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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A superyacht is a luxury privately-owned motor or sail cruiser that exceeds 30 meters in length. Superyachts are designed for luxury ocean cruising. These ships have lavish interior designs, modern entertainment systems, luxury guest rooms, and swimming pools or Jacuzzis. With growing luxury tourism and increasing high net worth individuals, the demand for superyachts is on the rise globally.
Market key trends:
One of the key trends driving growth of the superyacht market is increasing luxury tourism. According to UNWTO, international tourist arrivals grew by 6% in 2018 to reach 1.4 billion globally. Also, cruise tourism is one of the fastest growing segments in the tourism industry. Growing exposure to sea cruising lifestyle and increasing disposable income of affluent individuals is motivating luxury boat manufacturers to launch innovative and technologically advanced superyachts. Furthermore, rising usage of social media platforms by superyacht owners to share images with followers is influencing more individuals to own superyachts, thereby fueling demand over the forecast period.
Porter’s Analysis
Threat of new entrants: Low- High capital requirement acts as a major barrier for new players to enter the market. Moreover, established players have strong brand recognition which discourages new entrants.
Bargaining power of buyers: Moderate- Buyers have moderate to high bargaining power due to existence of several established players in the market however switching costs are low.
Bargaining power of suppliers: Moderate- Dependence on select suppliers for raw materials and components provides them with some control over prices however suppliers cannot influence prices significantly.
Threat of new substitutes: Low- There are very few alternatives for superyachts hence threat from substitutes is low.
Competitive rivalry: High- Market is dominated by established international brands, regional players intensifies competition in respective regions.
SWOT Analysis
Strength: Growing high net worth individuals population worldwide and rising popularity of luxury cruising experience are driving demand. Expanding industry with improving features and customization is a key strength.
Weakness: High maintenance and operating costs associated with superyachts limits its demand. Economic uncertainties impact discretionary spending on luxury items.
Opportunity: Emerging markets in Asia Pacific and Middle East due to rising affluence presents an opportunity. Development of eco-friendly superyachts leveraging new technologies will boost prospects.
Threats: Macroeconomic factors including recession, trade wars poses major threat. Strict environmental regulations and rising fuel prices increases 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 discretionary spending on luxury travel experiences. The market size is projected to reach US$ 15.32 Bn by 2030 from US$ 7.67 Bn in 2023.
Europe dominated the global superyacht market in 2023 with a highest market share of around 45%, with Italy and Netherlands being the major contributing countries. The Asia Pacific region is expected to grow at the fastest pace over the forecast period owing to rising high net-worth individuals in China and South East Asia coupled with expansion of maritime tourism industry.
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, Lürssen Group, NOBISKRUG GmbH, Ocean Alexande, Perini Navi, PRINCESS YACHTS LIMITED, Sanlorenzo S.p.a., Sunseeker International. Players are focused on expanding their production capabilities and presence in emerging markets through strategic partnerships.
For more insights, read- https://www.pressreleasebulletin.com/superyacht-market-trends-size-and-share-analysis/
