July 22, 2024
Superyacht Market

Global Superyacht Market is Estimated To Witness High Growth Owing To Increase in Luxury Travel and Leisure Activities

  • The global Superyacht Market is estimated to be valued at US$ 22.5 billion in 2022 and is expected to exhibit a CAGR of 5.3% over the forecast period 2018–2026, as highlighted in a new report published by Coherent Market Insights.
  1. A) Market Overview:

  • Superyachts are luxurious vessels, which are designed and built specifically for pleasure and recreational purposes. These vessels are equipped with various amenities such as swimming pools, jacuzzis, helipads, theatres, and bars to provide ultimate luxury to its passengers. The rising popularity of luxury travel and increasing disposable income among individuals are major factors driving the growth of the superyacht market.
  1. B) Market Key Trends:

  • One key trend in the superyacht market is the increasing demand for eco-friendly yachts. With growing concerns about environmental sustainability, manufacturers are focusing on developing superyachts that are equipped with hybrid engines or use alternative energy sources such as solar panels. This trend is driven by the increasing awareness among customers and stringent government regulations regarding carbon emissions.
  • Superyacht Market Royal Huisman recently launched “Aquarius,” the world’s first hydrogen-powered superyacht. It uses hydrogen fuel cells to generate electricity for propulsion and uses seawater as fuel. This innovative concept demonstrates the growing importance of sustainable yachting.
  1. C) PEST Analysis:

  • – Political: Political stability in major cruising regions is crucial for the growth of the superyacht market. Favorable government policies and regulations can encourage yacht tourism and investment in the industry.
  • – Economic: The economic stability of high-net-worth individuals plays a significant role in the growth of the superyacht market. Economic fluctuations can affect their purchasing power and willingness to invest in luxury assets.
  • – Social: Changing social dynamics, such as the increasing desire for unique travel experiences and luxury lifestyle, are driving the demand for superyachts.
  • – Technological: Advances in technology have led to the development of innovative features and amenities in superyachts, providing enhanced comfort and convenience to passengers.
  1. D) Key Takeaways:

  • – The global superyacht market is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period. This growth is primarily driven by the increasing demand for luxury travel and leisure activities.
  • – In terms of regional analysis, Europe dominates the superyacht market, owing to its well-developed infrastructure and presence of major yacht manufacturers.
  • – The 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.
  • In conclusion, the superyacht market is witnessing significant growth due to the increasing popularity of luxury travel and leisure activities. The demand for eco-friendly yachts and technological advancements in the industry are driving innovation and sustainability. Europe remains the dominant region in terms of market share. The key players in this market are continuously striving to enhance their offerings and cater to the evolving needs of affluent customers.
  • *Note:
    1. Source: Coherent Market Insights, Public sources, Desk research
    2. We have leveraged AI tools to mine information and compile it