by The global superyacht market refers to large motor or sailing yachts that are privately owned. These extravagant luxury yachts usually range from 24 meters to over 80 meters in length and are characterized by lavish interiors, multiple guest cabins, helipads, swimming pools, hot tubs and tenders. Superyachts are typically custom built based on the owners specifications and are manned by professional crews to provide recreational activities and transport ultra high-net-worth individuals and their guests. Superyachts are distributed through shipyards, brokers and charter companies.
The global superyacht market is estimated to be valued at US$ 7.67 Bn in 2024 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:
Growth of Ultra High-Net-Worth Individuals – The growth of the superyacht market is driven by the rising number of ultra high-net-worth individuals globally with net wealth exceeding $30 million. The global wealth of this demographic has increased substantially over the past decade. For instance, according to Capgemini’s World Wealth Report 2022, the global high-net-worth individuals population grew by 7.8% to reach 27.6 million individuals in 2021 compared to 2020. Superyachts are an extravagant luxury item appealing to ultra wealthy individuals as a means of conspicuous consumption and spending on recreational activities.
Desire for Exclusivity – Superyacht owners seek highly unique and customized vessels to reflect their wealth, status and taste. No two superyachts are exactly alike in terms of design, construction or amenities. This exclusivity factor encourages new orders and drives repeat/upgraded purchases by high-net-worth individuals seeking the latest luxuries or customizations on their multi-million dollar superyachts.
Segment Analysis
The superyacht market is dominated by recreational yacht sub segment. Over 80% of the superyachts are used for recreational purposes like leisure trips, private vacations and parties. This sub segment is witnessing high demand from high net worth individuals who want to spend luxuriously in boating.
PEST Analysis
Political: Superyacht business is regulated by marine regulations globally. Changes in import duties and legislations impact the overall sales.
Economic: Strong economic growth in countries like US, China and European nations boost the discretionary spending on luxuries like superyachts. A 1% rise in global GDP increases the superyacht sales by 2-3%.
Social: Rising millionaire and billionaire population is driving the demand. Superyachts are considered a symbol of luxury lifestyle and status.
Technological: Advanced technologies improving yacht safety, design, fuel efficiency and onboard entertainment systems. Use of automation, data analytics and digital technologies in yacht manufacturing is attracting customers.
Key Takeaways
The Global Superyacht Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising ultra-wealthy population globally.
Regional analysis: North America accounts for over 40% value share led by United States. Presence of large number of superyacht marinas and manufacturing facilities along with high number of billionaires boost sales. Europe is the second largest region dominated by Italy and Netherlands.
Key players operating in the superyacht market are ALS Limited, Asurequality Ltd, SGS SA, Bureau Veritas, Eurofins Scientific SE, Intertek Group PLC. These players provide classification and certification services for superyachts to ensure safety and design quality as per marine regulations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
