Superyacht Market is Dominated by the Luxury Segment, Owning to Growing Demand in North America
Posted on August 17, 2023
The global superyacht market is estimated to be valued at US$22.5 billion in 2022 and is expected to exhibit a CAGR of 5.3% over the forecast period of 2018–2026, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The superyacht market is experiencing significant growth due to the increasing demand for luxury yachts worldwide. Changes in lifestyles and an emerging trend of leisure activities involving yachts are driving the demand for superyachts. However, high maintenance costs and stringent regulations regarding emissions and safety standards pose challenges to market growth.
B) Market Key Trends:
One of the key trends in the superyacht market is the rising popularity of eco-friendly yachts. With growing environmental concerns, yacht manufacturers are focusing on developing innovative solutions to minimize their environmental impact. For instance, some manufacturers are using hybrid propulsion systems or alternative fuels to reduce emissions. Azimut Benetti Group, one of the key players in the market, introduced its first hybrid yacht, Azimut S7, in 2019.
C) Segment Analysis:
The superyacht market is segmented based on the size of yachts. The luxury segment dominates the market, owning to the increasing demand for high-end and fully personalized yachts. Customers are willing to invest in luxurious features such as larger deck spaces, helipads, swimming pools, and dedicated spa areas. This segment is expected to continue dominating the market due to the growing wealth of high net worth individuals who seek unparalleled luxury experiences.
D) Key Takeaways:
In terms of market size, the global Superyacht Market is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period. This growth is driven by increasing disposable incomes and a desire for luxury experiences among affluent individuals.
Regionally, North America is the fastest-growing and dominating region in the superyacht market. The region has a large number of high net worth individuals who have the financial capability to invest in superyachts. Additionally, the favorable boating infrastructure and scenic coastal areas attract yacht enthusiasts in North America.
Key players operating in the global superyacht market include 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 Alexander, Perini Navi, PRINCESS YACHTS LIMITED, Sanlorenzo S.p.a., and Sunseeker International. These key players are investing in research and development activities to introduce technologically advanced and environmentally friendly yachts to cater to the growing demand.
In conclusion, the global superyacht market is driven by the increasing demand for luxury yachts, with the luxury segment dominating the market. The rise of eco-friendly yachts and growing demand in North America are key trends shaping the market. This market is expected to witness high growth over the forecast period, driven by factors such as increasing disposable incomes and a desire for luxury experiences.
