Superyachts are recreational luxury ships or boats whose length ranges between 24–100 meters. They offer luxurious amenities like spacious cabins, swimming pools, Jacuzzis, spas, gymnasiums, Wi-Fi connectivity etc. to the owners. Rising affluence among high net worth individuals and availability of funding options have increased the demand for superyachts in recent years. The global superyacht Market is estimated to be valued at US$ 7.67 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023–2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand from high net worth individuals has been a key factor driving the growth of superyacht market. Over the past few years, there has been a rise in the number of billionaires across the world which includes India and China as well. These wealthy individuals are spending substantial amounts on recreational boats and ships to enjoy luxurious lifestyles. Moreover, availability of funding options such as loans and financing schemes specific to superyachts has further fuelled the demand. Shipbuilders are also introducing innovative designs, technological features and customizable amenities to attract these wealthy customers. This rising demand from affluent clientele base is expected to accelerate the growth of global superyacht market over the forecast period.
Segment Analysis
The global superyacht market is dominated by motor yachts segment. Motor yachts have the capability to travel at faster speeds and provide luxurious experiences to travelers. They come equipped with modern amenities and technologies. This makes them a preferred choice for affluent customers. Sailing yachts segment is also gaining popularity due to growth in adventure tourism. However, motor yachts segment is expected to continue its dominance during the forecast period due to rise in high net worth individuals globally.
Key Takeaways
The Global Superyacht Market Demand is expected to witness high growth.
Regional analysis: Europe currently has a majority share in global superyacht market. Countries like Italy, Netherlands and Germany are home to major shipbuilding companies manufacturing luxury yachts. However, Asia Pacific region is witnessing fastest growth. Rising affluence in countries such as China and India is increasing disposable incomes. This is expected to drive more high net worth individuals to purchase superyachts for leisure and luxury experiences.
Key players operating in the superyacht market are ALS Limited, Asurequality Ltd, SGS SA, Bureau Veritas, Eurofins Scientific SE, Intertek Group PLC, Merieux Nutrisciences Corporation, Microbac Laboratories Inc., Neogen Corporation, Omega Diagnostics Group PLC, Crystal Chem Inc., and Danaher Corporation.
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