Superyacht market to reach $10.2 billion by 2025
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Global luxury yacht demand is projected to grow at a CAGR of 3.8% between 2018 to 2025.
The global superyacht market is predicted to reach a value of $10.2 billion by 2025 – achieving a compound annual growth rate (CAGR) of 7.8%, according to a report from the U.S.-based research group Research and Markets.
The key factors powering growth in the luxury yacht market include: the worldwide rise in the number of high net worth individuals and their changing lifestyles; growing interest in leisure activities; and the rapidly rising popularity of yacht tourism.
“There is a continuous buzz for yacht tourism across the world,” the report’s authors noted. “As a result, the global luxury yacht demand in terms of volume is projected to grow at a CAGR of 3.8% during the forecast period [2018-2025].”
New opportunities for growth in the sector have been created by customised yacht and propulsion designs to meet specific requirements. “Novel innovations such as advanced composites and multihull yachts have gained huge traction in the recent years, which, in turn, are anticipated to create lucrative opportunities for the market expansion in the future,” according to the report.
Key emerging trends
Other key emerging trends in the luxury yacht market are identified as: personalisation, chartering, and remote exploration in exotic destinations – such as polar regions.
Factors said to be braking the growth of the superyacht sector are identified as the high costs of maintenance and running costs.
The report segments the global luxury yacht market based on size, type, and material. Size categories are 23 metres to 37 metres, 38 metres to 76 metres and above 76 metres. The 23 metres to 37 metres category was the highest contributor to the global luxury yacht market in 2017, when the luxury yacht market size was valued at $5,703.4 million. This category is expected to achieve a moderate CAGR during the next six years.
Based on construction materials, the market is analysed across fibre-reinforced plastic (FRP)/composites designs, metal/alloys and others. FRP and composites accounted for about three-fourths of the market share in 2017 and are projected to grow with highest CAGR during the forecast period.
Motorised luxury yacht segment
The motorised luxury yacht segment is projected to exhibit rapid growth, due to the vessels’ easy manoeuvrability, high power and more on-board facilities.
In terms of volume, Italy accounted for about a 42% share in global luxury yacht sales for 2017.
Key players profiled in the report include: Alexander Marine Co Ltd, Damen Shipyards Group, Azimut Benetti S.p.A., Feadship, Ferretti S.p.A., Horizon Yacht USA, Princess Yachts International plc, Sanlorenzo Spa, Sunseeker International Ltd, and Viking Yacht Company.
Meanwhile, more information about the report – ‘Luxury Yacht Market by Size, Type, and Material: Global Opportunity Analysis and Industry Forecast, 2018 – 2025’ – can be found here.
Global superyacht market report – at a glance
- Market value is predicted to reach $10,2 billion by 2025
- Achieve a CAGR of 7.8%
- Demand, in terms of volume, is projected to grow at with a CAGR of 3.8%
- Growth driven by rise in the number of high net worth individuals, and their changing lifestyles, growing interest in leisure activities, and rising popularity of yacht tourism
- New opportunities due to customised yacht and propulsion designs to meet specific requirements
- Italy accounted for a 42% share in global luxury yacht market for 2017.
