April 13, 2024
Superyacht Market

Rising Luxury Travel Is Projected To Boost The Growth Of The Global Superyacht

The global Superyacht Market is estimated to be valued at US$ 7.67 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Superyachts are extravagantly designed luxury boats that are more than 30 meters in length. They offer lavish amenities including swimming pools, Jacuzzis, helicopter pads, spas, and cinema rooms. Superyachts cater to ultra-high-net-worth individuals seeking adventure and leisure travel experiences. The market caters to a niche but influential customer segment willing to pay high premiums for exclusive maritime experiences. Superyachts enable owners to sail across oceans with a dedicated crew ensuring a luxurious private escape.

Market key trends:

Charter rentals have gained prominence in recent years, helping expand the customer base of superyacht builders. Charter agencies arrange yacht rentals either with or without crew for periods ranging from a few days to months. This has opened up revenue opportunities for owners looking to monetize their assets. Chartering eliminates high upfront capital costs for prospective users seeking temporary luxury boat experiences. Digital platforms are further growing the charter market by connecting owners and renters. Rising luxury travel coupled with growing chartering services is expected to boost the superyacht industry over the forecast period.

Porter’s Analysis

Threat of new entrants: The superyacht market requires huge capital investments and specialized manufacturing facilities which makes the threat of new entrants low.

Bargaining power of buyers: The superyacht owners possess significant bargaining power due to less differentiation among products and availability of options from multiple manufacturers.

Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to the availability of alternative material suppliers in the market.

Threat of new substitutes: The threat of substitute products is low as there are limited alternatives to superyachts for luxury cruising experience.

Competitive rivalry: The superyacht market is highly fragmented with the presence of multiple global and regional players intensifying the competitive rivalry.

Key Takeaways

The global Superyacht Market Growth is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period 2023 to 2030, due to increasing maritime tourism and rising high net worth individuals.

The European region currently dominates the superyacht market with maximum share both in terms of revenue and unit shipments majorly driven by countries including Italy, Netherlands, and Germany. The region is anticipated to continue its dominance in the coming years owing to presence of various superyacht manufacturers and traditions of yachting.

Key players operating in the superyacht market are 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 Alexande, Perini Navi, PRINCESS YACHTS LIMITED, Sanlorenzo S.p.a., Sunseeker International.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it