringent regulations for environmental conservation
D) Key Takeaways:
1. The global Superyacht market is expected to witness high growth, exhibiting a CAGR of 16.10% over the forecast period. The growing demand for luxury yachts and increasing wealth among individuals are major drivers for this growth.
2. In terms of regional analysis, Europe is the fastest-growing and dominating region in the Superyacht market. The region has a long-standing tradition of yachting and is home to several renowned yacht manufacturers and shipyards. It attracts a significant number of superyacht owners and charterers from around the world.
3. 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, Lürssen Group, NOBISKRUG GmbH, Ocean Alexander, Perini Navi, PRINCESS YACHTS LIMITED, Sanlorenzo S.p.a., and Sunseeker International. These players focus on product innovation and offer a wide range of yacht models to cater to the diverse requirements of their customers.
In conclusion, the Superyacht market is poised for high growth due to the increasing demand for luxury experiences and the growing wealth among individuals. The market is driven by factors such as the desire for unique and exclusive cruising experiences, advancements in yacht technology, and the rising number of HNWIs and UHNWIs. However, challenges such as the high cost of ownership and maintenance and stringent regulations need to be addressed for sustained growth in the market.
