The global superyacht market encompasses luxury motor yachts or sailing yachts that are over 24 meters (79 feet) in length. Superyachts offer ultra-luxurious amenities and sophisticated designs for recreational activities and leisure travels. Some key products in this market include motor yachts, sailing yachts, custom yachts and explorer yachts. Motor yachts are the most popular type, equipped with diesel or gas engines for power. They offer features like onboard gyms, spas, helipads, swimming pools and Jacuzzis. Sailing yachts use wind power and tend to have sleek designs optimized for speed. Custom yachts are constructed as per unique owner specifications for elite experiences. Explorer yachts are adventure-focused with excellent seakeeping abilities. The global superyacht Market is estimated to be valued at US$ 7.67 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing superyacht industry is primarily driven by the increasing HNWI population globally. As per the World Wealth Report 2023, the global HNWI population grew by 7.8% from 2014 to 2022 and reached 26 million adults. HNWIs have substantial disposable incomes to invest in luxury yachts and driving this sector. Another major driver is the rising popularity of luxury cruising and yachting among affluent individuals as a sign of prestige and wealth. Superyacht ownership has emerged as an aspirational luxury and a means to enjoy coastal destinations in utmost comfort. Additionally, growing yacht tourism and chartering businesses also support the market’s growth as they enable shared usage of these vessels. However, volatility in raw material prices and geopolitical risks pose challenges and can restrain the superyacht market’s progress.
Segment Analysis
The global superyacht market is dominated by recreational sub segment. Majority of individuals who own superyachts use it for recreational purposes like leisure holidays, parties and luxury cruises. Recreational activities contribute over 70% of revenue to superyacht market. Commercial activities involving cargo transportation, oil and gas exploration etc form a smaller sub segment.
PEST Analysis
Political: Governments of various countries have different regulations regarding ownership and operations of superyachts. Tax policies also impact the demand. Economic: A growing ultra rich population globally is driving the demand. High affordability of wealthy individuals is a major growth driver. Social: Superyachts have become a status symbol for elite class. Social media influencing lifestyle of rich is positively impacting the market. Technological: Advanced engineering, navigation technologies, green fuels etc are enhancing passenger experience in superyachts.
Key Takeaways
The Global Superyacht Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: The Europe region currently dominates the global superyacht market owing to large number of ultra wealthy individuals and superyacht manufacturers located in countries like Italy, Netherlands etc. The Mediterranean region attracts maximum superyacht activities and cruises. The United States is another major regional market.
Key players operating in the superyacht market are ALS Limited, Asurequality Ltd, SGS SA, Bureau Veritas, Eurofins Scientific SE, Intertek Group PLC, Merieux Nutrisciences Corporation, Microbac Laboratories Inc., Neogen Corporation, Omega Diagnostics Group PLC, Crystal Chem Inc., and Danaher Corporation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
