Superyacht Market Estimated To Witness High Growth Owing To Rising High Net Worth Individual Population
The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The superyacht market comprises manufacturing and services of luxury motor yachts and sailing yachts that are over 24 meters long. Superyachts offer luxurious and comfortable living spaces along with various amenities for recreation and leisure. They are used for private charter or owned by wealthy individuals. Increasing high net worth population globally has fueled the demand for luxury superyachts in recent years.
Market Dynamics:
Rising number of ultra-wealthy individuals: The rising high net worth individual population globally has led to an increase in demand for luxury superyachts. According to Knight Frank Wealth Report 2021, the global millionaire population grew by 6.3% to 22.5 million people in 2020 alone. Additionally, the billionaire population reached 3,130 in 2020, up from 2,095 billionaires in 2017. This demographic of wealthy individuals create demand for high-end luxury products like superyachts.
Growing yachting tourism industry: The growing yacht tourism and charter industry is also supporting market growth. Wealthy individuals often charter out their luxury yachts for tours and cruises. This allows earning through the asset while also using it for personal trips. Regions like Mediterranean, Caribbean, and South Pacific have emerged as popular yachting tourism hotspots in recent years.
SWOT Analysis
Strength: The superyacht market provides luxurious offerings to high-net-worth individuals. Superyachts offer lavish amenities like helicopter pads, swimming pools, luxurious cabins and bathrooms. They also employ highly skilled crew to ensure seamless customer experience.
Weakness: Superyacht manufacturing requires huge investments and specialized infrastructure which acts as an entry barrier for new players. Additionally, superyachts have higher operating and maintenance costs. Meeting strict environmental standards also increases production costs.
Opportunity: Emerging economies in Asia Pacific are seeing a rise in number of ultra-wealthy individuals driving the demand for superyachts in the region. Customization and technological innovations like hybrid engines provide opportunities for OEMs to enhance customer experience.
Threats: Economic slowdowns can negatively impact discretionary spending of wealthy customers on superyachts. Stringent government regulations around emission and noise can limit production. Rising fuel prices also increase operating costs.
Key Takeaways
The global Superyacht Market Size Growth is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing disposable income and rising number of HNIs.
- The Europe superyacht market currently holds the largest share globally and is expected to continue dominating owing to presence of major manufacturers and higher per capita spending. However, Asia Pacific region is growing at the fastest pace supported increasing superyacht ownership in China and cruise tourism in Southeast Asian countries.
Key players operating in the superyacht market are Azimut Benetti Group, Fincanteri S.p.A, Gulf Craft, Heesen Yachts, Horizon Yachts, Lürssen Group, Ocean Alexande, Perini Navi, PRINCESS YACHTS LIMITED, Sanlorenzo S.p.a., Sunseeker International. These industry leaders are focusing on customized designs, hybrid propulsion technology and digital solutions to gain competitive advantage.
For more insights, read- https://cmiinfopiece.blogspot.com/2023/12/luxury-superyacht-market-is-fastest.html
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